When it comes to choosing a place to call home, the age-old debate of owning versus renting is a common one. While both options have their pros and cons, ultimately, homeownership is the best choice for those looking for stability, long-term financial benefits, and the freedom to make their living space their own.
Let us look at these three main advantages in detail-
- Stability & Security – One of the main advantages of homeownership is the stability it provides. When you own a home, you have the security of knowing that you have a place to live, for as long as you wish. A secured roof over your head, a place which you can call your own, this feeling gives immense security and stability to one’s life. This fact has come to the fore especially post the Pandemic when owning a home has assumed prominence amongst all, even Millennials and Gen Z have woken up to this fact. In Contrast to this, Renters on the other hand are at the mercy of their landlords and may face the possibility of being asked to vacate their rental property if the owner decides to sell, rent to someone else, or make significant changes to the property. Especially during the Pandemic when people moved back to their native, even if it was for a short period of time, were left with no place to stay as renting a house became difficult and staying put at a hotel or at a friend’s/relative’s place for a long period of time was not feasible. A house of our own gives a lot of stability and security to our lives.
- Financial stability & Discipline – Another benefit of owning a home is the financial stability it provides. Over time, homeowners can build equity in their property, which can be a significant source of wealth. The EMI that one pays towards the housing loan is not an expense but an investment that builds an asset over a period of time. However, When you rent, the rent paid is definitely an expense which goes towards someone else’s mortgage and adds no value to your financial portfolio. On the other hand when you own a home you are investing in your future, as the value of your property is likely to appreciate over time. If you choose to occupy your house you save on the rent you would be paying to someone else and your EMI is busy building you an asset for lifetime, and in case you choose to rent out your property, the rent earned can be diverted towards your EMI, a win-win situation in both cases. Buying your dream home also brings in financial discipline since you have to allocate a portion of your monthly income for EMI. So, as a preparation to pay the down payment smart individuals start saving their income, monitor their monthly expenses and reduce unnecessary expenditures, this brings in the much needed financial prudence and discipline which is absolutely necessary for a successful and stable life.
- Freedom – Finally, owning a home gives you the freedom to make your living space your own. When you rent, you may be limited in terms of what changes you can make to your home, such as choosing the wall colours, designing your wardrobe or installing new light fixtures. When you own a home, you have the freedom to make the changes you want, giving you the ability to personalize your living space and make it truly your own. Every family member of the house has certain desires from their house, wish to have the home interiors, the wall colour, the fixtures to their taste, and this dream can come true only in their own house and not in a rented property.
In conclusion, while renting may seem like a simpler and more flexible option in the short-term, it is the long-term benefits of homeownership that make it the better choice. With stability, financial security, and the freedom to make your home your own, there are many compelling reasons to buy a home instead of renting. More than anything the feeling of accomplishment that one receives from owning a house is priceless, it is a milestone achievement that gives a sense of fulfillment to one’s life. The idea of owning a home may seem daunting at first, but with the right preparation and a well-thought-out plan, it would turn out to be an enjoyable experience and would earn you an asset for life and a rewarding investment for your future.