A house is more than four walls and a roof. It elicits a variety of feelings and thoughts in us. To some, it represents a sense of security; to others, it represents comfort; and to still others, it is a mark of prestige and accomplishment. However, there is another feature of a house to consider. It has something to do with numbers. The monetary side is also essential, as purchasing a home is frequently the largest financial transaction in the average Indian’s life. Many people struggle with the question of whether to rent or buy.
- NO UNPREDICTIBILITY:
When you own your own house, there is no worry or anxiety created by the landlord’s potential early termination of the lease arrangement. Furthermore, there is no need to renew the lease every year or re-negotiate the fee on a regular basis.
- NO COMPROMISE:
Rent is an expense and the general tendency is to reduce expenditure. Therefore, you may end up compromising on several aspects such as location, size and amenities. On the other hand, when you buy a house, you will ensure that your chosen property meets your expectations.
- EASY FINANCING CHOICES:
EASY FINANCING Choices: You don’t have to wait until you’re in your 40s or 50s to start saving for your dream home. You can buy it in your twenties and be the proud owner of a totally paid-off home by the time you’re 50, if not sooner. You must choose a house loan lender wisely who can provide you with flexibility in managing your home loan repayment by adapting your home loan EMI to your current and future income patterns.
- ESTABLISHING YOUR OWN ASSET:
Instead of paying rent, which is purely an expense, you might pay the home loan EMI, so gradually building your own asset. Effectively, with each EMI payment, your equity in your home grows.
- HOME AS INVESTMENT:
If you intend to stay in a city for an extended period of time, it makes sense to own a home to give you a sense of belonging and permanence. You begin to identify with the city and its way of life. You have the impression that you have finally found your place in life. Aside from that, home prices often rise with time. Purchasing a home entails increasing your wealth over time. Delaying your house purchase will necessitate a larger investment (in addition to having paid rent over an extended period of time).
The decision between renting and buying a home is difficult. Only a thorough examination would allow one to reach a proper conclusion. Renting a home can be a highly predictable cost. You are aware of your costs in advance and can plan accordingly. On the other side, if you live a lavish lifestyle, you may find that renting is more expensive than owning a home, even if you have to make repairs and regular maintenance when you buy real estate.
Finally, the emotional value of having a home cannot be measured. It is a valuable asset for you and your family, as well as a retirement safety net. If you decide to buy a home, make wise choices when it comes to the builder, location, and floor layout.
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