Many consider property to be a big ticket item which involves high capital and long term commitment, so the question of whether is it better to buy or rent is very much depends on one’s financial affordability and needs. We look into the advantages of owning a home.
i)Provide stability and certainty of stay for your family;
ii) Benefit of security and pride of home ownership;
iii) Freedom on choices of usage i.e. for self-occupation or weekend second home or rent out;
iv) Built equity of your own home. Instead of paying rental monthly, you make repayments to the banks and gradually building up your home equity and ultimately owning the property after you redeem the property.
v) Hedge against inflation. Owing to the scarcity of land bank earmarked for new developments and growing population, demand for quality and affordable housing in established areas remains high which leads to higher home prices. In addition, the cost to build new housing stock continues to rise due to inflationary factor.
vi) Tax relief. Buyers are eligible for tax relief every year on loan interest payment to finance the purchase of property