Are you moving in or just hopping around!
A castle or a nest or your comfort cocoon whatever you call it – buying a home or a place of your own is one of the priceless decisions that anyone can make in their lifetime. Some of you may wonder if renting out is a better option than buying a home. For instance, you already have your Car EMIs going on and you don’t want to add on extra EMIs to your bank account every month. We understand! Nor would you want to go through finding a ‘new home’ to ‘moving in’ process. Yes, it is cumbersome! (We simplified this process. Visit our site and chat with our 24/7 sales representative for any project related queries) But if you up for some bigger canvas of your life – a bigger and a better living option with making some serious money then I am sure you would always want to go for buying option then rented accommodation. We leave it to you to decide for yourself. Of course, like other stuff, renting & buying a home has its pros and cons and here we come into play. Let’s gather some wisdom to know whether buying is the better choice or renting;
Let’s clear the cloud and see the benefits of buying a home!
Freedom of having a place of your own
Having your own place means you have all the freedom in the world to do anything in and around it, subjected to other things of course. Like you don’t want to burn down your place, just kidding. When you live in a rented accommodation, you give up some freedom to do what you want with your place. On the contrary, when it’s in your possession, you can treat your property the way you want. You can be yourself, for a change. For example, if you want to paint the walls green or turn your room into a garage theme. Feel like punching a hole in the wall, go right ahead. Just make sure you don’t end up making it some weird looking place. After all, you are the one who is going to live there. Hell, yeah! Your name is etched on the nameplate, you are the landlord now!
Build that equity:
Rent is a sunk cost. You will never see that money again. Unlike rent, when you make your monthly loan payments, you actually have a chance of seeing your money again. That’s because, with every payment, you’re building equity as appreciation in property prices.
Un-Limited fun for your kids
If you’re renting in a large apartment complex, your privacy is sort of limited. And of course, you have to be mindful of not bothering them. If you have kids, constantly reminding those to not do stuff kids naturally do, which sometime can be irritable. Whereas when it comes to your own home, there are fewer restrictions. Your kids can play, skip the way they want. Full marks for you as a parents! You can give an ideal environs for the kids to grow. This is only possible when you own your dream place. Rented accommodation will have limitations, no questions asked, period.
No yearly escalation in rent
Your landlord is free to increase the rent on the property. And they usually do. Before the housing bust, the increase usually matched the inflation rate. So, whether there is an increase in your salary or not but there will be a relative increase in rent for sure!However, this is not the case in loan payments. It is advisable to pay monthly EMIs and own a home than pay rent and not have a name on it.
Save some money on taxes too
You can’t claim your rental amounts like you can with your home loan for income tax rebate. Home loan can save all your taxes and you know that. You may claim deductions in your income tax against principal and interest payments that you make towards repayment of your home loans. So, why the waiting! Rush to a developer and buy your dream home and save some money eventually.
Tenants should keep in mind that they do not control the destiny of the house they are living. If the landlord decides to sell the property, you’ll be compelled to look for a new home. The landlord can also raise the rent every year! The landlord can also decide to rent out to somebody else. On the other hand ,if you own a home you are free to think about other risk attached to secure daily living than thinking about the needless!
So, the winner of this big battle between buying Vs renting is obviously ‘buying a home’. However, buying or renting is solely your decision and depends mostly on a lot of factors other than mentioned above. But, you’ve got the idea and the wisdom to go forward and take your decision with more sureness.
Now, when you are clear about your decision of buying a home, you may want to have a look at Pacifica’s pioneer project in Chennai –Pacifica Aurum, luxurious apartments & villas in OMR Chennai with In-House lifestyle amenities like a landscaped podium, multi-sports court, cricket pitch and many more.