With rising housing values, changing mortgage rates, and financial uncertainty, deciding whether to buy a home or not is a concern for many, more than ever before. Amid these rapid transformation, it becomes very crucial for a common individual to know which factors can help him choose between these two options of accomodation. Let’s examine the most important advantages in this short article.
Advantages of Buying a Home
Building equity
One of the biggest advantages of homeownership is equity—each mortgage payment contributes to owning an asset that can appreciate over time. Instead of paying rent to a landlord, you are investing in your future and contributing towards building an asset.
Long-term financial returns
Historically, real property values appreciate over a span of years. Home values appreciate over a long period, with fluctuations in the marketplace, but homeownership can become a wealth creation opportunity.
Stability and personalisation
Owning a property comes with a feeling of security—no price spikes, no arbitrary eviction orders, and full freedom to make any modifications one wishes.
Potential tax conveniences
Homeowners may have access to savings in taxes through property and mortgage taxes, reducing overall homeowners’ expenses.
Advantages of Renting a Home
Lowered initial costs
Buying a property entails a high initial payment, including a down payment, closing costs, and maintenance payments. Rental, on the other hand, entails a security payment and first-month payment in most scenarios.
Flexibility
Renting offers a single freedom: freedom to shift accomodation anytime you want. With no property to sell, one can move with ease when job opportunity, financial necessity, or individual preference require a move.
Avoiding market perils
Home values will fluctuate with changing economies. Home owners have no direct contact with a dip in property values or maintenance costs.
No maintenance headaches
As a renter, big-ticket maintenance and repairs are in the owner’s hands in most of the cases. Home owners, meanwhile, pay for maintenance, insurance, and property taxes out of pocket.
Renting or Buying: The Smarter Choice?
The right choice in between two options depends from person to person. Individual financial health, long-term goals, job stability and immediate market are the factors affecting the decision. However, if you prioritise lower initial costs, flexibility of location and freedom from maintenance, then renting is the better option. On the other hand, if you are looking for long term stabilisation, and want to customise your home, buying is the better option. Let’s understand this topic by comparing it with our spiritual journey as these are very much correlated.
While making a choice between renting or buying a home, we can also draw comparison to a different yet vital aspect of life which is often overlooked by most people. Like renting a house is temporary, in the same way, engaging yourself in worldly pleasures, material success and irrelevant religious practices without the true devotion to Supreme God Kabir is like living a rented life. However, it may appear to be fulfilling but it cannot guarantee us permanent peace and salvation.
People hesitate to buy homes because of the fluctuating market and increasingly high costs. Similarly, people hesitate to follow the real purpose of human life, salvation, majorly due to societal influence. Like renting seems to be easier but cannot offer you long term benefits, similarly false religious practices can never lead to salvation. Like buying a home requires proper financial planning, similarly salvation demands faith, devotion and adherence to the rules of true devotion.
The Big Question: Where do you want to settle?
People calculate a lot and observe various insights while planning to buy or rent a house. In the similar manner, they should also decide whether to continue in this temporary place equipped with worldly pleasures and hardships or secure a home at our eternal abode Satlok by following the true path of worship.
Jagatguru Tatvdarshi Sant Rampal Ji Maharaj, the sole authority of Supreme God Kabir, educates us about the prime goal of our human life, which is not just to accumulate material wealth rather it is given us to attain salvation by worshipping Supreme God Kabir. It doesn’t matter how expensive a house we own on Earth, it is temporary. The permanent peace and our real home is at Satlok featuring happiness and immortality.
Therefore, the smarter choice is to start walking on the path leading to our permanent place at Satlok by following the guidance given by Sant Rampal Ji Maharaj. For exploring His profound true spiritual knowledge you can order a free copy of His written book ‘Gyan Ganga’ from His website www.jagatgururampalji.org in your preferred language. Also, you can watch His spiritual discourses at ‘Sant Rampal Ji Maharaj’ youtube channel.
