Famous American author, Mark Twain had once said, “Buy land, they’re not making it anymore.” Having your own land or house is one of the most stable things in our life because they are limited and everybody needs it. You should know the advantages of having your own house, over a rented one, if you’re planning to take up an apartment.
Rent V/s EMI: When you go out to buy your own home, you may be shelling out a bit more for the EMI of the loan, than what you may be paying for rent. However, what you pay as rent is pure expense, while your EMI will come back to you in the form of your own property!
Security: Having your own house makes you stable and secure. Whereas, in a rented accommodation you may be asked to shift anytime by the landlord, due to various reasons like increment in rent or if the landlord wants to use that space for something else, etc.
Stability for future generations: Owned house is one of the biggest assets an average individual can have for his generations to come; it is also a good investment for future’s sake. Whereas, in a rented house, your children will also have to pay for their living; and may be required to move too for various reasons!
Relief in taxation: One can easily get a loan to buy a house; this will also save on your taxes. But in a rented house you have no such advantage.
Easy loan: Property can be used as a good asset against which you can get loans, when you need. However, rented house is considered unstable and banks may not consider you for a loan easily.
Dependable asset: Future is unpredictable; but if you have your own property there is no need to worry about instability as you can convert it into cash in hard times. Whereas, rented property will only add to the difficulty in such times!
Renovation: You can renovate your own home anytime and in any way you want, but in a rented house you always have to adjust with the design and time. You can’t live your dreams there. Further still, if something is damaged or replaced, you have to pay for it without having any claim on it in the future!
At the end of the day, your own home is your own home… and the pleasure it gives to be living and nurturing future generations in your own home is incomparable! Buy a house today and start living your dreams today!