Deciding to buy or rent a home is a massive decision. Many folks believe that owning a home is worthwhile because it provides a sense of security and stability that renting may not. But as per the latest trends of frequent transfers on a job, uncertainty prevailing in a job, and rise in the property rates often prompt the current generation to rent homes over buying a home. Purchasing a house demands sheer commitment which often demotivates homebuyers and influences their decision to rent.
However, the current pandemic has made people think the other way. People have realised the value of owning a house. Renters do not have the option of making long-term investments in the residing property, which will appreciate and improve their net worth over time. Furthermore, there are considerable benefits to owning a home. Homeowners can capitalize from their home’s equity as it scales up over time. They also get to relish tax deductions on mortgage interest payments and perhaps other homeowner expenditures. Paying off your property will also empower you to live mortgage-free, and this will facilitate a comfortable retirement. Let’s explore some considerable benefits of owning a house and why it’s better than renting.
1. Serves as an excellent investment choice
When you pay rent, it goes directly to your landlord and does not contribute to your equity. Whereas, if you put that same fund in a monthly instalment towards your property, you are preserving an asset. A reasonable EMI liability might help you prepare for the future and develop an investment that could pay off handsomely. A home is a substantial investment that can be expensive initially, but when compared to the costs of renting, purchasing and owning a home is ultimately cheaper in the long run.
2. Flexibility to build as per your desire
A rented apartment wouldn’t provide you with the flexibility to modify the specifications as per your aspirations. Whereas, your home, on the flip side, will be a reflection of your dream home. Owning a home gives you the freedom to do whatever you want with it, from repainting the walls to complete remodelling. Many people find the flexibility that comes with owning a home to be extremely enticing. When you own your home, you have complete autonomy and control to do whatever you want, without constantly worrying about extra fees, lease contracts, conditions, and other expenses involved with renting.
3. Avail Tax Benefits
For many people, the prospect of one day being mortgage or rent-free is very appealing. It’s not something that you would be able to do if you are renting a property. Mortgage loans yield better tax benefits than rent options. Tax benefits are obtainable on both the interest and the principal amounts. Declaring the details of a home loan will cover the majority of your income, enabling you to avail tax saving schemes. Of course, in the long run, you’ll be liable for paying property taxes and insurance, but that is a marginal expense compared to the costs of renting a home.
4. Increment in the real estate value will influence profit
The real estate sector in the past has consistently shown massive value appreciation. Even the investors and financial experts hold a strong opinion about the incremental gains in the real estate sector’s overall valuation. They firmly believe the prices will keep on increasing on yearly basis and would generate substantial profit for you in the long run if you invest in your house. So therefore when you rent a home you’re directly building your landlord’s wealth and not your own.
5. Accounting the Intangibles
Many homeowners will acknowledge that owning a home provides them with privacy, serenity, and stability. More than the investment and monetary aspects of owning a house, it ensures your family’s comfort, safety, and something they can call their own and resonate with. Here the location advantage also plays an important role in ease of living such as proximity of daily essential stores, educational institutes, healthcare facilities, etc.
Wave Estate gives you one more reason to buy your dream home than to rent. Wave Estate is strategically located in the heart of Mohali and welcomes you to a life that is truly spectacular whether it is a lifestyle, security, luxury, or the joy of being so close to the majestic Shivalik range. The whole project is thoughtfully designed and the choices offered are in abundance at affordable prices to attract investors to end-users, making it easier to buy your dream home than to rent it. Wave Estate offers numerous location advantages and world-class amenities to ensure ease of living. Also, Mohali is destined to become the next IT hub that will result in value appreciation of your property in the near future.
To know more about our Luxurious project – Wave Estate and the exceptional amenities it offers, visit our website and feel free to get in touch with us. We look forward to serving you for a better tomorrow.
