Buying vs. Renting: Which is the better option in today’s real estate market?

Your home is a comfort space where you can truly be yourself. It’s so much more than four walls and a roof. To some it’s a safe haven; to others, it’s a means to live their dream, while to others it is a symbol of status. But that’s not the only thing people attribute to buying a house . It’s also about financial security hence, the monetary aspect of it is also largely considered by Indian buyers. Choosing between renting and buying a house is a decision that many people are confused about.   

Here are the top reasons why buying a home is more beneficial than living on rent:   

      1. Create your own home & decor:  

When you rent a house, you are at the mercy of your landlord as to whether you can hang plants in your balcony or even repair a doorknob. Whereas, when you own your home, you are the king and you do not have to ask anyone’s permission to have a makeover.   

      2. Sense of belonging:  

By buying a house, you give your family a place to call home and their very own space. Returning to your own nest at the end of a long day at work, along with a taxing commute and ongoing stress, awakens a sense of security and comfort that is simply priceless. Since “home” is the one place where you can fully feel at ease and just be yourself, it makes sense to invest in your own home. Now a days, there’s been a trend of people investing in houses in a township like SPR City. Home buyers feel amazing as they not only live in their dream homes, but also feel like they are a part of a close-knit community. They feel amazing to belong and happily participate in fun activities to make the community better.    

      3. Peace of mind:   

When you own your own house, there is no need to worry or be afraid that the landlord will prematurely terminate your lease. Also, there is no headache associated with having to continuously renegotiate the terms of the rental agreement each year. You’ll simply have peace of mind when you invest in your home.    

      4. Don’t have to compromise:   

Rent is an expense that you must bear every month. So, you might find yourself compromising on aspects such as location, size, and facilities to lease on an affordable budget. On the other hand, even if you take a loan to acquire a house, you will still end up owing an asset at the end of the loan period, which is bound to appreciate in value. You can open-mindedly explore and choose to invest in the home that you find the best. The concept of gated communities and townships is on the rise. Many real estate developers like SPR India are working on interesting projects. So, it’s very much possible to invest in your dream home at an affordable price.   

      5. Better financial options:  

Having your ideal home is now simpler thanks to the accessibility of simple financing choices. To save money for your ideal home, you don’t have to wait until your 40s and 50s. You can purchase it when you’re in your 20s and have a totally paid off house by the time you’re 50 or even before. Selecting a home loan provider wisely will give you the flexibility to manage your loan repayment by customizing your EMI to match your current and projected income trends.  

      6. Home loan tax benefits:   

The principal and interest repayment on your home loan give you amazing tax breaks. You should also remember; renting is expensive as the cost is higher and you are not earning any interest on the amount you pay to your landlord throughout the lease term.   

      7. You build your own asset:  

By making home loan payments instead of paying rent, which is a pure expense, you can gradually increase the value of your own assets. In actuality, your home’s equity increases with each EMI you pay.  

      8. Home as an investment:  

Buying a home makes sense if you plan to stay in a city for an extended period of time because it will provide you with a sense of permanence and belonging. You become more familiar with the city and its way of life. You believe that your life is now at peace. In addition, property values typically increase with time. By purchasing property, you are also gradually increasing your wealth. Delaying your real estate purchase will require you to make a larger investment (in addition to having paid rent over an extended period of time)  

      9. Symbol of status:  

Owning a home is a symbol of status in society. The home you decide to invest in will define your wealth and status in society. Therefore, investing in a home can greatly raise your social position.   

At the end of the day, there’s nothing like living and raising your family in your own home. So, if you’re looking to invest in your own home visit SPR City. SPR India is currently building its flagship project SPR City- Chennai’s largest integrated township. It’s a beautiful project comprising of various kinds of living spaces – bungalows, apartments, villaments, and duplex homes, with all the amenities that one can think of. To know more about the project, visit https://sprindia.com/