The dilemma between renting a home or going all in and buying one continues to plague many people. However despite the rising real estate prices in Bangalore, there are many advantages to buying a home instead of renting it.
Remember when you had to think twice before even placing a nail in the wall to hang a painting? Well, with your own home, you don’t have to worry anymore. Whatever customisation you are keen on making, you can. When you own the place, you can redo the bedrooms any way you want and you can paint the walls in colours that suit you best. There are no limits to the way you can design your home as there is nobody else to answer but you.
Less expense on furniture
When you rent and move from place to place every year, you may often have to replace the furniture to suit the interiors and size of the home. If you are not careful, you may spend a lot unnecessarily on furniture. With a single purchased home, you only have to choose your furniture once and renovate it once every few years, instantly boosting your savings.
Efficient use of energy
Owing to the limited number of ways in which you can turn your rented home into something of your choice, they may not always be energy efficient. When you purchase a home, you can make it as green as you want and fulfil your role in preserving the environment. Apart from choosing builders with a green inclination, you can invest in solar panels, well insulted windows, eco-friendly paints and other products that do less harm and more good.
With the potential costs of renovation, decoration, loan payment and other miscellaneous expenses, having enough savings in your bank is a prerequisite. Purchasing a home makes you better at saving your salary and prevent wasting it on unnecessary things. Keeping in mind the wealth growth you will experience in the next decade, it is well worth it to protect your funds from squandering it. For the perfect home, you can be the perfect financier!
Building a second income
Once you have finalised the purchase of your new home, you can start thinking of additional income sources. Whether you rent out a small space or find other ways to supplement your income, a new home has a lot of potential to be monetised. In fact, you can even setup a small home based business or start a garden in your backyard for a lucrative opportunity.
No landlords – ever!
If you have ever rented a home, you are well aware of the bane of dealing with the landlord for every little situation. Whether you are facing a plumbing issue or having trouble with the electrical lining, a landlord can take ages to act on it and get you the right professional. With your own home, you never have to deal with a landlord ever again! In fact, you never have to risk getting evicted should your landlord decide to sell the home or rent it to someone else. Your home is yours alone and you can always rely on having a place to come home to every day.