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Why is it better to buy your own house than live on rent?

Posted by Elena Tchoumakova on Mar 23, 2023 in Blog

The rates of homes for sale are increasing, causing many people to wonder if they should buy their own house or continue to live in a rental house. Experts believe that buying your own home is better than living on rent even with the high rates like now. Here is why:

  1. No Landlord Issues

Having a home of your own puts you in charge, and you won't have to rely on a landlord for anything. Renting can be bothersome, as you depend on the landlord for basic necessities like water, electricity, and upkeep, even for small fixes or significant renovations.

  1. You Get Emotional Security

Buying a house gives your family a place they can call their own, a true home. When you come back from a tiring day at work and a long commute, nothing beats the feeling of returning to your own sanctuary, where you feel secure and comfortable. Home is where you can truly be yourself and relax like nowhere else.

  1. No Uncertainty About Your Living Place

Owning your own home eliminates the fear and anxiety that come with the possibility of a landlord terminating your lease agreement prematurely. Additionally, there's no need to go through the hassle of renewing your rental agreement every year or renegotiating rent terms repeatedly.

  1. Easier to Get Financing When You Buy a Home at an Early Age

Acquiring your dream home is now more attainable, thanks to the availability of convenient financing options. You no longer have to wait until your 40s or 50s to save up enough money to buy your dream home; you can purchase it in your 20s and fully pay it off by the time you turn 50 or even earlier.

It's important to carefully select a home loan lender who can offer you flexibility in managing your home loan repayment by customizing your home loan EMI to suit your current and future income patterns.

  1. Enjoy Tax Benefits on Home Mortgage Loans

Paying off your home loan principal and interest can earn you attractive tax benefits. It's worth noting that renting is actually more costly than just the rental payments you make. This is because you don't earn any interest on the substantial deposit you pay to the landlord (which can be quite high in prime locations) during the lease period.

  1. You Get a Valuable Asset and Equity

Rather than making rental payments, which are essentially expenses, you can pay your home loan EMI and gradually build your own asset over time. Every EMI payment you make increases your equity in your home.

  1. Offers a Sense of Belonging and Permanence

If you plan on living in a city for an extended period of time, it's wise to consider purchasing a home. This provides a sense of belonging and permanence, allowing you to identify with the city and its lifestyle. You'll feel more settled in life and have the added benefit of property prices appreciating over the long term. Owning a home is a means of increasing your wealth over time. Delaying your property purchase will only result in having to invest a larger amount (in addition to the rent payments made over a prolonged period).

  1. A Symbol of Achievement

Lastly, purchasing your own home is a sign of achievement and triumph in society. The home you own is a measure of your wealth and status, so buying a house can significantly enhance your social standing.

Are you ready to buy your own home? If yes, check out Palm Coast homes for sale now because Palm Coast is a great place with amazing weather all year round, a beautiful community that brings you closer to nature, lots of outdoor activities, and a low cost of living. In other words, Palm Coast has everything that a potential homebuyer wishes for.