Buying vs Renting: Benefits of Buying Own Home Over Renting

Buying vs renting: The definition of a home is not just limited to 4 walls or a basic necessity anymore. It has been an emotion to most of us. It defines who we are & how we prefer to live. Needless to say, when it comes to upgrading to a new home, the most important question that comes to our mind is whether to buy a new home or move into a rented apartment. Both the options have their pros & cons.

Let us focus on some benefits of buying your own home over renting:

1. Ownership

When you buy a home for yourself you are in full control. You get a sense of ownership. You do not have to deal with the landlord; be it a small repair or complete renovation of the house, you can decide on your own.

2. Emotional Security

When you purchase a home you provide your family with their own private space. As they say, there isn’t anything that can replace the feeling of coming to your own home at the end of a busy day. The feeling of security & comfort you get is simply unmatched. Also, with your own home, there is no fear & anxiety caused by the possibility of untimely termination of the lease agreement by the landlord. The need for contract renewal or looking out for new places to live if the landlord refuses to renew the contract can be avoided when you have your own home.

3. Tax benefit on home loans

You can enjoy some tax advantages as a homeowner. For instance, homeowners are allowed to deduct their mortgage interest and real estate taxes yearly. This can start to add up and contribute to substantial tax savings.

4. High appreciation value

When you buy a house, it is like an asset that is likely to increase its value over time. This not only provides you solid financial base in the future but also optimizes cash that you have saved. However, the value of your home will depend upon many factors like market condition, overall locality & features present in your home. If you are looking for flats for sale in North Bangalore, then you should not be worried about its appreciation as you would surely get good returns.

Buying a home is after all a symbol of accomplishment & success in society. Your status is defined by the kind of home you own. The demand for luxury apartments in North Bangalore is increasing day by day. The locality is considered as one of the hotspots for residential properties. You will get good options for 2 BHK luxury flats in Bangalore in this locality which will speak volumes about your status in society at an affordable price.

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