8 reasons why buying a home is better than renting
There is no place like home because, it is much more than just four walls and a roof. It holds a great emotional value. It gives a sense of belonging, security, comfort, status, and accomplishment. To rent or to buy is a never-ending discussion. The financial aspect plays an important role in it. Buying a home is often one of the biggest financial transactions an average working person will make.
While both buying and renting have their own benefits, in this blog we help you understand the hidden benefits of buying a house that most renters are unaware of.
1. No landlord hassles
When you own the house, you are not answerable to anyone. You don’t have to deal with the nosy landlord to make a minor change in the space. Your home is the place where you need to feel at peace. In your own house, you can enjoy the freedom of painting or remodelling any way you want to without compromising. When you rent a house, you need to depend on the landlord for maintenance, water, electricity etc. But when you own the place, you are in charge. It gives you a sense of freedom.
2. Stability and security
Owning a house gives you and your family a feeling of stability and security. Owning a house means knowing that you have your own place to go to and be yourself at the end of the day. It eliminates the stress of house hunting at the end of lease period or rental agreement.
3. No Surprises
In your own home, you don’t have live with the fear or anxiety of a possible untimely termination of the lease or rental agreement and rental hike. Also, there is no hassle of renewing the agreement.
4. Easy financing
Owing your dream home is now an achievable goal with the easy finance options available. You need not wait until you’re older to accumulate money to buy your own house. You can buy your own house in your 20’s by wisely choosing the EMI scheme which suits you best based on your present and future income pattern. The fixed EMI is the amount you pay instead of your monthly rent.
5. Tax Benefits
One of the biggest benefits of owning a home is the attractive tax benefits that your home loan and interest repayment can fetch for you. But in the case of rent payment, you get no such benefits. This way, owning a home can help you to keep more of your hard-earned money.
6. Asset building
When you buy a house, you pay EMI instead of rent. Rent is pure expenditure as you do not get anything in return other than being able to stay in the house for a certain period of time. But as you pay the EMI, your equity in the house goes up eventually making it a great investment.
7. Sense of accomplishment
Buying your own home gives you a sense of accomplishment like no other. It enhances your social status significantly. The pride of buying your own house is a feeling which cannot be explained in words.
8. Other financial benefits
Other than the great tax benefits, you are also entitled to capital gains if you plan to sell your house after a few years. You can always count on your house as a valuable rainy day fund which will support you in case of unexpected financial crisis. A home is a great investment for retirement. After all, a beautiful nest to call your own and stay in all you need at the end of the day.
Why choose LML homes?
LML homes is one of the leading builders in Chennai known for their Innovative designs and timely delivery of projects. Our projects range from affordable homes to premium luxury villas which are the best-in-class. Each project location of LML homes is present in prime locations with all necessary social infrastructures in close proximity making it a valuable asset for our customer. Our impeccable commitment towards building functional and beautiful homes has gained us a reputation as Chennai’s most trusted builder.