A home is not just a simple building with a roof and walls. It can make people feel different things like being safe, cozy, and proud of their achievements. However, owning or renting a home also involves thinking about money since it is often the largest expense that an average person faces in their lifetime. Deciding between renting or buying a home can be a tough decision for many people.

1. NO LANDLORD HASSLES

Hey there! Have you ever felt like you're not in control of your living situation because you're renting? It can be tough to deal with a landlord for even the smallest repairs or renovations, right? But imagine having your own home! You're the boss of your own space, from minor repairs to major makeovers. You won't have to depend on anyone else for things like water, electricity, or maintenance. It's all up to you!

2. EMOTIONAL SECURITY

Buying a house means giving your family a place that they can call their own - a home. When you've had a long and tiring day at work, along with a stressful commute, the feeling of security and comfort that you experience on coming back to your own space is beyond compare. There's really no place like "home" where you can relax and be yourself without any worries.

3. NO UNCERTAINTY

When you own your own home, you don't have to worry about your landlord suddenly deciding to end your lease and having to find a new place to live. Plus, you don't have to deal with the stress of renewing your lease every year or trying to negotiate rent with your landlord.

4. NO COMPROMISE

It's common for people to aim to cut down their expenses, and since rent is a cost, it often falls under this category. In doing so, compromises might be made when it comes to factors such as location, size, and amenities. However, choosing to purchase a home allows for more control in making sure that the property satisfies your needs and standards.

5. EASY FINANCING OPTIONS

Nowadays, it's easier to buy your dream home because there are ways to get money easily. You don't have to wait until you're in your 40s and 50s to save up enough money to buy your home. You can purchase it in your 20s and own it fully without any debt by the time you turn 50 or even earlier. You just have to be careful in choosing the lender to provide your home loan. They can offer you different repayment options that fit your current and future income situation.

6. TAX BENEFITS ON HOME LOAN

When you pay back the amount you borrowed for your home and the interest that comes with it, you can get good tax benefits. Plus, keep in mind that renting a home can actually cost you more money than just the rent you pay upfront. This is because you don't earn any interest on the security deposit you give your landlord, especially if you're renting a place in a high-end location, and this can add up in the long run.

7. BUILDING YOUR OWN ASSET

Instead of just giving away your money every month for rent, you can pay for your own house through a home loan. This way, you're not only paying for a place to stay but also investing in your own property. With each payment you make, you're actually increasing your ownership in the home.

8. HOME AS AN INVESTMENT

When you plan to live in a city for a long time, it's a good idea to buy a house. Having your own home will make you feel like you belong there and give you a sense of stability. You can become a part of the city's culture and way of life. Buying a house can also be a good investment as property prices tend to go up over time. If you wait too long to buy a house, you may end up spending more money in the long run, since you'll have to pay rent for a longer period of time before you can buy a home.

9. CONFORMING TO SOCIAL NORMS

In simpler terms, owning your own home is seen as a sign that you have achieved something and are successful in society. People often judge how well-off you are based on the home you own, so buying a house can boost your image in the eyes of others.

The chart shows a cost comparison for a renter and a homeowner over a 7-year period. The renter starts out paying $800 per month with annual increases of 5% The homeowner purchases a home for $110,000 and pays a monthly mortgage of $1,000. After 6 years, the homeowner's payment is lower than the renter's monthly payment. With the tax savings of homeownership, the homeowner's payment is less than the rental payment after 3 years.

 ☑️ CONCLUSION

Simply put, it makes more sense to buy a home than to rent one. This is because people are making more money, have more money left over after paying bills, and there are now more ways to get loans to buy a home. Additionally, buying a home comes with tax benefits and overall seems like a good investment.