Do you live in a rented apartment? You must think seriously about purchasing your own home even if the rented house offers the convenience of a lavish lifestyle. Whether you have adequate savings or opt for a home loan, having your own house has lots of advantages. But not everyone is capable of buying a home even though it seems a better option.
Do you live in a rented apartment? You must think seriously about purchasing your own home even if the rented house offers the convenience of a lavish lifestyle. Whether you have adequate savings or opt for a home loan, having your own house has lots of advantages. But not everyone is capable of buying a home even though it seems a better option.
How to decide whether to buy a home or live on rent?
There are many experts who would suggest that youngsters buy a home in the early stages of their career especially if they know they are going to stay for years in the same city. Yes, it might get difficult in the start to manage the EMIs but in the next 5-10 years, their salaries will increase while the EMI will remain the same. It would relatively be a small portion of their salary plus the property prices would have increased multifold. So basically, they would have made the investment of profit by buying a home and they must have been enjoying the advantages that come along.
Take a look at these advantages and decide if you really need to opt out of your rented house to your own home.
It is an investment
When you live in a rented house, you basically drain out your years of savings into someone else’s pocket to make the person rich. This absolutely makes no sense.
On the contrary, buying your own home means you are making an investment for a productive purpose. Moreover, your own home can be considered the best investment option. This is because the money that you invest today for buying your own home will multiply numerous times more in future in the form of your property price.
Monetary security
Apartments near the metro stations or interiors of the city that are offered for rent usually come with certain terms and conditions. One of them is that you have to increase the rent amount on a yearly basis. This system of paying the rent does not give you any monetary security at all.
On the other hand, your own home guarantees you monetary security. You can sell it off anytime at a much higher price whenever you face financial constraints and aspire to improve your monetary stability again.
Freedom of living
Living in a rented apartment means you will be bound by lots of rules and regulations. Basically, your life will move at the will of your tenant!
Such a scenario never exists when you live in your own home. You enjoy absolute freedom in the home with no one to act as a supervisor on your activities.
This sense of freedom also gives you mental peace and improves your relationship with other members of your family who live with you. To say it in gist, your life becomes enriched with the pride of being the owner when you start living in your own home.
Plan your future better
When you live in a rented apartment and pay lump sum amounts every month as rent, you cannot make future investment plans appropriately. Basically, the rents tend to take a major sliver of your income. Unfortunately, you cannot save much for buying your own home too.
But if you are among the risk-takers who prefer paying the home loan interest than rents, your future predictions regarding savings become much better. As you know how long you have to go on paying the home loan and when you can foreclose it, your further investment planning also become better.
