Introduction:
Home - the place that gives us a sense of belonging - is not just about four walls and a roof where we live. Home defines us and reflects our personality in many ways. It is a slice of heaven on earth that provides an escape from busyness, allows us to grow and discover ourselves in a serene environment. For some people, it is a sense of comfort and security, while for others it is an honour of status and accomplishment.
Buying a home has always been a dream for many. According to a survey conducted by NoBroker.com, 82% of people are looking for home ownership in 2021. Slowly and steadily, people are realising the importance of home ownership. But still, there are many who are looking to live in rented homes. One of the reasons behind this move can be the monetary aspect as buying a home is the biggest financial deal for an average person in India.
Buying or renting a home is one of the crucial decisions an individual would have to make. In today’s fast-evolving world, buying a home over renting offers several tax advantages, the ability to grow equity and many more. In this blog, you will study the detailed research on why you should avoid living in rented homes, and the various advantages of buying a home over renting. Let’s dive in to explore more.
Why You Should Avoid Living In Rented Homes?
We, being human, always desire and love to have freedom in life. Everyone loves to live life on their own terms. No one wants to get stuck within the boundaries of conditions and to be told what to do. When you rent a house, the biggest problems you could face are because of the landlord’s set of rules imposed on you, financial instability, no equity, no financial incentives and many more. No doubt renting is an affordable alternative, but if you understand the pitfalls of rented homes, it can help you to make an educated choice for your loved ones.
Living in rented homes takes you through many downs in life. Be it in financial planning or emotional security, everything gets disturbed depending on the inflation of the market, cost of living or the landlord’s plan. One must need to make a wise choice whether one should buy or rent a home. Buying a home gives you space to live, grow and enjoy life happily. Just have a look over the advantages that home ownership can provide and can help you to change your perspective on rented homes.
Advantages Of Buying A Home Over Renting:
Buying vs renting a home has always been a topic of discussion. We know it is one of the crucial decisions an individual ever have to make and it is important to consider the effects on your finances and lifestyle. But are you aware of the advantages of buying a home? We would like to take you through the advantages of buying a home over renting which might change your decision of finding rented homes as an affordable alternative.
Home as a Long-term Investment:
If you live in a rented home, all your salary goes to the landlord and you have nothing but fall short of income at the end of each month. This can be frustrating and could result in a shortage of meeting your end needs too. To avoid this, home ownership can be the best option. If you have decided to settle and live in a particular city for a long time, then buying a dream home makes sense. It not only gives you a sense of belonging but allows you to grow your wealth over time. You own the property which can be sold later and can earn more money on it.
Tax Deductions On Home Loan:
Did you know the tax benefits of owning a home? The argument for buying a home over renting only gets stronger and stronger. Today, Banks and Financial Institutions offer home loans at a lower interest rate. A slight difference in interest rate can save up to more money. Despite this, many government initiatives like PMAY allow you to get tax deductions on home loans. If you look through a wider lens, renting is more expensive than buying. Throughout the lease period, the deposit amount paid to the landlord is higher and you are not even receiving any interest on it which is a major pitfall for the one living in rented homes.
Allows You To Stop Compromising:
Income is the factor any person considers first while looking for rented homes. Irrespective of dream living, you choose a rented home depending on your monthly capacity to pay. Rent always results in a tendency to reduce the expenditure and end up comprising you on several aspects such as location, amenities, neighbourhood. In spite of this, home ownership can bring much happiness in life. When you buy a home, you will look for a home that will meet all your expectations without compromising on it.
Get Rid of Regulations:
When you live in a rented home, many landlords will not allow you to renovate or decorate walls. Some will not allow you to keep pets at home. In short, you lose the freedom you desire to have in a home and live on the set of rules of the landlord. But the choice is in your hands and can change everything. You can get freedom by owning your dream home. If you buy a space, you can renovate any corner, customize your space that reflects your personality and can have any pet at home.
Ensures Emotional Security & Financial Stability:
A landlord can remove you from a rented home with a notice period. In addition, the landlord can kick you out if he wants to sell the property. As the cost of living goes up, your rent also get increases which result in both financial instability and emotional torture to you. Owning a home not only keeps you away from the setbacks but gives you a sense of security and financial stability. Doesn’t matter whether the market is going up or down due to inflation, fixed mortgage rates will definitely offer stability to home buyers.
Conclusion:
To summarize, now you understand why owning a home is important. Buying vs renting a home has always been a topic of discussion but as you get to know many pitfalls, it is up to you to make a wise choice between whether you should buy or rent a home. The advantages mentioned in the blog explains why anyone should avoid renting should be taken into count. We hope this detailed study will not only help you to change your perspective but also help you to live happily and financially stable in life.
Bibliography:
- https://www.hdfc.com/blog/9-advantages-buying-home-renting
- https://roofandfloor.thehindu.com/real-estate-blog/10-advantages-of-buying-a-home-over-renting/
- https://www.americanfinancing.net/purchase/benefits-of-owning-a-home-vs-renting
- https://www.incharge.org/housing/homebuyer-education/homeownership-guide/advantages-and-disadvantages-of-owning-a-home/
- https://interunet.com/disadvantages-of-renting-a-house
- https://homeguides.sfgate.com/disadvantages-renting-home-50717.html
- https://economictimes.indiatimes.com/industry/services/property-/-cstruction/more-people-looking-to-buy-a-home-amid-pandemic-survey/articleshow/79772604.cms
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