Owning Vs. Renting a Property
There is an emotional side to home ownership and it sure does feel great to boast about your own home. Here we’ve listed some points to help you understand how owning a home is a much better option than renting one.
Security & Pride of Home Ownership
Pride of home ownership gives you strong community ties and boosts your social status while also providing you with a sense of security.
The pandemic due to COVID19 made a lot of us realize the importance of working from home and now building a secure future for your family becomes more of a ‘need’ than ‘want’. A society which has good neighbors and surroundings is all that is required to feel secure and at peace.
There is always uncertainty when it comes to renting a house, the landlord might want to discontinue the contract to sell the property or to use it for themselves or put it up for service accommodation, any alternative which can provide higher returns to them.
And scouting for a new house to rent can not only be time consuming when you have to move but also bring the hassle that comes with it.
Customization & Greater Privacy
Ever experienced a situation wherein you wanted to install new equipment but your landlord wouldn’t approve of it? Well, every tenant has faced this issue at some point. There will always be limitation to the amount of customization one can do in a rented house but when you own a house, you’re the boss and there is no limitation to the customizations you’d like to do within your home.
When you own a home, you can avail multiple tax benefits under home loans, some of these benefits are-
- Deduction on principal repayment
- Deduction for interest paid on housing loan
- Deduction with respect to interest paid towards home loan during pre-construction period
- Additional deductions under section 80EE and section 80EEA
- Deduction for joint home loans
Stable Monthly Payments
On buying a home, you will pay the same monthly amount of principal and interest until the loan amount is paid off, whereas, rent can increase annually also adding to cost for renewal of the agreement and broker charges.
Credit Score Improvement
While paying a home loan on time improves your credit score, you don’t get the same benefits from rent.Creditworthiness plays a major role in having your applications approved. Creditors describe how worthy you are of credit based on how you have handled credit and debit obligations.
Building Equity & Long Term Security
When you buy a house, you are building equity for yourself which is useful to combat the unforeseen future while giving you a sense of reliability, whereas, when you rent a house you are essentially building the wealth of your landlord.
To speak in numbers –
If your monthly rent payout is INR 20,000 and the year-on-year appreciation of rent amount is 10%, 20 years down the line you would end up paying over 1 Cr in rent while not really building any equity.Whereas, when you buy a home you are a creating wealth for your future self and securing yourself for retirement.
With our residential projects in Pune, 2 BHK flats in Keshav Nagar can be easy bought around 80 Lacs and 3 BHK flats in Keshav Nagar around 1 Cr based on specifications.
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