Housing stays to be a sensitive topic in India, accurately on the grounds that numerous individuals don`t have it. Would it be advisable for me to purchase or would it be advisable for me to rent an apartment? It stays to be the most posed question by all and stands to be one of the generally discussed topics which further includes investigation of pros and cons to each. For the most part, individuals consider home purchasing as an emotional decision which is joined by the customary way of guaranteeing that purchasing is in every case superior to leasing. Homeownership has verifiably been a significant wellspring of household wealth creation wherein purchasing a land resembles tossing a grapple in a specific spot. It guarantees more noteworthy solidness in lives and shields against expansion. There is a conviction that all is good and pride in home proprietorship. Homebuyers can benefit from the value that has amassed throughout the years wherein if the home estimation rises you will, in general, get money in higher worth when to plan to sell the house. A fixed-rate home loan will guarantee you don`t stress over the shooting rent costs.
Purchasing a flat in Thane for the first time is like taking a big step where you have to invest your hard-earned money. It may seem like a complex process especially for first-timers when it comes to buying vs renting a house as both have valid points there it can be a bit confusing as to which one you should opt for. When you plan to invest in real estate make sure your social, professional and financial lives are in order, otherwise this decision might probably not favor you. Here are a few reasons to prove that owning a house in Thane is better than renting a house.
Cheaper than renting
Buying a house can prove costly at the initial stage however it is actually cheaper than renting a house in the long term if you carry out proper research. According to a recent survey conducted by real estate experts, homeownership is cheaper on average than renting. Their calculations are based on a traditional fixed-rate mortgage. If you compare the total cost of homeownership which includes maintenance costs, taxes and insurance rates to the total cost of renting for the same period of time. No doubt buying a home is expensive as you have to come up with a down payment and also pay mortgage insurance that would eat your overall savings. But the fact remains that paying on your own home can actually help you save money in the long run in comparison to renting a house.
Liberty to do Anything with Your Property
Owning your home means you can paint your child`s room with any shade you need, you can change your floors from rug to wood, and you can place another ceiling fixture in the lounge area without approaching a landowner for authorization. What`s more, here and there, making these home upgrades will expand the estimation of your property as well. You can bring in the type of furniture you want and will always have the liberty to decorate your own house the way you want. This advantage you will not be able to get when you rent a house. As a renter, you basically live in somebody else`s home. You need to take permission for the changes you require to do at their place. The perks of owning a home are able to redecorate and remodel your own home the way you have always dreamt of doing it.
Option for Passive Income
Homeownership is considered to be a long-term commitment, many homeowners have an option to rent their first home when they plan to invest in another real estate investment. Homeowners have an additional advantage to make a profit by renting out their additional space can open an option for passive income for themselves. By doing so, tenants can completely help you out in covering your mortgage rate.
More Security and Comfort
When you rent a house, the landlord can evict if the landlord`s family plans to move into their own property or if the landlord plans to sell his house. The homeowner will not have to worry about this thing as no one can force you to move out of the property, your home is only yours until you yourself decide to sell it. Being a homeowner means that you will never have to move out because of different factors that are completely out of your control going around in the real estate market. Also, many researchers have proved a positive correlation between homeownership and the family`s comfort level. Because homeowners don`t have to change their place very frequently and can stay at their home for a longer period of time, providing a more stable and comfortable life for children and other family members. The stability of family member`s emotional state is affected when you rent a house as the change in environment and separation from their friends can come as a consequence of changing houses and schools which eventually leads to behavioral problems. In owning your own home you have an advantage where you have the control of when you should move and under what circumstances.
Owning a house in Thane is a wise decision to take in your life, imagine one day your house will be paid off completely and you can enjoy life without a bond or paying any rent.