Having a home of your own is the most cherished dream of us Indians, but buying one is a monumental task. Arranging finances and deciding the location and configuration of your home, flat or standalone unit, there are so many answers to find, aren’t there? Despite all the concerns and challenges, home buying is considered one of the best investments. There are a good number of reasons to buy a home.
Let us explore the top 10 reasons why buying a home will be your best decision ever.
Top 10 Reasons to Buy a Home
Security
One of the primary reasons to buy a home for owning a home is the security it offers for the future. You can sell or mortgage your asset in times of financial emergency. As you get older, you can sell the home and use the proceeds to purchase or rent something smaller. It is a great investment for retirement.
Also, homeownership is a legacy. It is a long-term investment that can provide financial benefits to you and your family over time. You can also pass it down to your heirs as an inheritance.
Favourable Govt. Policies
The recent implementation of RERA has encouraged more and more people to buy homes. RERA is a buyer-centric policy of the govt that protects the interests of home buyers. These laws have instilled a sense of security and stability regarding the rights of buyers, making it a safe and secure investment.
The government has also launched several initiatives to promote affordable housing. The Pradhan Mantri Awas Yojana (PMAY) aims to provide affordable housing to all. The Credit Linked Subsidy Scheme (CLSS) under PMAY offers subsidies on home loans for people in different income brackets.
Easy to own a home
The ease of owning a home is among other important reasons to buy a home. It is easier to own a home with the mortgaging facility offered by financial institutions. Home loans allow an individual with even a mediocre salary to own a home in the affordable category. With a requirement of only the mandatory upfront cash requirement, you can conveniently buy a home with a fixed EMI.
Must Read: How To Choose The Right Builder? 6 Important Factors to Consider
Sense of Pride
Having one’s own home instills a sense of pride, making it one of the top reasons to own a home. Design, paint, and do whatever you want with your home. With your own space, you don’t need to seek permission from someone regarding fixtures, interior designing, etc.; do as you please, as per your taste and preferences.
Homeownership also gives you and your family a sense of stability and security. It’s investing in your future; no wonder it is one of the topmost reasons to own a home in India.
Return on Investment
Amongst all investment options, real estate is the safest. Being a physical asset, it is considered a secure option to invest in. Housing values are always appreciated with time. Even if you don’t stay in the house you own, you can still earn a good rental income. Your home is one of the best investments you can make for your future generations; this is another of the critical reasons to buy a home.
Homes will be expensive in the future.
With time, houses are bound to become expensive. To meet the requirements of the growing population, more houses will be required, but with land being a limited resource, the supply will be less. This could lead to higher property costs and limited choices in the future. Considering this, it is advisable to buy a home now rather than wait for the future.
Property Tax Deductions
Expenses of owning a home, such as property taxes and accounting costs, are tax deductible. Also, if you opt for a home loan, you get many tax benefits, too. The sum paid towards the repayment of the principal amount of the home loan is eligible for tax deduction, as per Section 80C of the Income Tax Act, 1961. You can claim as much as 1,50,000 annually. Similarly, as per Section 24 of the Act, the interest component of the home loan EMI can also have a tax deduction of Rs.2 lakh.
Additionally, first-time homebuyers can claim an additional deduction of Rs.50,000 under Section 80EE of the Act.
Predictable monthly housing payments
Fluctuating rent is tough to handle. If you stay in a rented home, a landlord can raise your rent as much as they please. But when you buy a home on a loan, your EMIs are fixed. Your budget allocation is standard as far as the home is concerned.
Community ties
If you plan to live in the house you buy, you tend to develop bonds with your neighbours and others in your complex. As an owner, you would have a say in the day-to-day management of affairs in your complex. You can have a voice as to how things should run in your area.
Freedom to make modifications
As an owner of a home, you have the last word in making any changes in your choice of paint colour, renovation, quality of fittings, etc. Any kind of interior work, like replacing any almirah or cabinet, getting a deck, or any other modifications, will not require permission from anyone. As a homeowner, live life as per your own rules.
That was a handy guide about the 10 benefits of home ownership. Buying a home is an expensive decision that must be arrived at after careful consideration. Make an informed choice before taking the plunge.
