7 Reasons Why Owning a House is Better than Living on Rent

Updated on: 17 Jan 2024 // 4 min read // Home Loans
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Traditionally, Indians have been keen on owning their own property rather than renting a house. This is something which has been imbibed within us from one generation to other. Previous generations have made sure that they own property before approaching retirement so that they can pass on financial safety and security to their kith and Kin and lead a peaceful retirement life.

The trend, however, seems to have reversed to an extent. A lot of youngsters instead believe that renting offers a better proposition than buying one. With the younger generation switching their jobs more often and move where their work take them, buying property seems more like a burden than a boon. For, owning a property also comes with constant maintenance and servicing.

However, many experts suggest that the current generation will surely miss out on the benefits of owning their own home or property which will never be replaced by just renting a place.

Home Loan is a good loan and available at attractive rates by all major banks and financial institutions. A person with basic eligibility requirements, i,e, stable monthly income, and repayment capacity, can find Home Loan for 20 years at rates starting at 9.00% p.a. Several major banks offer Easy Home Loans such as Kotak Mahindra Home Loan and ICICI Bank Home Loan at flexible interest rates.

In case you belong to the demographic segment which is still not able to decide, we have listed seven reasons why you should consider owning a place rather than renting one:

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1. Increase in Your Asset Value

For an average Indian citizen, buying and owning their home has been one of the most successful methods of increasing their net worth. According to one study, more than sixty percent of the total wealth of a person constitutes their residential property and not other movable or immovable assets.

2. Value of your House can Increase with Time

The housing market in India has largely remained stagnant in the last few years, but experts believe that this is about to change. While choosing a property if the buyer remains vigilant and makes some sensible choices, the value of the property is poised to increase every year. Thus in case you want to move to another location for a better career opportunity, selling that property will result in higher returns which can be used to buy an even better property or the surplus can be invested to unlock additional avenues.

3. Dream Home

Whenever you opt for rented accommodation, a long list of do’s and don’ts is handed down to you by the homeowner. The tenant will have to think twice before putting up their favourite painting on the wall as it will require fitting up of nails and screws, you have to ask before installing an air conditioner as it will require civil work. It is bound to become annoying after a certain period of time. As a family, you would want the freedom to choose and decorate your home in a way that would be comfortable to all member s of the family. This freedom will come if and only you reside at your own dream home, where your children can paint graffiti on the walls, and you can fill up the entire wall of your drawing room with amazing paintings.

4. Secure Future For Your Children

It is widely believed that if the parents own their own home, it will affect positively on the growth and prosperity of their children in the coming future, since the children themselves remain confident as they have a place to fall back to in case of any setbacks in terms of their careers or dwindling finances in future.

5. Renting is Expensive Than Buying a House

Buying a house will surely seem like an expensive bet at first, but if you compare the same with renting a house, your perception is bound to change. This is, of course, true if the due diligence is in place and the buyer has made an informed decision.

6. Be Your Own Boss

Many rented accommodations are plagued by leaky roofs, heaped up junk, and multiple safety hazards which are usually not prioritised and addressed by the homeowner and the tenant has to bear their brunt. It can result in untoward incidents which will not only endanger the life of the individual but also to their families which could include children.

7. You can Accommodate Pets

It might seem like a trivial issue to most but is generally a big deal to those who own pets and most definitely face issues when they try to accommodate them into a rented flat/home as their landowners could find cats and dogs as deal breakers.

To sum up, the decision to own a house or to rent one is an entirely personal choice. However, if you do decide to buy a home, you certainly find out affordable housing finance deals online.

Also Read: Is it Possible to Claim Tax Rebate on Your Home Loan and Home Rent Simultaneously?