4 reasons why you should be the owner and not the tenant

Every Indian has a dream of owning their own house, a place that they can call their own. A place they want to say they bought with their hard-earned money, which is customised to fit their liking. A dream home can never be rented! While being a homeowner comes with responsibility, it also comes with many perks. Here are 4 reasons why it is better to buy a home than to rent one:

1. More freedom when it’s your own house
When you have a house of your own, you have more freedom to do as you please with the house. You can get the walls repainted, install the bookshelf you’ve always wanted and redesign your home. In a rented house you have no liberty to make any changes as you are living on somebody else’s property. You would have to ask permission and the answer would likely be no. Buying your own home would give you more control over any redecorating and remodelling that you wish to do. Moreover, you can make changes with less interference when it’s your own home.

2. Better money management due to forced savings
Most homebuyers make a purchase with the help of a loan. Knowing that they have a commitment to pay off the loan, they will budget for the expense accordingly. It takes a great deal of discipline to properly budget to reach your goals faster. Like home-buyers, anyone who has had to save up for a large purchase is in a much better financial shape as they exhibit better money habits. Renters tend not to save money and will end up spending on rent monthly or yearly until they decide to buy a home. Homeowners are much more financially responsible due to their efforts towards saving for the down payment on their home.

3. Sense of stability
Having your own home will give you a sense of stability since your home is yours till you decide to sell it. Renters don’t have the same kind of stability. Their owners can ask them to leave the property even without a solid reason, and the renters would have to look for a new home again. Buying your own home means you will always have a home to stay in, providing a stable environment for you and for family. Moreover, even if you choose to move away from your home, you can always give it out on rent to make a stable income. Either way, you won’t be at a loss.

4. Being on the right side of capital appreciation
While paying a large sum upfront does not sound too appealing, buying your own mom is more economical in the long run. As real estate market rates go up, so will the value of your home. As a tenant, a surge in the real estate market would mean a higher expense for you. Regardless of rising real estate rates, the average rental appreciation is 5% – the buyer will be paying more each year for rent. As a homeowner, your net worth will keep increasing. Even for a buyer who has to pay off his home loans, his home will appreciate in value while the money he owes does not. Ultimately, you cannot recover the rent you have paid, but you can always sell your home and get a higher return.

When you think long term, buying a home will always be better than renting one. Think of the fond memories you will make in your home, a place that you can always come back to. A rented home, on the other hand, has no guarantee of being around for a long time.
Ultimately, it all comes down to making the right home investment offering the best of features. At Vajram, we are constantly innovating in order to keep up with the changing trends. Design, customer loyalty and on-time delivery are only the beginning of our drive to be the best. Our designs will continue to keep up with industry standards and we will continue to find new ways to improve our services. To visit our properties, please visit: https://www.vajramgroup.com/