A home is a place where emotions kindle; thoughts are nurtured. A place where we feel safe, stress relieved, and worry less. For many of us, it is a symbol of status and success. But purchasing a home has a lot to do with our monetary aspects. Buying a house means a huge amount of money is involved. So, it often puts us in a dilemma, whether to buy a home or rent it. But owning a house has some benefits which are not possible in rental homes. Here are 5 benefits that can put your dilemma to rest.
Home of your own, means no landlord hassle:
Homeownership means no landlord hassle. You don’t have to wait for the landlord’s approval for minor repairs or a complete overhaul. You don’t have to relocate on short notice, if the landlord decides to sell the property. A landlord could raise rent which may affect your financial budget too. Rent won’t fetch any tax benefit in the long run as well.
- Own nest brings emotional security: Buying a home means you are investing in a community around you. Most of us buy houses to stay there for more than ten years or more. So we try harder to maintain a good relationship with our neighbors and want to be a part of the tight-knit community to thrive successfully. A stronger sense of community means less stress, your children will behave better, do better in school, and you and your family will live healthier.
- Easy financing option: Purchasing a home means you build equity that could be accessible through home equity products. If you are a first-time buyer, the home loan available will come under income tax benefits under multiple sections, including Section 80C, Section 24, and Section 80EEA. Under these sections, a first-time homebuyer can benefit up to Rs 5 lakh.
- Lifetime investment: Buying a home in a city gives you a feeling of belonging and permanence. As you will be putting a lot of money into the property, you will be building wealth which will increase over time. If you delay your decision to buy a home, it will lead to shelling out more money on rent. And on the other hand, the property value will rise with time.
- The asset you can call your own: Purchasing a home means paying home loan EMI. With each installment of EMI, your equity in your home goes up, whereas rent is a pure expenditure.
If you are a master of your place, it means no landlord hassle, no more yearly rent agreements, no more untimely relocation but more of building assets in an environment where you and your family are nurtured emotionally and psychologically. You will get an environment where you can control your life and lifestyle. If you are looking for investment in real estate in Wakad, explore residential projects in Wakad. Explore Engineers Horizon’s prestigious launch of Bonheur in Wakad which will indeed reaffirm your home buying decision.