If you’re someone who lives in Mumbai in a rental flat, you may have gone over the pros and cons of buying a house over renting one over and over again. This even more so if you have your family along with you. The uncertainties you face while living in a rental flat is definitely not worth the amount you pay every month to your landlord along with the huge sum of deposit that is already with him or her. Here’s why we advocate buying a home rather than renting it:
No hassles with your landlord: A home of your own means having control. With a landlord in the picture, you have to live on his or her terms. Investing in buying your own home rather than going through all the hassles you are bound to go through with your landlord is the perfect solution for you if you like your space.
No fear of sudden termination: With rental homes, there is always a sense of insecurity about when a termination can take place. With your own home, you needn’t worry about agreement renewals and negotiations with the landlord every year.
Tax benefit on your home loan: One of the greatest benefits of purchasing a home is the tax benefits you can enjoy under Section 80C. Another reason why renting can be a huge loss to you is because the deposit you pay to your landlord earns no interest. However, when you purchase a house you get access to your home that is yours for life.
Home as an investment: When thinking of days after retirement, one often tries to set as many things in order right from the start to be able to live a life of comfort when your body no longer has the strength to hold you up. Investing in a home at an early age rather than renting one as you grow older is sure to be a great benefit to you in your golden years.
Considering all of the benefits of buying a home instead of renting one, chasing your dream of investing in a new construction in Vile Parle East is surely not a bad idea!