Advantages of purchasing a home instead of renting

Home is not just four walls. It is our happy place, a place where we can be ourselves, where we spend maximum time with our near and dear ones. It gives us security, comfort, love and peace. But, purchasing a home is the biggest investment in the life of any middle-class person. So, most of us convince ourselves to live in rented apartments throughout our life. If you are one such person who is unable to decide whether to buy or to rent, this article is for you.

Why should you choose purchasing over renting?

Buying a flat or a house is going to cost you a lot of money. But, it is still a better option than renting and will prove advantageous in the long run. Here are some reasons for which people prefer buying to renting:

1. No annoying landlord- If you live in your own house, you are the boss. You do not need to deal with the tantrums of a landlord. You also don’t need to depend on him for basic necessities like water, maintenance, minor repairs, and electricity.
2. No uncertainty- Untimely termination is the greatest disadvantage of living in a rented apartment. You can be asked to move out anytime for whatever reasons the landlord deems right. Even if nobody asks you to shift, you have to renew the agreement once in a year. This also means your rent will increase by a certain amount every year.
3. Tax benefits- If you apply for home loan, it works in your favor by fetching you attractive tax concessions. Also, if you think logically, renting is more costly than buying. As you pay a certain amount every month, you don’t consider it as a major investment. But, if you sit and think, living in a rented place for years means paying lakhs of money as rent and the most disappointing part is that even after paying so much, the house is still not yours.
4. Home is an asset- A house is the biggest asset any man can possess. With prices of land increasing at a rapid pace every year, you can never suffer a loss if you sell a house. So, in difficult times when you require a large sum of money, your house can come to your rescue.
5. Extra income- Managing the family with a singular source of income can be intimidating. Moreover, with majority of the population doing private jobs, job security is always in question. So, having a second source of income is definitely a wise decision. But, how many of us have the time and energy to do an additional job? If you have your own house, you can easily make some easy money every month by putting one floor up for rent.
6. Emotional security- When you have a house, your family members get their own private space. The comfort and security that we get in our home is irreplaceable. This is the reason why returning to the nest at the end of a tiring and stressful day is something all of us look forward to.