3 Important Reasons to Buy a House Instead of Renting One

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When you move into a new house, you will have to spend a fair amount every month, be it in the form of rent or EMI. If paying this monthly expense is inevitable, you need to decide whether buying a house is a better option or renting one. Financial experts say buying a house and paying its EMIs is better. Here are 3 reasons why:


1.    Security
Houses are rented on a lease of 11 months. The landlord may or may not renew this lease. Let’s say if the landlord does not renew your lease after 2 years, you will have no option but to search for a new home. In another scenario, the landlord may say he has an urgent requirement of the apartment and may ask you to vacate it in the notice period. Either way, there is no security in living. When you buy a house, no will ever ask you to vacate. You live for as long as you want.

2.    Stable payments
The monthly rent of a house is subjected to inflation and will increase accordingly. The EMI will not. For instance, if you buy a ready-to-move-in apartment in Gurgaon, its EMI will be the fixed amount you will pay every month till the loan is repaid. You can choose to pay more to repay it quickly and lower your interest amount, but that is a choice and is not subjected to inflation.

3.    You build an asset
This is the main reason as to why financial experts suggest buying a house as a better option over renting. Suppose you find a good 2-BHK flat for sale in Gurgaon and take a loan for it. Now, when you pay EMIs for this house, your EMIs gradually add up to the price of the property. Once the amount is reached, you no longer have to pay anything as you get the full ownership of the house. When you rent a house, however, the rent does not add up to anything. For as long as you live, you will have to continuously pay the rent that is, as mentioned in the earlier point, is subjected to inflation.

Buying a house has several long-term benefits. However, it brings with it several commitments as well. Do your due diligence before making the final decision.

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