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What are the advantages of buying a home as opposed to renting?
Posted By : Prerna Singh 1 year ago Discussions

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Propscience 1 year ago

"The advantages of home ownership are:

A man’s home is his castle. It will always be easier to build a home in your own property than in a rented place.
You need not worry about rent scalations every year, nor do you have to chase a landlord to maintain the property as per your preference.
It is an asset that can be leveraged in times of emergency to raise a line of credit.
It is an appreciating asset. Real estate generally appreciates anywhere in the range between 5-10% p.a.
It is the most effective hedge against inflation.
The disadvantages of home ownership are:

It is an illiquid asset and cannot be sold readily and / or in a hurry.
Individuals may hesitate to take up jobs or business opportunities that may require them to move away from their home, i.e., you will have a bias to only find work or business within proximity to your house.
There might be long periods of time when price of your property may remain stagnant before spiking suddenly. This can cause frustration and a sense of uncertainty.
The homeowner will always remain responsible for the maintenance and upkeep of the property.
Purchasing a home necessitates a lot of due diligence to ensure the legality and authenticity of the transaction including checking title reports, approvals, liens, litigations, etc."

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