3 Major Reasons You Should Buy a House to Call Your Very Own

1. 3 Major Reasons You Should Buy a House to Call Your Very Own

2. When looking to invest in housing, one is puzzled as to what out of the two options are feasible in the long run. • Is it fine to buy a home or rent and live in one. • Following is a list of advantages and disadvantages while investing in property and renting a property. • Buying a house comes with a sense of stability, pride and appreciation of ownership, umpteen tax benefits. • Real estate is an illiquid asset and is considered inappropriate for full time nomads.

3. Real estate is an illiquid asset and is considered inappropriate for full time nomads. • Buying a house comes with a sense of stability, pride and appreciation of ownership, umpteen tax benefits. • Real estate is an illiquid asset and is considered inappropriate for full time nomads.

4. Renting lets your move out with penalty on every time your lease ends. • But, the downfall to renting an apartment or house is that one needs to look out for housing if in an unfortunate, the landlord decides to sell the property. • One of the most overrated debate in the renting industry is that one considers staying under rent as a waste of money.

5. Although, renting doesn’t help build equity, but one needs to understand buying or renting a property leads to financial investments. • Though the overall cost of property ownership is higher compared to renting an apartment, the monthly payment is considered to be somewhat similar to the monthly rent payment. • Buying a house? Property investment tends to be expensive and one needs to have cash in spare or opt for a secure means such as home loan.

6. Housing Loans and finance institutions tend to lend about 80-90% of the gross property amount. • The remaining 10-20% has to be arranged by the lender. Hence, it is advised to have enough amount handy. • The prerequisite to living in a rented property is that the individual needs to pay a security deposit to the homeowner, monthly rent payments, shifting as well as brokerage charges, if any and the annual increase in the rent.

7. Renting is considered as a hassle due to the frequent change of location. • In an unfortunate event, the homeowner may intend to sell the property hence resulting in immediate evacuation from the rented space. • Home loan interest rates are to be taken into consideration prior to applying for housing loan. • The prerequisite to living in a rented property is that the individual needs to pay a security deposit to the homeowner, monthly rent payments, shifting as well as brokerage charges, if any and the annual increase in the rent.

8. Renting is considered as a hassle due to the frequent change of location. In an unfortunate event, the homeowner may intend to sell the property hence resulting in immediate evacuation from the rented space. • As a salaried professional, an individual tends to receive a house rent allowance benefit when the rent is paid under the Income Tax Act. • However, the individual will be unable to reap the benefits of real estate capital appreciation or own an property as an asset.