There are many benefits of renting your property.
1. No Responsibility for Maintenance or Repairs
As a renter, you’re not responsible for home maintenance or repair costs. If a toilet backs up, a pipe bursts, or an appliance stops working, you don’t have to call an expensive repair person – you just have to call your landlord or superintendent.
2. Relocating Is Easier
When you rent, relocating for work is easier, less time-consuming, and potentially less costly. That’s why renters who change jobs often (or have steady jobs that require frequent relocation) typically rent until their professional lives stabilize. Though a sudden move may require you to break your rental lease, you can partially or fully offset the cost of doing so by subletting your apartment or negotiating with your landlord.
By contrast, selling a home takes time and effort. If you need to sell your house quickly, you may be forced to accept a lower price and potentially take a loss on your investment.
3. No Exposure to Real Estate Market
Home values fluctuate in response to changing economic conditions, and can decline over time. If you’re a renter, that’s not your problem – it’s your landlord’s.
4. Credit Requirements Generally Less Strict
Although most landlords require prospective renters to undergo a credit check, this is typically a zero-sum proposition. Your application is either approved or denied based on your credit score and credit history. As long as you don’t have a checkered credit report that includes bankruptcies and judgments, you’re likely to find a landlord willing to rent to you.
By contrast, mortgage lenders typically have high credit standards, with credit scores below 680 or 700 considered subprime in many cases. Even small changes to your credit score can significantly affect your mortgage rates, potentially adding thousands of dollars in interest over your loan term.
5. Some Utilities May Be Included
Many multi-unit building owners cover the cost of most or all utilities, including non-essentials such as cable television. The practice is less common, but definitely still possible, in smaller buildings like duplexes and single-family homes. By contrast, homeowners have to pay full utility costs, sometimes several hundred dollars per month, depending on dwelling size and usage.
Zarghoon housing scheme
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Unlike renters, homeowners build equity over time. On most mortgages, a portion of each monthly payment goes toward the loan’s interest. The remainder pays down its principal. (Your lender’s amortization schedule shows the exact proportions, which change over time, for each month’s payment.) Every dollar you put toward your loan’s principal represents a dollar of equity – actual ownership of the property. Once you reach 20% equity, or 80% LTV, you can tap that equity through a home equity loan or refinance your mortgage to secure a lower interest rate or longer repayment window.
You can also boost your home’s value, and thus lower your LTV, through judicious investments in home improvement. For instance, the home my wife and I recently purchased has only a rutted dirt driveway with a small shed at the end. Paving the driveway and building a proper detached garage in place of the shed would substantially increase the property’s functionality and curb appeal, potentially boosting its value by an amount greater than the project’s total cost.
2. Tax Benefits
Several tax benefits cater exclusively to homeowners, though not all homeowners qualify for all benefits. These are the most notable:
- Homestead Exemption. Many states exempt owner-occupied homes (homesteads) from a portion of the property tax burden that would normally accrue. For instance, Louisiana exempts the first $75,000 of a home’s value from property tax assessments, so a $200,000 home in New Orleans is taxed as if it were worth $125,000.
- Federal Tax Deductions. If you itemize your federal income taxes, you can deduct your property taxes and the interest paid on your mortgage, reducing your overall income tax burden (often substantially). This particularly benefits those in higher tax brackets.
These benefits aren’t available to renters.
3. Potential for Rental Income
Even if you don’t initially think of your home as an investment property, you can turn it into a source of income. This can partially or totally offset your mortgage, tax, and insurance payments on it.
The easiest way to do this is by renting out part or all of the property, provided you follow all local rental property laws. You might rent out a basement bedroom to a friend, live in one unit of a duplex and rent out the other to strangers, or purchase and move into a second home, leaving your entire property free to rent. You can also plunge into the sharing economy and take in short-term renters via Airbnb, VRBO, or another house-sharing platform.
4. More Creative Freedom
As a homeowner, your decorating, DIY project, and home improvement choices answer to no one, provided they don’t break local building codes or violate homeowners’ association rules. You can paint walls, add new bathroom fixtures, update your kitchen, finish your basement, or build a patio or deck to your heart’s content.
Radically changing your living environment to suit your whims is a fun, and even cathartic aspect of homeownership – and generally, it’s not available to renters.
5. Sense of Belonging and Community
Since homeowners tend to stay in their homes for longer than renters, they’re more likely to put down roots in their communities. This manifests in many ways. You might join a local neighborhood association, sponsor block parties or National Nights Out, volunteer at a nearby community center, join a school group, or align with a business improvement district. As a renter, you might not do any of those things, particularly if you know you may be moving in a year or two.
In this article we will look at some of the locations that connects to samungli road. These locations are explained below.
Samungli road is one of the main locations in Quetta city. The housing societies starts at zarghoon road. There are housing schemes as far as kuchlak.
Park and food point at samungli road
Samunngli road expansion.
There is a massive plan on the table to make new roads. the expansion of samungli road is one of them. Samungli road saw a massive development that took them almost four years. and it is still going on. huge roof was built over the spill way to make roads. Those people who travel through samungli road knows the difference of the road.
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Beautiful new bungalow for sale near Jinnah town click here for more details
Benefits of owning a house.
There are many benefits of owning a house. It is a social security. A very important financial stability. The price increases over time. It can be rented out. There is very low risk involve in investment in real estate compare to other investments like stocks or gold. Buying a house can be the most important decision one makes in a life time. And after overcoming this major decision other small things fall in place by itself.
Over the years property investment has developed such a trust that everyone whether on a large scale or small is investing in real estate. And buying a house is the best of real estate. Although in the past decade there were rise and fall in property prices but still those who invested in houses are the prosperous ones.
Buying a house is an investment that increases in value over time compare to other things we buy like a car. A car decreases in value with time while a house increases in value. A house is a real asset. The houses always appreciate in price.
Property prices increases year by year. Usually property prices double in ten years. Short term price fluctuations are normal but if a house is kept for a long period of time it becomes a major part of your fortune. Most of the people who made large fortunes mad their money in real estate. If we make a list of the world’s billionaires we will find out that real estate comes at number 3 by which they made their money.
Some people rent their house for a sum and make money every month. House can also be rented in parts or portions. If a house is rented for a long period of time it makes more money than for which it was originally bought. A house bought at good price usually earns equal amount of its price in 12 to 20 years.
A home can be a guarantee for a bank loan. Usually banks lend money to people who has some solid investment in real estate. A house has burrowing power. A loan taken for a house can help you make another house.
A house also has move up power. Usually people sell their house to buy a bigger house. If person adapts this practice for a longer period of time he can increase the size of his house with every new deal he makes. There are people who will tell you stories that how he bought his first house which was 1000 feet in size but with continuous exchange with bigger and bigger houses, now he lives in a 4000 feet house. This is a practice which requires good knowledge of the property market and buying and selling at the right time of the property cycle.
Some people buy houses on installments. There are many developers who are making new housing projects where one can buy a house or apartment on installments basis. They offer house for sale in Quetta on installments. By paying installments every month a person can become the owner of a house at certain time. It’s like to become owner of the part of your house every month.
Home owners does not move much. The cost of shifting from one house to another can be too much. It also creates a lot of inconvenience and also take a lot of time. Changing locations and societies can be a lot of trouble like finding new schools for kids each time. This problem occurs in house for rent situation. To check available houses for rent click here
People take pride in home owner ship. This is one of the main reason of investing in a new house. Home owners has all the options available. Where he can paint the house the way he want. Make new construction in the house make new rooms any time they want. Garden of their choice. Buying a house gives you so much power over your property. Home ownership gives you a lot of freedom. People say that after achieving this major goal of owning a home they became more prosperous. After buying home other small things came in place by itself. After buying a home owners of the house became more attached to the society. They also start working for the development of the society like their home. Overall a house is the best asset any one can have.
Also check these houses for sale in Quetta
House for sale in Quetta with 5 bedrooms
house for sale in Quetta at samungli road with 7 bedrooms
- Stick to Your Budget
It’s easy to get carried away here, especially if you make the mistake of looking at houses outside your price range. The important part is to have a plan. also think about your monthly carrying cost and be honest about your lifestyle. Consider how much you spend every month on eating out, clothing, etc. There’s nothing worse than being house poor because you weren’t honest about your spending habits.
- Don’t be Afraid to Walk Away
A house is an emotional purchase, since it’s where you’ll be living, raising your children and making a home for yourself. But it’s crucial to keep emotions out of the equation as much as possible. You should love your house, but you should love it because it’s in good condition and because the numbers work. Always get a home inspection and if you can’t afford it (or the work it requires), walk away!
- Give Every House a Chance
I do most of my real estate browsing online, as do most people now, but you can’t always judge a house by the virtual tour – good or bad. If you see something online and it has bad pictures (or no pictures) but it’s in the right neighbourhood or in your price range, go look at it! Chances are you can get a good deal because so many people will skip it without photos online.
- Think Long-Term
Before you jump into a real estate purchase, ask yourself: “What is the purpose of this property for the next 5-10 years?” you may have to lock in for a certain number of years, and if you think you’ll be moving in less than 5 years, I’d suggest looking at alternatives. You never want to be forced into selling your house.
- Have a Support System
Having a real estate agent who understands your financial and personal situation is key, and great advice from a mortgage specialist and lawyer can be invaluable to the home-buying process. But what many people forget is to have a personal support system in place when they go house hunting. Advice from those close to you – family members, a partner, friends – is just as important to help keep you on track and avoid getting carried away. It’s easy to get caught up in the excitement of buying a house, so having the personal support will keep you grounded.
In this article we will look at some of the locations that connects to samungli road. These locations are explained below.
Samungli road is one of the main locations in Quetta city. The housing societies starts at zarghoon road near ufone office. At this location first is the commercial area including Dalaan restaurant and other showrooms. It is better area for Restaurants furniture store and shops of high end.
Driving down west model town is on the south side of the samungli road. Model town is Porsche area. Model town extension is good for residential bungalows and offices are located in apartment buildings near the old “Pishin bus stop”.
After a small drive towards west comes “Koyla Phattack” chok. Koyla phatack is a main location. A new fly over is built at this choke which is near completion. the road to the right goes to airport road and Askari park while crossing the railway pahtack you enter “Shahbaz town”.
Shahbaz town has commercial and residential areas. The main commercial area is situated with samungli toad. Shops and small buildings populate the road from @Shahbaz town Jamia masjid to central jail. Shahbaz town has three phase. Phase one is the considered to be the best location while Phase two comes at second position and Phase 3 and 3rd position. Residential land price is around 6000 rupees per feet. Shahzbaz town also contribute to samungli road food street restaurants. Its famous restaurants are hot n chili, and Saigon restaurant. Shahbaz is one fun place to be. Also has top schools and education centers.
Driving on samungli road towards sunset. We pass the board office area. There is Benazir Family Park. Opposite the family park is another food point. The shops in night star complex and nearby markets are part of this food point which spans over open ground. Behind night star complex is city school. This road is called city school wala road has some small private housing schemes. Including seven star colony, professor colony and other. This is also good place to call home. This road has shops schools and other facilities available. The price over here is from 3000 to 4500 rupees. It depends whether you want commercial or residential property. This road divide the private land from Jinnah town from north to south. City school wala road also has some apartment buildings. Omer heights is one of the best apartment building in this area. Many new apartment buildings are been built in this area. Do check this area if you are looking for some installment based apartment buying plan.
Next to Benazir Family Park is Sui southern gas office. In front of Sui gas office is Jinnah town. @Jinnah town is a large housing scheme which has residential houses and commercial area. Jinnah is sided by IT university on the south, by city school at the eastside, Paind khan road at the north side, and samungli road on the south side. Jinnah town is a Porsche area. It has new villas type bungalows. If you want good design for your new house than look at some bungalows at Jinnah town. The commercial area is getting bigger with new buildings having apartments and front showrooms. The central chorangi of Jinnah town is populated by restaurant bakeries super store and recently a new bank branch. Price is around 6000 rupees/ feet. next to commercial area is a Jamia massjid. Jinnah town mosque is said to be one of the biggest mosques in Quetta.
Most of the population in this area of samungli road is on north side of samungli road. After some driving out of Jinnah town towards the south gets us to Samungli housing scheme.
Samungli housing scheme is in front of the famous paanch futi choke.
Samungli housing scheme is as charming as Jinnah town. Samungli housing scheme is smaller than Jinnah town. The land price in this area is around 5500 rupees per feet. There is no road cutting in Samungli housing scheme. Samungli housing is administered by Quetta development authority (QDA). The Transfer process of QDA is much easier and cheap. Samungli housing consists of Bungalows and commercial areas. Places are beacon house school, city smart school a community marriage hall and Small Park.
Near panch futi choke is a private housing scheme Garden villas. It is on the south side of samungli road. It consist of new bungalows and plots.
Down wards comes kakar town. It is also a private housing scheme similar to garden villas.
Next to beacon house school is Arbab town. Arbab town is about the size of samungli housing scheme. It is a private residential area. Behind arbab town is sky villas, malik villas, qamar homes. This road leads to IT University Jinnah town campus. On the east side of university is Jinnah town while on the south and north side is private land. Gulshan Jinnah, Agha siraj villas Afrasiab housing scheme and VIP bungalows are the residential areas around IT University.
On the north side of IT university is Killi barat and killi Paind khand road. These areas also has some private housing schemes with comparably cheap land. the price start at 500 rupees per foot and can go up to 2500 rupees per foot.
Driving further south on @samungli road after Panch futi and after arbab town comes a Christian colony. After that on the south side is Jangalat area behind jangalat is Ahmed villas. In front of jangalat is Kidney center of nephrology hospital. Kidney center is large real estate development. The road on the east side of kidney center hospital is called “lehri gate”. This road that starts at samungli road stretches far towards killi barat. This road also has some good private housing schemes. Asian villas, gulshan e Jinnahand gulshan e najeeb are few of them.
In front of kidney center is tameer nau school girl’s branch. Workers office is also in the area with old age home.
After kidney center comes sur pul. Sur pul in Pashto is red bridge. Sur pul is a bridge that connects @Sabazal road with samungli road. After the bridge on the north side of samungli road is a road. The beginning of the road is developed with killis and houses but after a while there are open cultivated lands. This road goes through the killi and will take you to gudam silos on airport road. This country road is quiet and has beautiful cultivated areas.
After surpul on the right side the first housing scheme is Mehmood homes. Mehmood homes is a new development. New bungalow are visible from main samungli road.
Next to mehmood homes is standard bungalows. This is a private housing scheme. Bungalow sizes are around 1400 feet. It has private watchman with good administration.
On the opposite of samungli housing scheme on the south side is Masjid Umer Farooq. A large mosque near completion.
Next to standard bungalows is samungli heights apartments. Next to samungli heights is Medina homes.
And our journey ends at Khaizai choke for right now we will be further including other areas in this article soon.
The journey continues……
Please do tell if the name of your area is not in this list.