House, food, and clothes are the necessities in life so no matter what part of the world you are living in but these are the required amenities for everyone. House is I need for everyone so some people buy it and some people live in a rented house. Having our own house is a dream for many but unfortunately, not everyone can achieve because for certain reasons. Not since we have got a bunch of options for the investment so some people think that buying a house is not the right decision rather they prefer to invest on some other instrument. They prefer to live in rented accommodation and whatever money they have invested and something that brings them a better amount.
In India house is not considered an investment for a majority of people. It's more of an emotional investment that we do I expect that it will stay with us throughout the generations. Even in my case, I had my own house before my marriage because it was my father's place. After my marriage, my husband did not have a house in the city and he has been saving money to buy one. I was surprised and happy that he has been saving the money to buy the house for a few years. We booked our house in the year 2017 and got possession in the last quarter of the year 2018 and finally shifted in early 2019. It's been more than three years for me to live in my own house Anne I have to say that the experience has been amazing. Maybe it is not good from the investment point of view but the kind of Peace of Mind I get here is more than anything.
Problem With Rental
I have also stayed in a rental house for almost eight years so I know that it is not something that I would prefer to go for. I will prefer to buy the house because of certain reasons and a big no further rental accommodation. These are my reasons and of course, I do understand that every individual has their preference.
- Problem with the rental house is that I never feel at home because after 11 months I will have to go through the contract renewal. So every year I feel like this is not my house and I'm here just for some time. If the owner is not OK then I will have to find another place and trust me that it is not a pleasant experience because I will have to shift which I think is a very painful process.
- There are many things nearby that we feel comfortable with like schools hospitals and many other places that I visit quite often. If I need to shift to another house then I lose that convenience and This is why I just hate shifting houses.
- In a rental house I cannot have the furniture as per my preference and choice because the owner will not allow for any changes in most cases. I also need to carry the furniture which is easy to move because the fact is that I will have to shift someday which can be a year or maybe more than that but it will happen for sure.
- it takes time to finalize a house for rent because we need to plan things for the school office and many other places that are required to visit. So if in case we need to change the house then this change also affects the travel time to these places and there is something I don't like.
Buying A House is better
in my opinion, buying a house is a better option because it gives us Peace of Mind. I know that some people can say that it is an expensive game which is right but there are certain other reasons which also need to be considered.
- As I already mentioned that I got my own house in 2018 and shifted in 2019 so since then it's been more than three years and I'm living a peaceful life. It is peaceful in terms of the shifting because I can do whatever I want in my house in terms of furniture or any civil change that I want.
- I have taken the mod gaze for the home and paid EMI every month. Then it was rental accommodation that time it was monthly rent so I believe it's better to pay EMI than the rental income because rental does not give anything back.
- There is a good amount of tax rebate that can be availed with a home loan and this is another benefit that is helpful if you are a taxpayer.
- I believe that buying a house is more than an investment instead it is something that we do for Peace of Mind. If I have my own house and there is some problem at my workplace or even with the job then also I can manage things because I know that I will not be mentally disturbed. Monthly rental is something that I don't feel comfortable with and this is the reason why I choose to buy a house than stay on rental lifelong.
- Since I stayed almost eight years on the rent and then three years in own house so I have experience of both. I like the experience of owning the house and would never like to go on rent again.
- It's a dream to buy a house and if you're able to then I would suggest you should do this. Peace of mind is the biggest thing in life and you hardly get it in a rental house and this is the reason why I prefer my own house.
Some financial experts say that we should not invest in a house and it's better to stay in rental and use that money to invest. This may be right but I am someone who does not like it. Buying a house like a building is an asset the value of the property also appreciates over time. If I can save my rent and pay slightly more in EMI then also it's a good decision to buy a house. At least this way we get a place which is own and later if required this can also be sold and we can book profit on the investment. Tax rebate on this is also an added benefit for taxpayers.
Thank you so much
Stay Safe