Advantages of Buying a House over Renting a House
Post by : favouritehomes
Though debates on buying a home versus renting a home are always going to be there, owning your own roof does come with its own set of undisputable advantages. And if nothing else, the recent COVID-19 pandemic has taught most people the importance of having a tangible roof to call their own. A self-owned home not only provides a sense of security, comfort and pride of having achieved the status symbol of becoming a homeowner, but it also provides monetary gains.
Here’s a look at some advantages of buying a home, as against renting one:
- Buying a home is an excellent form of solid investment. With cost of properties only going up, it’s always better to spend your hard-earned money on investing into your own home early-on, rather than lining your landlord’s pocket in the form of rent!
- It also makes more sense to spend your money on EMIs, rather than on monthly rent. This way, you are paying towards buying your own home and building an asset that’s your own at the end of the day – instead of just renting a roof year-on-year.
- Another advantage to buying your home over renting is that you can enjoy tax breaks on money paid out as interest on EMIs. So taking a home loan and buying your dream home gets you tax repayments on home loan principal and interests paid out too.
- Being the owner of your own home also means no more insecurities of having your landlord unexpectedly terminating your lease agreement. And no more hassles of annual negotiations and renewals of rent agreements, or worse, increase of rent!
- You also get the freedom to decorate your home exactly the way you want. No more having to take permission from landlords or needing to compromise on any other aspect of your home to suit your landlord.
- Finally, by buying a home of your own, you provide your family with the emotional security they deserve, a home that’s irrevocably their own. Buying a home also means that you have elevated your social status in society.
By becoming a homeowner, your standing in society goes up – a symbol of having attained success amongst your peers.