Owning a house in the Indian culture is predominantly associated as a status symbol and achievement of a said milestone that for generations to follow assumes the role of a legacy or heritage value within a family.
Hence the decision of owning or renting a house becomes imperative for a typical Indian customer evaluating the cost benefit analysis of the two options available to him. With the disposable income on the rise, majority of the developments in the market today offer luxurious flats that cater to the upper class segment of the society. Similarly for the other segment there is yet a constant supply of compact houses that match the higher configuration apartments with respect to luxury and lifestyle living.
Even though renting an apartment may seem a cost effective option however with fluctuations in the market rates, one does not realize that overall impact of the rental outflow that dampens his portfolio. At the end of a rental tenure there still does not exist an asset formulation as the individual has no legal right over the apartment with these same belonging to the actual owner.
Keeping these perspectives in mind, below are certain benefits that culminate out of owning a house in comparison to the renting the same.
1. Equity: The buyer has control of the property and realizes that the acquisition of the home is a capital gain. A home can subsequently increase in value and that means gain in terms of net worth. Buying a house is a forced saving resulting in an asset that given any scenario is sure to appreciate.
2. Remodeling to your dream home: With the freedom to design your house as per your needs and requirements is a benefit that largely accrues from owning a house.
3. Pride of ownership: Owning a house is more often than not associated with an individual’s achievements in life. Hence, there is always a certain sense of pride and satisfaction that result from having a home to call your own.
A place to be called ‘home’ takes effort to be built economically as well as emotionally. In the end what matters the most is a place where you want to come back to and call it your own.