Buying a house seems to be great challenge for most of the people. So, many of them are in dilemma that whether they should buy a home or rent one. The answers may vary depending upon the condition of prevailing market rates at that period of time. Renting can only be beneficial if you need the accommodation for temporary basis. But it is advisable to buy a house when the rates of real estate are extremely low which proves to very beneficial, some of the advantages are explained below:
Sense of home equity:
Buying your own home will give sense of equity among you. Owning a home will give you mental satisfaction and apart from this they have sentimental value attached to owning a home which cannot be assessed in monetary terms.
Gives financial security:
Once you have owned your home then it can be calculated as long term investment for you as well as your family. Staying in your own home avoids in giving some percentage of money in any type of rents which will directly become saving of your income. Moreover, owning a home also protects you from uncertainties of any type of sudden economic conditions. This will also assure you with many tax benefits like in many cases the interest payments of mortgage loans are also deductable from income tax.
Opportunities to do alterations:
When you own a house, you are free to do any modification in your house whenever you find the need which is not in case of rental properties. Even you can build new rooms or reconstruct into whole new house due to family expansion, will be depending on your own decision. In short, you don’t have to seek permission to make any desirable changes for improving the condition of your house.
Impact of inflation:
Generally, owning a house does not have any impact of inflation whereas the value of rent changes with the increase of inflation or economic conditions of the market. With higher inflation period it is also possible that the tenants get less space even paying higher rents. But after buying a house you don’t have to face these conditions moreover if you have chosen fixed mortgage plan than it will remain same throughout the loan so this way you can enjoy the benefits of income stability and can use these income for future.
So, buying a home proves to be an asset for long term investment which enhances pride, status and moreover gives sense of ownership to the buyers. In addition, you don’t have to follow any rules and regulations of somebody else; you are allowed to make improvements on your own terms and conditions. Another major advantage is that it gives a greater level of security than renting. Owning a house will give you advantage to decorate a home yourself and make it more comfortable. Once you have completed the payment of loans you can enjoy home equity and can avail the profits of selling a house. So, one should check the avail market prices before renting or buying a house.
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