Why Buying House Is Better Than Renting?

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Why buying house is better than renting

Why buying house is better than renting?

It is always confusing for one to decide whether to buy a house or use it for rent. It is a major decision that can affect all aspects of your life. Buying a house is of course expensive but has intangible benefits. The interesting fact is that in long term, buying can be cheaper than renting.

An asset

Owning a house is an investment and its value increases over time. You can make a good passive income if you wish to. You can make a profit by selling your house, you can get more than what you have invested. Owning a house helps you build a valuable asset that is worth more than a place to live. It can positively affect your children’s life and you will have something worth passing on in the future. So buy residential plot in Jodhpur for a house is a solid investment.

Why buying house is better than renting

More privacy and stability 

The privacy, security, and stability that our house can provide are priceless; Home is not a place, it’s a feeling. It thickens the emotional bond of your family. It is said that you will be more peaceful and comfortable in your own house. You need not worry about the inconvenience and expenses during every shift.

Cheaper than renting

Buying a house is of course expensive at the outset. You will have various costs such as EMI, down payment, insurance, appraisal fee, etc. But in long term, it is actually cheaper than renting even though you may have to pay EMI. Rent is a monthly expense, which does not create any asset in the long run.

No landlords hassles

You need not deal with intrusive landlords where you may lose your privacy. You will have the supreme power to renovate and repair as per your wish. You can be more independent. There will be no room for the uncertainty of the termination of the lease by the owner. You need not bother with renewing the rent agreement every year.

Builds equity

Equity may not be a familiar term for all. Actually, Equity is the difference between what you owe on your mortgage and the current worth of your home. It can also be described as the amount of value of the property that you own. The longer you own a house, the balance of liens gets lowered which inturn increases the value of your property thus more equity. It is an important financial tool and one of the major benefits of owning a house.

Why buying house is better than renting

Freedom to renovate

One major issue that people who go for rented houses face is not having the freedom to make changes. They should adjust with the interior works or other facilities available in the house. The perk of owning a house is that you have the ultimate power to renovate as your wish.

Tax benefits

A home loan is eligible for tax deductions. If you go for buying a house on a home loan, will you have multiple tax benefits that can inturn reduce your tax outgo. House owners need not pay taxes on imputed rental income. You will get various benefits like mortgage interest deduction, mortgage insurance premiums, property tax deduction, capital gains, etc

You can give for rent

People buy houses for various purposes. Many people, who own multiple houses, often rent out their houses. It is a source of passive income. In another instance, if you are to shift from your house due to some circumstance, you have an option to make use of your house by giving it for rent. You can provide additional space and make more profit.

Why buying house is better than renting

Increase your social status

Apart from the economic values, you will get more social value. It is a fact that property goes beyond income. So owning a house can uplift your social status. Owning a house can even boost your confidence.

You can have better housing

Everything undergoes wear and tear with the passage of time. As a house owner, you will be responsible for the upkeep and maintenance of all your properties whereas in a rental house this responsibility falls on the head of the house owner. So you cannot be sure whether the maintenance will be done on time. In such a situation you may have to adjust to the inconveniences.

Although you can see various pros and cons in renting and buying a house, due to various circumstances, buy residential plot in Jodhpur for the house is more worthful than renting a house. There is a potential upside of assets and emotions. There is no room for insecurity, uncertainty, monthly expenses, etc. You can taste all the pleasure, socio-economic benefits besides the initial costs.

House equity plays a major role, it allows the owner to profit more. Buy residential plot in Jodhpur is not just a money move, it is actually a long-term commitment. A home is a place filled with love. Love resides in every nook and corner of your house. Renting a house doesn’t give you the opportunity to shape our home that in turn shape you.

 

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