Why You Need To Buy Home?
Do you really need to buy home? It is a dream come true to most of us. Living on rent or living in others home is sometime suppression of your feelings or less privacy or freedom. You want to buy a home but could not convince yourself. Now why you need to buy is an interesting question. Sometimes you become emotional, sometime logical. So pen down your top reasons to buy a home. You will find the points exactly or very close to below mentioned. Here, we have discussed them in detail with logical reasons and their justifications.
Top Reasons To Buy Home
- When you need a bigger house-Little more-This is the phrase which motivates you to achieve little more. When you grow up, get married, have family and friends around then you start to feel that your livein place need to be little more. The requirement for other members of your family, study room, bigger living room, store space and so on the demand will continue to grow. For all these demands you must look for the purchase of a new home which full fills all your current requirements and comfortable for the future requirements of at least 8-10 years. After 10 years, conditions will improve and you will be in a better financial and social position to take further decisions.
- Want to save on rent payments- If you are tired paying huge rentals per month then pay rent to yourself and buy a home to live in. There are many builders who will make available the property in your budget. Now a days there are PMAY home loans (Read more about PMAY home loans at PMAY Home Loan-Pradhan Mantri Awas Yojna ) where you can get subsidy on your home loan interest also. So you need not to pay anymore rent and start living in your home immediate.
- Tax Benefits on Loan repayment- Under sector 80C of Income Tax Return Act you may claim up to 1.50 Lakh of rebate on the principal amount of home loan paid. So pay home loan EMI and get tax benefits. Also you get the ownership of you house with this saving of tax amount.
- Price Appreciation of your property- Property has been an excellent asset of investment which yields return in multiple time. Today the rate of property may have gone lower but it is bound to increase. So, Invest today and enjoy the growth of your investment. If you buy a home, rental income comes into addition. This will supplement your incremental growth of wealth over a period of time.
- Great deal on offer to purchase the house- There are real estate companies offering best offer of home loans. You may choose or identify your properties from reals estate portals like 99 Acres or Makaan and consult the finance agency accordingly. This will save your time and cost both. Also you may consider buying home when the offer is truly a good deal.
- Uncomfortable with the terms and conditions of flat owner – If you are fed-up with the intervention of flat owner or trapped in the uncomfortable terms and conditions like every year huge hike in the rent, payment of electricity bill, water bills, allow guest to come, no drink and no non-veg then you should consider buying your own home. This will give you freedom. Peace of mind will also be there. In your own home you are free to perform these stuff.
- As an investment destination- Property prices have never been so lower. It is bound to increase in 2-3 years. Now if you have parked your money to invest then search for a good deal and invest your money in a flat, house, building, floor. these will give you immediate return within 5 years.
- Future requirements of family members- For the marriage of your daughter, for higher studies of your children you may buy a home considering the future requirement. Till the time they grow up, you earn from rentals and when they need it you may gift it to them or sell it to provide them sufficient fund. This is a wise idea which our loan experts always explain to beginner investors.
Now You also may have your own reasons to buy home. You should take the decision to buy home considering all aspects of your life. It will indeed be a big asset to your wealth. However challenges will also be there. We suggest you to take this challenge and proceed further with firm steps and confidence. We are always there to support and guide you in the fund requirements in the form of loan of any type. You may visit us at Loan Guru for more details.