If you've at any point thought about whether it is smarter to rent or purchase a house, you're not alone.
Buying a house in Colombo versus renting one is a highly debated topic among the community. Purchasing a house that you can call your own is an outstanding feat by itself and considered one of the safest and smartest investments you can make.
Here are four benefits of buying a home vs. renting one.
The Value Of Your Own Home Appreciates Over Time
The value of the property that you invest in only grows with time! Choosing to purchase in an up and coming location like Kahathuduwa, Piliyandala, Athurugiriya or Malabe for instance will allow you to invest in an apartment at an unbeatable price and reap the benefits of the return on your investment (ROI) much sooner than you would imagine. Furthermore, the upgrades you make to your home can assist with enhancing the property value a great deal more.
Your Home’s Mortgage Won’t Fluctuate
When concluding whether to lease or purchase, here's something else to remember. When compared to the regular fluctuation of the rent which your proprietor can increase or change at any point in time, your home loan instalment is an anticipated and stable expense that you can prepare for. Instead of worrying about the rise and fall of rent instalments, or whether you'll need to move out since you are unable to afford the location, you can make solid budgets knowing precisely how much cash you'll require for your home instalment every month.
Your Home Can Offer Privacy
Shockingly, most rental properties have massive restrictions on sound and a number of other things. Purchasing your own home allows you a more stable feeling of privacy and comfort and you would also be able to make decisions in regards to your future without much hassle, like making sure that it is in close proximity to schools or universities in Malabe or Colombo for instance.
If you are at a point in your life where you are looking to make decisions that will positively affect your future, making a secure purchase like that of a house is the first thing on your mind. You will not only be able to have a place to call your own but you will also be able to earn while you use it and that itself is an investment in disguise.