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Top 5 Advantages of Buying an Apartment than Renting

Top 5 Advantages of Buying an Apartment than Renting

The COVID pandemic and resultant lockdowns triggered in people the desire to own their residences versus living in rented homes. There are distinct advantages to owing your own apartment rather than renting and given below are the top five advantages of buying an apartment:

Hassle-free living – Owning your own apartment means that one can live freely without being bound by contractual regulations and the landlord’s rules, be it for minor repairs or a complete overhaul of the entire residence.

Security for the family – Owning your own home ensures a stable roof over the entire family’s head, which translates into emotional security and stability. Retreating to your own space at the end of a stressful day brings with it an irreplaceable sense of comfort.

Secure asset – Purchasing a home ensures a secure asset for the family in the form real estate, which will appreciate over time. Paying the EMI towards a home loan goes towards building up an asset, unlike paying rent, which is an expense.

Investment for a lifetime – Buying a home today is an expensive proposition and for most people, availing of a home loan is absolutely necessary. Having said that, purchasing residential real estate is a lifetime investment, providing you and your family with safety and stability. Buying an apartment will definitely reap benefits in the future should you choose to sell.

Ease of customization – Owning your own home provides you with the flexibility to customize and remodel the property according to your changing needs. You are not bound to the landlord’s rules and regulations and are free to let your home reflect your taste.

Tax benefits – There are significant tax advantages can be availed of in India on the principal amount and interest on home loans. With several government initiatives in place, now is the time to avail of a home loan and buy your apartment.

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