Buying vs Renting your own home

In today’s times, buying your own house works out to be a far better option than living on rent

There is somehow always some confusion about which is a better decision: buying or renting a home. However, the answer is very simple and straightforward: buying is a far better option than renting a place. In fact, purchasing a home has been heralded as one of the most sound investments that you can make in your life. From enjoying more privacy to financial gains to tax breaks, there are a number of reasons why the exposed home-buyers of today prefer to buy property than to stay on rent. Let us probe into some of the pertinent reasons.

  • No landlord issues

Having your own home implies you do not have to depend on your landlord for anything, be it minor repairs or a major overhauling of your house. You do not have to go through the hassle of renewing the rent agreement every year. You enjoy full freedom and privacy vis-a-vis the place you reside in. This invokes a huge sense of emotional security and true happiness.

  • No compromise on location, size and amenities

Rent is an expense so when one lives as a tenant, the general tendency is to skimp on expenditure. This leads to many people compromising on important aspects like location, size and amenities. However, when you invest in your own house, you will make sure you get the best deal and do not compromise on the above-mentioned critical factors.

  • Home loans galore

Owning your own dream house is an easy option today with the availability of easy financing options. The Union Government’s initiative of ‘Affordable Housing for all by 2022’ has eased the home loan interest rates, making the concept of buying a house more affordable for the middle-class. Besides, the total financed amount by the lender covers all aspects like registration, transfer and stamp duty charges. However, here is a small tip for you: try to maximize the down payment amount to ensure the home loan interest cost is kept to a minimal amount, thereby making it easy to pay-back.

  • Tax benefits

Purchasing a home on a loan allows you to enjoy multiple tax benefits and exemptions. Renting works out to be more expensive than just the rent you pay: your cost is higher since you are not earning any interest on the amount paid to the landlord throughout the lease period.

  • An investment for life

Investing in a home in an emerging or micro-market will most often lead to sky-rocketing of the price of the property. In other words, this investment will prove to be a performing asset.  It provides a roof over your head, helps you generate rental income if required and in the long-run, is sure to make you gain through its appreciation.

  • Property cost versus rent

A recent report by NHB Residex puts to rest all speculations about what proves to be a better option: buying or renting a home. NHB Residex, of course, was an initiative of the National Housing Bank (NHB) which was formed in 2007 to track the price changes in the residential segment across India. The recent report by this body has indicated a disproportionate ratio between costs of property and its corresponding rental value in some of the major cities in the country. For example, while the cost of property in Kolkata is 6% less than that of Bangalore, the average rental rates in the City of Joy is more than 32% as compared to that of the Garden City! In fact, the rental values in Kolkata seem to be more than most other top cities in the country.

  • Buying from a reputed builder is critical

With respect to the above, it is safe to conclude that buying your own home makes more eminent sense than living on rent, especially in today’s context. But, at the same time, it is critical to buy your home from reputed developers like Arrjavv to avoid hassles during, and even after, the home-buying process.

As a premium developer in eastern India, Arrjavv has created a niche for itself for developing life-changing homes as well as offering honest and transparent real estate services. By dint of their enviable work ethics and world-class projects, the Group continues to offer the best to its patrons, serve them with humility and continuously strive to exceed their expectations.

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