If you ask the people who live in rented accommodation, buying a home of their own must rank right at the top among their most cherished dreams!
The inflation in property prices over the years has made it quite difficult for an average family man to afford purchasing or building his own home in a developed city. However, the rapidly developing suburbs and the attractive housing options they offer have made owning a house a viable proposition for almost everyone. If you too are a tenant, you should also start thinking about buying your dream home.
Owning a home adds a great deal of value to your life. The feeling of achievement and belonging that it gives is incomparable. Add to it the freedom of living the way you want and making any addition or alteration in the home that you may feel like. And, there would be no landlord who can ask you to vacate the place anytime.
Besides, it certainly cannot be very easy to pay a good portion of your monthly earnings to the landlord. You would undoubtedly be happier paying this rent money (or even a little bigger amount than that) as an installment towards your home loan. Even as you save on the rent, the house mortgage installment can be deducted from your income tax, bringing you additional savings. Thus, instead of filling up others’ pockets with your rent, your monthly payments can contribute towards building a big asset and work as investments for your future financial security.
Another important, though under-appreciated advantage of living in a home that you own is that you become an important part of the local community and develop very intimate relationships with the other residents. You don’t get to form very close bonds when you live as a tenant and are liable to move away from that particular community in some time.
Though, there is quite a strong case in support of buying your own home, you might find distracters who root in the favor of renting. They list the flexibility of living in different places of your choice and freedom from incurring periodic maintenance costs as the main attractions of rented accommodation. However, this a matter of personal opinion and for most of the people, the security and sense of fulfillment afforded by living in your own home are things that easily outweigh the supposed benefits of rental living.
The fact is that the decision of whether you should buy a home or rent it depends upon your particular circumstances and also on the prevailing conditions in your area’s real estate market.