Practical Advice For Home Buyers
Buying a home is a big step. It’s the most significant purchase that you will ever make. Making the proper buying decision is understandably daunting. However, owning a home becomes the most fulfilling experience with the right help. Here are fundamental reasons why owning a home is much better than renting it:
It is a long-time investment:
The value of real estate only increases with time. So, if you delay purchasing a property, you end up investing more at a later date for the same property. Postponing your purchase also means paying rent for an extended period. Therefore, it is a better price appreciation than a rental property.
It creates more space for you to grow:
Homeownership can lead to massive improvements in all aspects of your life. The amount of personal accountability and security that comes with owning a home is enormous. It gives both you and your children a sense of belonging, providing a nurturing space for your lives to grow. Real estate is a solid investment to improve your quality of life in the long run.
Stay free of commitments:
Owning a home reduces at least one hefty sum of monthly obligation —the rent. For salaried people, it is an immediate expense at the end of the month. If one takes a loan to buy a house, their monthly instalment will lend itself to ownership instead of a cost. Plus, having your place with no rent or monthly payment increases growth opportunities. It steers people to focus on other life goals.
Mathematically speaking, if we spend 20 years paying rent and end up without a home, would it not be better to pay off a loan in 20 years and gain ownership too? A home is an asset. It is financial security whose value increases over time. It also enables low mortgages and higher rent (in case of sublet) in the long run.
Saving money with tax benefits:
Purchasing a home can also save your taxes. If you are paying an EMI for your house loan, the interest for the year is allowed to be claimed as a deduction from your total income, up to a maximum of Rs 2 lakh under Section 24. Plus, the principal amount paid for the year is also allowed as a deduction under Section 80C, up to a maximum amount of Rs 1.5 lakh.
It readies you for retirement:
A home is a boon during retirement. It saves you your monthly rent when you have no income. It gives you the financial and mental security of depending on a home and leaving it for your future generation — over time, the value of home multiples more in emotions than in investment.
A home is the best cure for a chaotic life.
When choosing your dream home, you must select a trusted developer. Amenities, home-buying experience, and long-term value are important factors to consider. At Primarc, the process of purchasing your dream home, from selection to transfer of ownership, is made transparent and smooth. Projects like The Soul offer a sanctuary for your investment. The gated-community residential flats in Rajarhat are perfectly balanced between premium and affordable. Ongoing real estate projects in Kolkata offer a reasonable price to invest in for a thriving future.
It is true, the benefits of owning a home far outweigh renting one.