While renting provides flexibility, buying a home is a superior long-term financial choice for a number of compelling reasons.
A frequent conundrum in India is whether to continue renting or buy a home. While renting provides flexibility, buying a home is a superior long-term financial choice for a number of compelling reasons.
Some claim that renting is convenient and may be done without putting too much of a long-
term financial strain on one’s finances whereas purchasing a home is too expensive. On the other hand, some people think that owning your own home will safeguard your family and secure your future. Nobody will tell you when to arrive or how to conduct your life, so you can enjoy your way of life without too many interruptions. Financial advantages are among the additional advantages; your home is a financial asset that you can leave to your family to use or sell as needed. This article focuses on the advantages of buying your own home, just as every decision contains pros and disadvantages. While renting offers flexibility in the near term, purchasing a house in India offers several benefits over the long term, according to Adhil Shetty, CEO of Bankbazaar.com. Homeownership offers a strong foundation for monetary growth and security, including everything from investment opportunities and consistent housing costs to tax advantages and emotional fulfillment. It’s a choice that provides more than just shelter; it gives you and your family a place to call home, create memories, and ensure a better future.
Let’s go over the main arguments for why purchasing a home is preferable to renting in India.
Price Appreciation
Possibilities for long-term investment and asset growth exists when you own a home. Given the long-term upward trend in Indian real estate values, owning a property could be a way to build wealth.
Consistent housing prices
Renters frequently deal with rising rental costs that are influenced by market changes. However, homeowners benefit from steady housing prices, particularly if they choose a fixed-rate mortgage. Better financial planning and inflation protection are made possible by this steadiness.
A feeling of control and stability
Renting cannot offer the sense of security and stability that owning a house offers. Homeowners have control over their living environment and can customise it to suit their tastes. Additionally, it strengthens a person’s sense of belonging and community. Purchasing a home gives one a sense of success and pride. It provides people and families with a home to call their own, resulting in feelings of emotional fulfilment and accomplishment.
No Landlord Worries
You won’t have to deal with a landlord after owning a home. This means freedom from all worries, including the worry of being asked to evacuate the house even if you have not done anything wrong. Also, after being a homeowner, you will be able to maintain your house the way you want and can also go for a complete overhaul of your house, if you desire so. That is certainly not possible while living on rent.
Tax Benefits
You get tax benefits when you take a home loan to purchase a house. Deductions on home loan interest and principal repayments under sections 24(b) and 80C of the Income Tax Act, respectively, can significantly reduce the tax burden and increase
Rental Income
Homeownership opens up the possibility of earning rental income. If you own multiple properties or have extra space in your home, renting out a portion can provide an additional source of income.
Freedom to Customise and Renovate
Unlike rented properties, homeowners have the freedom to customise and renovate their homes as per their taste and needs. This allows individuals to create their dream living space, adding value to both the property and their quality of life.
Retirement Planning
Buying a house early in life contributes to long-term retirement planning. As the mortgage gets paid over time, homeowners can enjoy a mortgage-free retirement, thereby reducing the financial burden during their golden years.
Safety for upcoming generations
Having a home gives you stability and a significant asset that you can leave to future generations. It enables people to leave their family a permanent legacy that will ensure their stability and financial security.
Mental Advantages
Owning a home has advantages on an emotional and psychological level in addition to financial ones. It offers a sense of security, pride, and belonging, all of which have a good effect on general wellbeing and quality of life.
These pointers can assist you in making an informed choice regarding whether to buy or rent a home. It involves a consideration of many things, not just money. You must evaluate your objectives to determine whether buying or renting best suits your needs.
