6 REASONS WHY BUYING A PROPERTY IS BETTER THAN RENTING

Introduction

One of the much-debated questions when it comes to property is whether it is better to rent it or buy it. Neither of the options is right or wrong. Both options come with their own set of advantages and disadvantages. So whether you choose to rent or buy a property, depends on what your needs are. Owning a home or property in India is considered one of the most prestigious achievements in the family as well as for the individual. However, in recent years, the cost of real estate has been skyrocketing, making it harder to buy properties in key locations and consider the outskirts. This has not

6 Reasons Why Buying a Property is Better Than Renting

When you look at real estate sites such as Trulia, their survey indicates that 41% wished they owned their home rather than pay a hefty amount as rent. Surveys taken in metros indicate that it was much more economical to buy than to rent. There is no doubt that investing in a property and paying a large monthly instalment towards your home loan requires a lot of planning and risk. However, property values appreciate over a period of time, in spite of the economic swings. This is a sweetener that is hard to ignore. A property that appreciates over a period of time will also tide over

Owning a home has an immense emotional benefit. There is a sense of pride in owning your home and designing it in the way you want it and living there in the way you like it. With rental accommodation, you are at the mercy of your homeowner and have to abide by their rules and regulations. You can also be asked to leave at any time. Then it means, house hunting again, shifting and again resettling in your new establishment. When you have your own home, you don’t have to fight any of these issues. You are at peace to come and go and live there as long as you please. Further, with a home loan, your expenditure is also systematic, that enables better financial planning.

Today, there are a number of options available for home loan buyers both in terms of loans as well as in the number of housing properties available to suit different budgets. As a home owner, you can even turn into an income generating property through paying guests or you can even mortgage it to secure another buy. When you actually calculate the expenditure, you find that rental property is much higher than your own.

To summarize, buying a home gives you pride, safety and security provide financial stability for the future or at least liquidity, gives you a sense of not just ownership, but also a sense of well being and belonging to the larger community.