If you are confused between buying or renting a house, buying a house is considered the most sensible step. Nowadays, most people prefer to buy a house as it is regarded as a long-term investment. Moreover, owning a house provides a sense of security and stability that renting won’t offer.
Renting is considered a good option if your job profile keeps on relocating to new locations or cities after a specific time interval. Then for you renting a house is better than buying.
If you think renting a house is better than buying a home, you are wrong at this point.
Do you want to know how?
Ponder the following points to know the difference:
- Tax Benefit
Owning a house can provide you with certain tax benefits. Under section 80 C, if you buy your dream house on a home loan, it offers several benefits that will reduce your tax.
Moreover, there are several housing schemes available for affordable housing, like Pradhan Mantri Jan Awas Yojna. So, now you can easily fulfil the dream of buying & living in your own house.
2. Home ownership is a Better Long Term Investment
Buying a house is considered a cheaper option than renting.
Now you might be wondering how?
Rent is the amount that can’t be refunded, and you are just making monthly payments for a property you didn’t own.
On the other hand, buying a house will be initially expensive, but you will realise that you have made an asset. It’s always better to invest your money in your own house rather than paying it for someone else’s property.
3. No More Interference of Landlord
You don’t have to worry about your landlord’s yearly contract or unexpectedly raise your rent prices. Many tenants have faced this issue when they are told to leave the apartment a month before the owner decides to sell it.
If you own your house, you don’t have to worry about sudden leaving and about the tantrums of your landlord. As a result, you will feel more relaxed and secure under your own roof.
4. Opportunity For Passive Income
Buying a house is not just a good investment for your present but your future also. The money invested by you will double in the coming years. After a few years, you can rent that property when you feel like moving out or buying some other house.
On the other hand, if you own a big or duplex house, you can live in one unit and rent other house units. Now, this property will serve you with an excellent passive income.
5. Build your Dream House as per your Requirement
Every Family has an idea of the number of bedrooms and bathrooms required for their kids and guests. Some parents want separate rooms for their kids, and some want a shared room. So, as per your requirement, you can customise your dream house.
On the other hand, if you live in a rented house, you can’t make changes as per your choices. As per the agreement, you need to take permission from your owner. And without permission, you can’t make changes.
6. Buying a house Provides Stability
Most of you will agree that living in your own house provides privacy, stability and peace of mind. Owning a house means having a place to call it yours and making all the changes per your needs. After buying a house now, you can focus on other things after buying a house as one phase of life is secured and established.
7. Plan Interior As Per Your Choice
In most cases, it has been observed that tenants are not allowed to make extensive changes in the house. And you are not allowed to move anything or make any changes in the interior without the landlord’s permission.
On the other hand, with an owned house, you are free to make any change and plan the interior as per your choice. No one can stop you as now you are the owner of your own house.
So, This post will guide you about all the reasons why buying a house is better than renting are explained in this blog. Purchasing a new house saves your rental costs and builds your net worth and provides stability, and creates long-lasting memories with your family.
Financial Tip: If you are thinking of taking a loan for a certain interval of time, you need to pay a considerable amount of interest on the loan. So it’s better to increase the tenure of the loan and reduce the amount of money to be paid monthly and invest that amount of money in SIP’s then; by doing this, you can save a large amount of interest on the loan taken.
Get In touch with ANRA if you are thinking of buying a new house in Gurgaon & Mohali. Their Experienced Professionals will provide you with good assistance to help you buy your dream house within your budget.
Major Projects covered by ANRA are Central Park Bellavista, Aashiana Anmol, DLF Skycourt, Signature Global Park, DLF City Imperial Residences, Silverglades Hightown Residences & many more.
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