Why you may be better off Owning a Home rather than renting one in the after math of Covid-19?

Over the past decade there has been major changes in the attitude of our consumers, mostly the younger ones. This generation finds it convenient to rent commodities than to own them. There has been an entirely different approach towards the idea of owning items. From house to furniture everything was rented out by the young crowd. And because of this, they were hugely affected during the pandemic in our country. The concept of renting be it commodities, homes or vehicles, raised a big concern over safety. Many were left with no roof over their head and this was a shocking revelation.  

Learning from our mistakes to make smarter decisions for future is really important. In this changing times we should invest for a safe and secured future.  

Here are four reasons to make you rethink your decision of renting over buying:  

Stability over Uncertainty 

What better time to talk about uncertainty than now? With the pandemic, we saw people become homeless overnight. And no money could get them a shelter. Nothing can substitute the security of owning a home. Rentals are ideal for a temporary set up, but never for permanent life. Owning a home can bring security, safety and stability to you and your family. A permanent home will provide a sense of familiarity in life.  

Long term benefits over Short term benefits 

Buying a house and repaying home loans during the early stage of your career might seem like a burden compared to the cheaper rent amount. When you look at the long run the rent amounts are subjected to change and this means you’ll be paying a much higher amount in another ten years down the line.  

Whereas, if you buy a home availing the home loans you can choose for the fixed interest rate option for a home loan and rule out the possibility of a sudden rise in the amount. As the effect of the pandemic the interest rates of home loans are at an all-time low. And owning your own home can save you from all the complications you’ll have to face during a difficult time like this.  

Investment over Expense 

The only silver lining of the pandemic is the low-interest rates of home loans and now would be the perfect time to invest. While paying off your home loans you are saving money as you are investing it and rent amount is an expense you’ll incur every month.  

The interest rate cuts provide a clear advantage for the first time home buyers and the ones looking to invest. In case of a financial emergency, you can mortgage your home. When you pay off the home loan you’ll be left with your own home at the end of it, but when you are paying the rent amount you’ll be paying off someone else’s home loan.  

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Location: Thiruvananthapuram, Kerala, India

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