9 Advantages Of Buying A Home Over Renting

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Caroline Soriano
March 27, 2023
5 minutes, 36 seconds
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More than just four walls and a roof make up a house. It stirs up a variety of feelings and ideas inside of us. Some people see it as a sense of security, others as comfort, and yet others as a sign of success and prestige. 

The other component of a home, however, must also be taken into consideration. It is related to numbers. The financial side is crucial as well because for the average Indian, purchasing a home is frequently their biggest financial transaction. Many struggle with the question of whether to buy or rent.

The Following 9 Factors Make Owning A Home Better Than Renting A Home:

1. No Landlord Troubles

Owning a home gives you control over your life. You don't have to deal with a landlord, yet renting is difficult in many ways, whether you need small repairs made or a whole house renovation. For water, power, maintenance, and nearly everything else, you are reliant upon the landlord.

2. Emotional Safety

You give your family their very own space—a home—when you buy a house. Returning to your own nest after a long day at work, along with a taxing commute and ongoing stress, awakens a sense of security and comfort that is simply priceless. After all, no place can truly allow you to relax and just be yourself at "home."

3. No Discrepancy

The risk of the landlord prematurely terminating the lease agreement does not bring you the same stress and anxiety that it may with your own home. Also, there is no headache associated with having to continuously renegotiate the terms of the rental agreement and renew it each year.

4. No Compromise

Rent is a cost, and generally speaking, people try to spend less. Hence, you can end up making compromises regarding several factors, including amenities, size, and location. Yet, if you purchase a home, you will make sure that the home you select suits your needs.

family posing in front of new house with sold for sale sign

5. Simple Financial Options

Having your ideal home is now simpler thanks to the accessibility of simple financing choices. To save money for your ideal home, you don't have to wait until your 40s and 50s. You can purchase it when you're in your 20s and have a paid-off house by the time you're 50 or even before. Selecting a home loan provider wisely will allow you the flexibility to manage your loan repayment by customizing your EMI to match your current and projected income trends.

6. Tax Benefits On Home Location

You receive enticing tax incentives for paying off your mortgage's principal and interest. Also, keep in mind that the true cost of renting exceeds the amount of rent you pay. Because you do not earn interest on the deposit you pay to the landlord (which can be fairly substantial in high-end locations), your cost is higher.

7. Creating Your Own Asset

You might pay the EMI on your home loan rather than paying rent, which is an expense only, and over time, this will help you create your own asset. Your equity in your house increases practically with each EMI that you pay.

8. Renting A Home As An Investment

It makes sense to purchase a home if you intend to stay in a city for an extended time so that you can feel a sense of permanence and belonging. You become more familiar with the city and its way of life. You believe that your life is now at peace. In addition, property values typically increase with time. By purchasing a property, you are also gradually increasing your wealth. Delaying your real estate purchase will require you to make a larger investment (in addition to having paid rent over an extended time).

9. Abide By Social Norms

And finally, owning a home is a sign of success and achievement in society. The house you own is a good indicator of your wealth and position. Consequently, purchasing a home can greatly raise your social position.

Are you looking for real estate in Indiana? If yes, our top-tier realtors can help! Call us at 317-298-0961 today!

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