Whether you’re an Indian residing in your hometown, an aspiring homeowner looking to move to a luxurious flat in bustling cities, or an NRI looking to buy property in upcoming locations, investing in property is considered the best investment you’re making to secure your future.
More than upgrading your lifestyle, it is considered an economical, practical, as well as an emotional investment as it secures more than one goal. However, with the rising inflation, unstable economy, unemployment post the COVID-19 pandemic, and many other reasons, buying a home can be extremely difficult to execute. In such times, people consider it a better option to rent apartments, condos, or even villas instead of taking on the burden of buying a home.
While both buying vs renting a home has distinct features, you can evaluate them based on the benefits you can enjoy with the separate investments.
Let’s discuss the benefits of buying vs renting a home in detail.
Benefits of owning a home vs renting
Buying a home:-
1. No hassles of paying rent or dealing with landlords
One of the first and primary benefits of owning a home vs renting, is that you don’t have to deal with the monthly hassle of paying rent to your landlord. Keeping these monthly payments aside, you don’t even have to deal with the number of restrictions, rules & regulations to be followed in a rented flat, as its your rule in your home!
2. No uncertainty regarding your housing situation
Renters have to keep their agreements and lease in check to ensure that their housing or living situation is secure. Buying a home once and for all secures your living arrangement and security while keeping you, your family, and fellow loved ones in mind!
3. Appreciates as a valuable asset
This one-time investment of buying a home has multifaceted benefits in your life. Once you own a property or buy a home, it is considered a highly valuable asset that only gains a higher value in the future. Whether you want to secure this property for your retirement years, or simply re-sell it for a bigger gain, you are guaranteed a juicy payoff on a house owned by you.
Renting a home:-
1. Flexible arrangement
The best part of renting a home vs buying a property is that you have the option to change your mind! By renting a flat, condo, or even a villa, you are only bound to the unit for a limited time as per your lease and can choose to move to a better house, city, or even country once that lease expires! Whether you have a change of heart or want to chase new dreams, you won’t be bound to a property in one location when renting a home!
2. No worries about fixes and repairs
Whether you’re facing plumbing issues, wiring problems, or even chipping wall paint in your home, you as a tenant don’t have to worry! When you rent a home, it is the homeowner or landlord’s responsibility to tend to their problems and resolve them at the soonest. This evades you from shedding some extra bucks from your pocket, which you would be bound to do if you were the homeowner!
3. Property Tax-Free
Property tax, depending on the state’s tax policy, is a huge expense incurred by a homeowner at the time of purchase of a property. By renting a home, you avoid having to pay this obscene amount of money and end up saving a lot more!
In conclusion, the buying vs renting a home debate has equally strong points but they entirely depend on your priorities, needs, and preferences. However, it is always a huge benefit to own property as it is a major asset that contributes to securing your life. If you’re looking to buy a property or house in South India’s rapidly progressing metropolitan cities, Chennai, Bangalore and Coimbatore. Casagrand has the most affordable property options, including residential 1, 2 BHK apartments in Chennai for you! Whether you want a 1, 2, 3, bhk or larger apartment in the key localities of Chennai. Check out the various real estate property options including flats in Bangalore, flats in Coimbatore, find the best-budgeted deals exclusively at Casagrand!
