Why Buying a Home is a Smarter Choice than Renting

In India, the desire to own a home holds significant social value, surpassing mere economic considerations. While many individuals may initially opt for renting due to financial constraints, the escalating real estate prices in major cities have sparked a new perspective. Pune has experienced remarkable growth in the past decade, witnessing substantial price escalations and attracting a new generation of corporate professionals. With higher salaries, unique residential projects, and improved access to capital, people are increasingly inclined towards homeownership rather than renting. In this blog, we will explore five compelling reasons why buying a home is a better choice, particularly in rapidly growing cities like Pune.

Mindset Shift

Millennials have come to realize that the money spent on rent offers no tangible return. It is a service payment that does not contribute to building personal wealth. On the other hand, purchasing a home allows individuals to leverage many different payment plans, making it easier to manage monthly instalments (EMIs) flexibly while simultaneously building wealth through property ownership.

Freedom to Customize

The new generation cherishes the freedom to express their ideas and personality. Their homes serve as a canvas for self-expression, and owning a home provides the ultimate freedom to design and customize the living space according to their preferences. This sense of ownership enhances personal satisfaction and allows homeowners to create a living environment that truly reflects their individuality.

A Sense of Belonging

Homeownership offers a sense of security and belonging. When you own your home, you eliminate concerns about sudden evictions or termination of rental agreements. You are free from the stress of adhering to landlord-imposed rules and regulations, allowing you to create a meaningful and personalized space that truly feels like home for you and your loved ones.

Discipline over Money

Purchasing a home requires a certain amount of financial discipline, including a down payment and regular monthly EMIs. This financial commitment instils a deeper understanding of the value of money. By having clarity over your home buying expenses, you develop a better grasp of financial management, and the benefits extend to other areas of your life. The new generation recognizes that owning real estate is an avenue for achieving long-term financial freedom, as property values appreciate over time, building wealth even while you sleep.

Tax Benefits

Owning a home also brings several tax benefits. You can avail deductions under Section 80C of the Income Tax Act (ITA) for the principal amount paid, as well as claim deductions on the interest amount of your loan under Section 24 of the ITA. In some cases, these tax benefits make buying a home more cost-effective than renting.

Ultimately, owning a home is a smart way to build wealth. When you carefully consider the overall costs of renting versus buying and factor in the long-term advantages, homeownership emerges as the wiser choice.

Pune now has a flourishing job market, particularly in sectors such as information technology, manufacturing, automotive, and education. The city is home to numerous multinational companies, reputed educational institutions, and research centers, attracting professionals from across the country. With a robust job market and a steady influx of opportunities, buying a home in Pune provides a stable foundation for long-term career prospects. Instead of constantly dealing with the uncertainty of changing rental accommodations, owning a home allows individuals to establish roots and enjoy the convenience of proximity to their workplaces. With exceptional projects like The Ark Voyage to the Stars and Yoo One by Tribeca, there are many residences that offer tremendous value to potential home buyers. The tranquil natural surroundings of NIBM Road combined with the unique offerings of these projects provide an unparalleled opportunity to fulfil your dream of owning a home in Pune.