Top 5 Reasons Why Buying A Home Is A Smarter Choice Than RentingOctober 17, 2018
Owning a home is associated with a sense of security and achievement for most home buyers. It is also considered a long cherished dream of any individual. However, many doubt whether it is better to stay on rent rather than buying a home as it is one of the biggest financial decisions.
Below listed are the top 5 reasons why buying a home is a far better choice than living on rent
1. Safe investment
Apart from offering a permanent residence, buying a home is also one of the safest long-term investment options as it ensures return without any risks attached. Owning a house also means the creation of personal wealth which is expected to increase with the price appreciation in the future.
2. Affordable home loans
Home loans are the most preferred option for financing a home purchase and hence banks and financial institutions ensure that they are affordable for a home buyer. With low-interest rates, the introduction of the Pradhan Mantri Awas Yojana and the 8% GST rates for an affordable house has made home loans a lucrative option.
3. Rent replaced with EMIs
The rent one had to pay becomes the EMIs when buying a house. And rents are a form of expense which does not ensure any returns or come back once the rental period expires. Also, these tend to increase over time with increasing expenditure further.
4. Freedom from deposit
A security deposit has to be made when renting a house and this is usually returned after deductions towards repairs or maintenance when the tenant vacates. Mostly, this amount is equivalent to the amount of monthly rent multiplied by 12 months which is a huge amount which does not earn interest.
To have a home of one’s home ensures security and freedom. Unlike a rented house where the tenant cannot make modifications without the permission of the landlord, a home buyer is free to do his will at his own home.
Ladder Kerala, one of the most sought-after names for luxury flats and apartments in Calicut, offers premium addresses in the heart of the city in their flagship project Ladder Mankav Greens. Featuring world-class amenities and global designs, the project accommodates urban living at its best.