One of the most difficult decisions that home buyers confront these days is whether to purchase a home or continue living in a rented house. The majority of today’s buyers believe that renting a property is less expensive than buying one.
If you possess the necessary funds for a down payment and foresee staying in one place for the next 5 to 10 years, it’s strongly recommended to consider buying a home. This recommendation stems from factors like equity growth, stability, tax advantages, and investment potential, all of which make owning a property through a home loan a superior long-term choice compared to renting. The rule, however, may not apply to everyone, and individuals may choose either alternative based on personal and professional circumstances.
Reasons Why You Should Rent A House:
No Maintenance Charges or Repair Bills: One advantage of renting a house is that there are no maintenance or repair expenses. This means that if you rent a property, your landlord is responsible for all maintenance, upgrading, and repairs. While, homeowners, on the other hand, are liable for all costs associated with home repair, upkeep, and renovation.
Ability to Relocate or Change Residences, If Necessary: In the event that you need to relocate for a job or personal reasons, renting allows you the ease of simply providing 30 30-day notice period to vacate. This is significantly less labour-intensive than selling a house. Additionally, renting may allow you to pursue job options in other cities more easily.
Amenities Available: Another advantage of renting over buying a property is having access to a variety of facilities that may not be included in the purchase of a home or may be prohibitively expensive when purchasing a home. Many landlords, for example, offer free amenities such as fitness centres, saunas, community rooms, underground parking, and much more to tenants.
A Number of Options Available: These days rental market offers a wide range of residences that are not necessarily available in the home purchase market. Renters can choose from high-rise or low-rise apartments, townhomes with backyards, 1, 2, 3- or 4-bedroom homes, along with many other options.
Reasons Why You Should Buy A House:
Sense of Ownership and Stability: Renting cannot deliver the sense of security and stability that owning a house offers. Homeowners have control over their living environment and can personalise it to their liking. It also promotes a stronger sense of belonging and community. Purchasing a home also provides a sense of pride and accomplishment. It provides people and families with a place to call home, resulting in emotional fulfilment and a sense of accomplishment.
Tax Benefits: Once you take a home loan to purchase a house, you get tax benefits. Home loan interest and principal payback deductions under sections 24(b) and 80C of the Income Tax Act, respectively, can greatly lower the tax burden and improve overall savings.
Price Appreciation: Owning a property allows for long-term investment and wealth appreciation. Homeownership in India has traditionally exhibited a favourable tendency, making it a potential source of wealth generation.
No Landlord Worries: Once you purchase a home, you no longer have to worry or deal with a landlord. This means freedom from all concerns, including the fear of being asked to leave the house despite the fact that you have done nothing wrong.
Retirement Planning: Purchasing a home early in life helps with long-term retirement planning. As the mortgage is paid off over time, homeowners can enjoy a mortgage-free retirement, reducing their financial burden in their golden years.
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