A house is an extremely crucial segment in every individual life. In a few countries, people tend to purchase the house than renting to which has optimistic situations and reasons. These are discussed below with definite illustrations below.
Firstly, people think having an own house is like an investment, as due to inflation and purchasing power of parity the cost of house have brighter chances to growth of the price in future. For instance, my father bought a house in our native city in the year 2016 for 10 lakhs and sold it in 2024 for 2 crores where he received a profit 18 times to the initial price.
Secondly, the cost of monthly rent and the cost of EMI (evaluated monthly installment) are nowadays equally same. Considering, tier 1 city Hyderabad where the cost of 2-bedroom flat costs around 60 lakhs and the cost of monthly rent is 22,000 rupees. Instead of paying rent if a person buys a house, they can pay the EMI which is 20,000 per month on average on the loan and they can own the house.
Lastly, the facilities and restrictions that are in a rented house are terrible. The interior, the furniture, the power backup requirements, gas for cooking are not modernized in the rented house as the owners don’t much care about the tenants at the top notch. Whereas, if we have our own house the modifications and the needs which are mandatory for us can be fixed as per our comfort.
To summarize, owning a house will allow everyone to have great facilities as per their personal needs and a good investment to create better revenue in the future.