Advantages Of Buying A House

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One of the primary necessities in life is having a roof over your head, in essence, a place you can call home. Renting or buying a property satisfies this essential requirement, but which one is the better financial move? As in most countries, people in India used to view renting a house as a bad investment. This sentiment is chiefly due to the fact that you could pay EMIs (equated monthly installments) instead of paying a monthly rent, which makes renting seem not a very smart option. However, while owning a flat may sound like the better choice, living on rent has its benefits. Buying a house to live in it is not an investment, simply put, it's making a purchase. Supporters of living on rent would argue that pouring your money into a property that doesn't earn you income can only be a financial blunder. Instead, this capital could be invested in stocks, bonds or even high interest savings accounts. On the contrary, home ownership enthusiasts believe that buying a house is the smartest investment as it offers higher security and privacy. So is it better to buy or rent a house in India? There's no definite answer to this question as…show more content…
However, if you weigh all the factors, and conclude that you're able to afford purchasing an apartment, then by all means. One piece of advice though, avoid houses that aren't yet ready for you to live in. You may be tempted by offers on apartments that are still under-construction, but they're a bad deal. Firstly, you'll pay rent as well as EMIs which makes no sense; you're better off investing in a ready to use property. Secondly, completion of those apartments might get delayed for a number of reasons; in turn raising you total cost unnecessarily. Finally, there's no guarantee that the under construction house will ever be finished so it's safer to keep your money instead of venturing into uncertain

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