SHOULD YOU OWN A HOUSE OR RENT IT

Living in their own dream home is a dreams for lakhs of Indians. The very thought that you own the house in which you are living is a great morale booster and also offers peace of mind to your and your family. Buying their own house is a major milestone in everyone’s life and signals to the world that they have well and truly arrived. Living in a rented house is another option which people explore when they do not have the financial means of buying their own house. So, is buying your own house advisable or should you continue living on rent? In this article, we will share some points on whether you should own a house or rent it. lodha crown majiwada thane

Living on rent gives you freedom

If you want the freedom of living in a posh area of your choice in Mumbai, then renting becomes the obvious option because the outright price of apartments in such a locality will be so high that you will not be able to afford it. Also, you have the flexibility of moving out of the apartment if you do not like anything about it or if you find the rent unaffordable because of change in income, with just a one month notice to the home owner. This is not possible if you live in an ownership house because of the down payment amount you have invested and also the fact that you have a running home loan. Trying to sell your home quickly will only make you a distress seller and fetch you a lower than market price. lodha crown thane 2 bhk

Rental living has other perks too

Staying on rent is beneficial from tax angle as well, as you can claim House Rent Allowance, or HRA, which is 50 percent of your basic pay in a metro like Mumbai. You can also rent an apartment in an area where most of your friends live and enjoy a better social life. Access to amenities such as swimming pool, gym and tennis courts is available to you without paying any club house charges as the home owner has already paid them. The significant amount that you would have paid as down payment while buying your house, can be invested intelligently for earning good returns.

There’s nothing like living in your own house

All said and done about the advantages of living on rent, if you can afford the down payment and the home loan EMI, there is nothing like buying a house and assuming the proud status of home owner. It’s a different feeling when you wake up every morning with the reassuring thought that you will not have to leave this abode for any reason whatsoever. When you own your home, you have the freedom to make design changes the way you want to, without worrying about getting permission from the landlord, which in most cases you will never get.

Leave a legacy for your loved ones

Along with being a prudent financial decision, buying a home is also an emotional decision. The feeling when you take possession of your own home and step into it for the first time cannot be explained in words, it can only be experienced. Your own home is not just yours but also a legacy of everlasting security and peace of mind for your loved ones. In one stroke, you make life comfortable for your children and save them the struggle of putting together resources for buying their own home. They can focus on building their careers and living a better life as the biggest gift of their own house has already been given to them by you. We feel that if you can manage the funding, you should buy your own house instead of living on rent.