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What are the advantages of buying a home as opposed to renting?
Posted By : Prerna Singh 3 years ago Discussions

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Propscience 3 years ago

<p>&quot;The advantages of home ownership are:</p>

<p>A man&rsquo;s home is his castle. It will always be easier to build a home in your own property than in a rented place.<br />
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.<br />
It is an asset that can be leveraged in times of emergency to raise a line of credit.<br />
It is an appreciating asset. Real estate generally appreciates anywhere in the range between 5-10% p.a.<br />
It is the most effective hedge against inflation.<br />
The disadvantages of home ownership are:</p>

<p>It is an illiquid asset and cannot be sold readily and / or in a hurry.<br />
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.<br />
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.<br />
The homeowner will always remain responsible for the maintenance and upkeep of the property.<br />
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.&quot;</p>

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