Renting or Buying a Home: Which is Better?

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Creating a home for yourself is a big decision – renting or buying. It affects both your financial stability as well as your lifestyle. Buying a home requires years of savings but at the same time gives a sense of accomplishment. Whereas renting a place costs less, but you have to adjust to the homeowner’s conditions. This is a dilemma many people face when they think of housing.

Owning a home continues to be a dream for many, despite the cost it involves. There are many reasons why people want their own homes, such as freedom, no dependency on the landlord, and, most importantly, the sentimental value and connection you build with your own house. Therefore, when it comes to buying a house, a home loan is the ideal way to go. You can skip all the hassles that come with renting and easily pay back the home loan in comfortable EMIs.

With home loan options, you do not need to wait for years to accumulate funds and buy your own house. Most people rent a place due to financial restraints. A home loan is an affordable way to fulfil your dream of owning a home.

Here are a few reasons why buying a home is more advantageous than renting a place:

Emotional Security

When you invest in a house of your own, you provide your family with their very own space and privacy. Returning from work to your own home after a long day gives you a sense of security and comfort that is irreplaceable. After all, there is no place like home and renting a place doesn’t even come close to it.

No Compromise

When you have your own house, you are the one in charge. There is no need to negotiate with a landlord and live according to their conditions. Living on rent involves many hassles, be it for renovations, power, repairs, extra installations, etc. You remain dependent on the house owner for the smallest of things. So, why not buy your own house with financial assistance from a home loan and live according to your own rules.

Availability of Financing Options

With the availability of simple financing options like a home loan, buying your dream home can become a reality. You do not need to wait until your 40s or 50s to become a proud owner of a house. Select a home loan lender who will give you flexibility in choosing the repayment tenure along with affordable EMIs. A home loan is a convenient way to buy your home that will help you retain your lifelong savings as well.

Making an Investment for the Long Run

We all know that property is a long-term investment that will reap you many benefits. Along with giving a feeling of permanency and belongingness, a home can also help you enhance your wealth over time. Property prices usually appreciate over time; hence, benefitting you financially. Delaying property purchase is not advisable as you will end up paying rent that is always increasing and will consequently surpass the price of owning a property.

Be Cautious While Choosing a Home Loan

There is an undeniable sense of security and pride in owning a home. With a lot of easy financing options offered by reliable financial institutions, you can now buy your dream home regardless of your funds. You just need to browse for home loan providers online and apply for the same. Banks like Axis Bank offer home loans starting from Rs. 1,00,000 (in certain loan categories). You can use an online home loan EMI calculator to choose flexible repayment tenures according to your capacity.

Make sure to plan your repayment effectively after analyzing your income and expenses.