Reasons To Buy Instead Of Rent a Home

If you've been indecisive about buying a home and have so far preferred to rent instead, this is a good time to finally make your move. Home ownership is one of life's greatest joys, but that is not the only reason why you should finally take the plunge, says Arvind Jain, Managing Director of Pride Group.

Advantages Of Home Ownership

• Bargains

It is a buyer's market now. There have never been more developers in the fray, and there is a huge number of projects out there to choose from. This means that you can get a real bargain today - and that too with top developers who are known for excellent locations, construction and project amenities. Even with a less-than-spectacular budget, you can now own a great home in a great neighbourhood. Banks are also falling over each other to sanction home loans. In other words, your application will get successfully processed faster than ever before.

• Investment Value

When you pay rent on a home, the money is basically gone forever. You get no returns and no security - all that your money has paid for is accommodation. The landlord gets richer, but you have not reaped any investment benefits. It is true that buying a home involves a large initial financial outlay. However, unlike with paying rent, these expenses are recovered over time, because you are building equity in your own home. Residential property in major Indian cities appreciates very well indeed. Remember, home ownership is not only about occupancy but also about long-term investment. Also, you save tax on your home loan.

• A Sense Of Community And Belonging

People who rent homes in a major city never really build firm relationships with their neighbours. When you own a home, your children make long-lasting friendships, and the adults in your family become part of a long-term support system. Research has proved that people who have healthy relationships tend to be happier and have less stress in their lives.

• The Security Of Ownership

Obviously, home ownership means that the home is yours - not somebody else's. There are various advantages built into this, because you have the right to do what you want with your home. In other words, you can renovate, refurbish, paint and decorate it as much as you please (within the bounds of the housing society byelaws, of course). In short, you can make your own residential property into a real home. Also, you have the financial assurance of a rock-solid asset to fall back on.