Buying a house is a big financial decision and cannot be made in a blink of an eye. With so much planning and cost involved, people usually find it hard to arrive at a decision as a big chunk of their life savings is at stake. But hey, unlike other investments, property investment is comparatively safer and profit inducing. To all the sceptics out there, here are a few pointers that might turn your doubts into a clarity of thoughts:
#1. A great investment option
As mentioned earlier, properties are hot favourites for investors. Properties are those assets whose value never depreciates but appreciates with time. By taking things like the future of the suburbs, the surroundings, the brand value into consideration, narrow it down to the right property and see your investment increase. So be on the look-out for things like early bird offers where you can get your favourite properties at the cheapest rate possible and leverage the rate to the maximum by selling the same when the value of the property is at its peak in the future. This is the sort of Multiple Factor we all would love right?
#2. A Steady Income
If you don’t have any plans to sell your property in the near future or any plans to move in your newly bought property, there is yet another way to make a good fortune out of it. A locked house can be a dead asset if there is no one living in it or the house isn’t used for a while. Rent the house further to earn that extra income every month. And in no time, you will have your money back. So this can help you have a secure mind that even if you’re travelling around or not occupying the house, the property will generate income without you having to do much for it.
#3. Your House, Your Rules:
Arguably the biggest advantage of living in your own house is the liberty to work your way around the house in the way you want and not according to the wishes of the Landlord. The choice of the wallpapers, colours of the walls, the design of the tiles, extra furniture here and there, and so much more, all in your hands. The house is truly your own, and you can customize it the way you want.
#4. Short Term Payment Plan:
Planning to live in a rented house means agreeing to enter into a life-long and a never-ending bond of paying rent. The rent payment process goes on forever and at a point of time, the value increases the actual amount of the house. Maybe buying a house may look like a humongous one-time payment which not everyone might be able to pay. EMIs are here to save the day. EMIs are a little like rent, but only better. While the renting process never ends, EMIs are fixed for a few years and stop once the last due is paid. And at the end of it, you own the house!
#5. Tax Benefits:
Anything that can reduce your tax burden is a boon in disguise right? Owning a house does just that. Under the section 80C of the Income Tax act, House owners can claim deduction up to Rs. 1,50,000 on repayment of the principal component of the home loan. Apart from that, up to Rs. 2,00,000 can be claimed under Section 24, on the interesting part of the home loan repayment. A few other deductions are available under the section 80EE for first time home buyers.
#6. An Owned House is More than just a House:
When people rent a house, they are usually given a restriction to use the rented property only for residential purposes. Using the same for anything apart from what is agreed upon, may attract fines or might require additional permissions. An owned house negates this by allowing you to use your house in any way you want. You may want to use it as a workshop for your activities, a PG for office people, a place to teach your favourite hobbies to kids, or even an office place, this is your well-earned place, and you have the entire control.
#7. It helps you ‘Get Settled’
Having your own house benefits you in ways that exceed the Financial and commercial reasons. Seeing the economic status of the Country, having the ownership of a house doesn’t just give you Financial stability but also Mental stability. The sense that there is a safe space that you have the ownership of and that no one can take it away from you gives you leverage that can help you plan your future plans. This is missing in case of a rented place as there is always a chance that the Landlord might want to use his property in his own way and ask you to move out. This constant fear is thrown away when there is an own house under you.
Yet another type of stability comes in the form where there is an instant increase in the status in today’s society. These days an own house is a sign of respect among people and they’re seen as someone who is doing well in their lives. This, in turn, helps the owners live a happy life where they are not being looked down or disrespect.
So, to people wanting to buy a home but are afraid to get started, these points must have been enough to change your mind, if not get you thinking in the right direction. Again, buying a house is not the easiest decision but finally getting one can elevate your lifestyle in a way you can never imagine.