There are numerous residential development projects that are currently underway, giving the home investor a wide array of choices. There are still some individuals who feel renting an apartment is a wise decision. However, a vast majority are now leaning towards owning an apartment over renting. Given below are the top five advantages of buying your own apartment:
Zero uncertainty and compromise – Owning your apartment means there is no uncertainty and fear of untimely termination of the rental agreement. You also do not have to compromise on the dimensions and layout of the unit or the amenities available. Owning an apartment also provides greater emotional security for you and your family.
Free of hassles – Buying an apartment means being free of the hassle of renewing your rental agreement every year. This also means being in complete control of your own home and not dependent on the landlord’s whims and fancies. You can easily carry out minor repairs and renovations without being dependent on the landlord.
Tax benefits – There are several tax benefits that can be availed from the home loan principal amount and interest repayment. This can result in a substantial amount of financial savings. Buying an apartment in the current scenario is, therefore, a wise financial decision.
Asset building and investment – Purchasing an apartment of your own is building up a fixed financial asset for you and your family. If you choose the location and builder carefully, this is a significant asset that is guaranteed to appreciate over time. This lifetime investment will provide you with immeasurable safety and stability.
Customization – When you own your apartment, you have the freedom to customize the unit as you please to reflect your tastes. The unit can be personalized and designed to suit your needs as opposed to a layout dictated by the landlord.
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