3 Major Reasons You Should Buy a House to Call Your Very Own

Owning your own home is a big reason to be happy, since it not only enhances your future financial security, it also gives you the pride of ownership.  Once you buy a house of your own, you can focus on fulfilling your other needs. like saving for your child’s education or marriage. Easy and quick availability of loans for homes and lower interest rates offer you the option of investing in real estate and buying a house for your personal use.

Positives of Buying a Home

The debate about owning a home versus living in a rented one has been an ongoing one, with the final decision depending on the individual circumstances, including the person’s income, family size, the nature of their job and several other factors. Buying a home involves several complex decisions, including arranging the necessary funds followed by the actual transaction, its tax impact, and its impact on your other expenses, etc.

• Pride of Ownership: In the Indian society, owning a house is considered a matter of pride and indicates that you are financially secure. This proud feeling of owning a house is much better than living in a rented home, which brings with it several tensions. Owning a home means you can decorate and maintain it the way you want to, attach permanent fixtures according to your needs and tastes. In contrast, if you live in a rented home, you need to follow the instructions given by the landlord, besides living in a house that has been designed and maintained according to his needs and tastes.
• Appreciation Potential and Financial Security: Owning your own place provides a sense of security, especially financially. You know you do not have to worry about paying rent in case you lose a job or are short of money. Also, in case of dire emergencies, you can always sell off or mortgage your home to raise the necessary funds. Lastly, real estate has good appreciation potential over the long run and can be sold off to generate some good profits. Investment in a home also offers a good hedge against inflation.
• Easy Funding Options Available: While buying a home requires you to collect all your savings and use them, easy availability of loans for homes in recent years has changed the situation. The Indian government has introduced several measures and schemes to boost the housing segment and is aiming to provide affordable housing to everyone by 2020. Some of the measures include lowering of interest rates, simple terms and conditions, and quick processing of loan applications. All this has made buying a home easier and within the reach of people who otherwise could not afford to make outright purchases of houses. Taking a home loan means you just have to divert funds that you were using to pay rent towards the EMI of your loan.

While there are a lot of benefits of buying a home, the decision should be taken considering the time for which you are planning to stay in that city (a time frame of at least ten years is required to make such an investment), have adequate savings to make the initial down payment, your other critical goals for life, etc.