What makes buying a house better than renting

Photos: Pixabay/Pexels.com Photos: Pixabay/Pexels.com Aug 01, 2023 Rajeev Kumar

While renting offers flexibility, there are several compelling reasons why purchasing a home is a better long-term financial decision. Let’s look at 10 such reasons

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Owning a home provides an opportunity for long-term investment and asset appreciation.

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Renters often face escalating rental prices, subject to market fluctuations. On the other hand, homeowners enjoy stable housing costs.

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Owning a home provides a sense of security and stability that renting cannot offer.

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You won’t have to deal with a landlord after owning a home. This means freedom from all worries, including being asked to evacuate the house.

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You get tax benefits when you take a home loan to purchase a house.

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Homeownership opens up the possibility of earning rental income.

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Unlike rented properties, homeowners have the freedom to customise and renovate their homes as per their taste and needs.

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Buying a house early in life contributes to long-term retirement planning.

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Homeownership provides security and a valuable asset that can be passed down to future generations.

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Owning a home is more than just a financial investment; it has emotional and psychological benefits.

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