Home is not just four walls and a roof; it is where the heart is. It kindles a lot of emotions and thoughts in us. For some, it is a feeling of security and comfort; to others, it is a symbol of dignity and achievement. But there is also an important aspect of home owners to face – the monetary aspect as it is one of the the biggest financial transactions in life. Becoming a homeowner comes with a lot of responsibilities, but also has plenty of rewards.
Here is a list of some of the rewards that a proud homeowner will receive:
A good investment
With home prices moving in cycles, staying in your own house will appreciate in value and give you a considerable profit in the future.
Enjoy significant tax deductions
Owning a home can decrease the sum you pay in income taxes every year. Your home loan interest and property charge installments might be deductible from your government charges.
Certain closing expenses and loan discount points might be charge deductible. In the early periods of your home loan, when premium speaks to the bulk of your month to month contract installment, these assessment conclusions can put a lot of cash back in your pocket.
Free to create the home you want
Homeownership offers enormous opportunity to create the living conditions that you have always wanted. You can own pets, paint your room with your favourite shade, make changes to floors and covering and accomplish every aspect that makes a house your home – all without needing permission from the landowner.
When you buy a house, you give your family their own special space, a home. Towards the finish of a difficult day at work, tedious drive and nonstop pressure, coming back to your own home brings alive a sense of security and happiness. After all, there is no spot like ‘home’ where you can be yourself.
No uncertainty, no compromise
There is absolutely no fear or anxiety that is caused by the probability of an improper termination of the lease agreement by the landlord in your own home. To add to this, there is no problem of renewing the lease understanding each year and renegotiating on lease more than once. Rent is a cost and the general inclination is to decrease other expenses, which is not the case if you have your own house.
Conforming to social norms
Owning a house is an image of achievement and accomplishment in the society. Your riches and status is estimated by the home you claim. Hence, by purchasing a house, you can improve your economic wellbeing essentially.
All the above information is qualitative to owning a house. But what does one do if they do not have the necessary funds to own a home? Will it remain on their wish-list until the funds accumulate?
No, not any more, they can make it a fulfilled wish. Thanks to the government’s proposition; it has incentivised buying affordable homes for first-time buyers. Not exclusively would homebuyers be able to benefit from the interest subsidy provided on the home loan, the tax on under-development houses has considerably decreased. With these concessions set up, even the mid-extent housing segment has gotten very attractive.
Example: Affordable residential homes are in sale in Tumkur, Bangalore. To know more about these affordable houses and their benefits read our blog What is affordable housing?
With improved moderateness because of a flood in salary levels, higher expendable earnings, accessibility of simple and inventive advance alternatives and duty motivations, a home buy shows up as an alluring recommendation.