Top Reasons Why Owning A Home Is Better Than Renting

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Owing a home vs. Renting is more of a debate like Great Financial Investment vs. A Bad Decision. I’ve never come across a person in general who doesn’t want his/her own luxury home or a 2BHK / 3BHK flat in a luxury apartment.

Over the last decade, Real Estate bubble had grown to epic extent and the effect has been seen majorly in developing countries like India. In addition, the renting tariffs in metro cities have been constantly rising and on the other hand, financing a new home seems a far better option.

In comparison to owning a home, renting a property has more disadvantages with quite few advantages.

Let take a glance on pitfalls about renting a property:

•You are not eligible to avail special tax benefits which is given to those who own a home•No benefits from appreciation of property prices.•Prominently increasing rent for lesser Property space.•You will not get any investment benefit and low value for money.•You cannot go for home improvements projects without the consent of the owner•Terms or Conditions and Contract or Agreement need to be signed.•Property Rent is impacted by inflation.

However, if you own a home so the benefits are much higher and attractive, that you certainly do not want to miss the deal.

•Increases net worth - According to the Federal Reserve the average net worth of property owner’s vs. renters is much higher even if they are making the same annual income.•Psychological Relief & Peace of mind - Home ownership can

bring pride and security like no other. •Save Tax benefits – If you are smart investor then you must be aware about the numerous benefits real estate investment can offer you. •Don’t Let go your money to someone else’s pocket: The amount of rent you spent won’t give you any returns and if delay occurs then you’ll be liable to pay penalties as well.•Becomes an Asset: Owing a home adds an asset and can be proven a lucrative long term investment.

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