6 Reasons Why Buying Home is Better than Renting in India

6 Reasons Why Buying Home is Better than Renting in India

buy or rent a house

Should I buy or rent a house is an issue which most people face at some point in life? Choosing to buy or rent a house is a confusing and major decision that affects not only your lifestyle but also your financial health in India. Owning a house is usually the dream of each Indian.

Many people make their decisions emotionally or under peer pressure. Buying a home is one of the biggest decisions which we take in our life that’s why many people confused in buy or rent a house. To determine this, various factors such as property price, rental amount, loan details, appreciation potential, and taxes have to be considered.

Paying rent is an expense that falls directly on the pocket without any material assets. On the other hand, paying EMI has dual benefits; it not only provides you shelter for a month but also increases your ownership ratio. With rent sometimes you have to relocate which takes time, money, and energy.

Here we take a look into 6 reasons which clarify your confusion buy or rent a house and why buying a home is better than renting.

1) Pride and Freedom

Owning a home will offer you pride of ownership which you’ll never get from renting. Owning will always offer you and your family a way of stability and security. You’ll do changes to whatever you would like to do in your own house like painting your favorite color on the wall, fixing an item of furniture. These sorts of changes you can’t do while renting.

2) Tax deduction

Many first-time homebuyers are not aware of the tax benefits that they are going to get. If you are buying a home for the first time, you are entitled to tax benefits up to Rs 5 lakh under Section 80C, Section 24, and Section 80EEA of the Tax Act. Notably, these sections of the tax act allow you to avail home equity credit benefit of Rs 5 lakh annually. If you have bought your home, then within the first year you will claim tax write-off benefits of Rs 4.27   lakh.

3) Equity

It is true that the money you paid for rent is money you will never see again in your life. But you can build equity ownership in your home with the money you pay for the home.

4) Stability

We all want a good and stable life with our family. Owning a home will give you a path to stability. Living in a neighborhood for many years gives you and your family time to build relationships within the community. It also provides the benefit of educational and social continuity to the children.

5) Investment

Beyond stability, it is important to realize another benefit. The Value of Real Estate is increasing year on year. There is no doubt that Real Estate is one of the best Assets to invest in. Unlike other investments which are affected by multiple external factors such as market fluctuation, Inflation, government policy real estate offers a more stable and tangible asset.

6) Predictable

We can’t predict the rise of rent but your fixed-rate mortgage payment is predictable and doesn’t rise over the years so your housing costs may very well decline as you own the house longer.

Bonus, last but not the least reason for owning a home is Apna Ghar to Apna hi Hota hai. House is a place where we create memories, a house is a place where we celebrate with our families.

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