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7 Reasons Why You Should Prefer Buying House Over Renting

• 1 year ago

Buying a house is a very wise decision that adds a lot of benefits if you are thinking with a long time vision. Most Indians have a lot of sentiments about buying a house because many dreams of buying a house and many dreams of gifting a house for their parents. Many people live in rent but buying a house on their own is the proudest moment for every individual. Previously people used to buy land but nowadays buying land is really hard because hardly any lands are free. Even if the lands are available, the prices of the land are already high and you have to buy it with full cash.  The reasons why you should prefer buying a house over renting are:

 

1. Building Asset

House is an asset and the value of a house never goes down. According to past records, it has always shown an upward trend in the prices of the house. The valuation of the house goes up according to the location and development in the surrounding areas. Renting a house is not an asset and it goes to the expense part. 

2. No Restrictions

The best thing about buying your own house is “My Home, My Rules!”. Nobody will give you any kind of restrictions in your own home. People have a lot of restrictions if they are staying in rented houses like entry time, restricted members, not bringing guests, limited time water supply, and many more. 

3. Legacy 

The house can be passed to your son, daughter, granddaughter, grandson, and other relations of your own blood. This adds the advantage that no one can harm your family or take the roof from your family which is a big disadvantage in a rented house because the landowner can remove you after your tenure period gets over. 

4. Save Money 

You can save a lot of money if you are thinking for the long run. You need to pay for the download in full cash and the rest you can pay through EMI System. Adding a few more bucks to your rent amount can help you to pay the EMI and also it will give you your own home. 

5. Tax Benefit

You will also get tax benefits if you buy a house and you fall under the tax-paying slab. EMI payment makes it easy to afford the house because there is no requirement to pay full cash while buying the house. 

6. Emotions

Own home has a lot of emotions and also you can create a lot of memories with your family which will be always stored in that house. There is a different sentiment of buying a house for every Indian family. 

7. Security 

In a rented house, there is no security of having a roof above your head permanently because once you have any downfall financially the landlord can move you out. Also, the landlord can disturb you or cause you trouble but in your own house you will get relief from these kinds of situations. 

 

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