TOP REASONS FOR YOU TO BUY A HOME!

Buying a home is an important step in one’s life. Not only is it a great source of security, it also has many social benefits.

Although buying a home can prove to be an expensive decision, it comes with a bright and shiny tag of ‘long-term profit’!

Also, being the owner of a property testifies as a source of stability and sound financial backing. We tend to come across phrases such as ‘real estate investment is good’ and ‘investing in a house is a smart move’… The fact is that real estate has ALWAYS been a good “long-term” investment especially in uncertain economic times.

Todays historically low interest rates and low prices mean now is a great time to make an investment in your future.

In a social set up like ours, before purchasing a property, we tend to take the advice of our near and dear ones… and in any case, decisions of such magnanimity and importance are seldom taken alone.

However, you may still wonder if buying a home is the right thing to do… there is no need to panic! Having apprehensions or being unsure is normal.

Here are a few reasons as to why you should buy a home... probably knowing a little more about it will make the entire process a little less scary!!!!

    1.  Sense of Ownership

The feeling of pride, ownership and self worth is unmatched. Perhaps this is why people yearn to own homes. And of course, owning a home gives you the freedom of being able to decorate or furnish it as per your will. Want to paint the walls bright orange? Go ahead. You’re the boss!

    2.  Appreciation

Markets go up and markets go down…mostly down… but real estate prices are consistently appreciated. A home investment is a sort of hedge against inflation.

    3.  Tax Benefits

In case of a home loan taken for a self occupied property, the principal amount repaid up to 1 lakh qualifies for deduction under Section 80C; while up to 1.5 lakh of interest paid is tax-deductible under Section 24.
If the house is yet to be constructed, 20% of the total interest paid during the pre-construction period is also allowed as tax deduction. This is available for five years from the time the construction is complete till you get possession.

    4.  Source of parallel income

Owning a home gives you the leisure of giving it out on rent…meaning you get a solid consistent income every month.  This is a good source of parallel income. If one does not wish to give it on rent completely, one also has the option of keeping a paying guest, PG, which is also a good source of stable income every month.

There are many more emotional and spiritual reasons of owning a property...and such reasons vary from person to person...However, in essence, for those you still are unsure about buying, this is an adequate start to ponder!

Happy Buying!