If you are one of those tentative individuals who is still swinging between renting and buying a home of your own, then this article is for you. Just so that you feel better, you are not alone when it comes to decision making related to a home and we know there could be many genuine reasons behind this procrastination. After all, it’s a long term commitment, isn’t it, much like getting married? No one would blame you for changing and chopping plans about buying a home.
If you would want to believe people (like us) who have been there and done that, there are certainly many virtues of taking this long term pledge. Let’s explore a few emotional and financial reasons for taking the plunge as you read on and ponder about it:
- No more paying rent: Come to think about it, the rent you are paying for your temporary home could be funding the EMI of the owner’s permanent home. Why do that when the rent portion could fund your own home? Once the EMI is fixed for a certain number of years, there is no possibility of it increasing, which may not be the case if you are staying in a rented home.
- It’s a secure feeling: The security of having created an asset of your own, is truly amazing and will help you sleep better too. You do not have to worry about being ousted from your home simply because your landowner has found a better use for his property. Add to it the fear of rising rent every year, and you are better off investing in a small yet self-owned property.
- It’s an investment…for the future: Real estate prices keeping growing and so does your investment in a home, not to mention the fact that it could turn out to be the safest one you could make (of course make sure you choose the right property). With its value increasing steadily, your homeownership could turn to be a masterstroke that could impact your future in a positive way.
- Enjoy that proud feeling of being a home-owner: One of the primary reasons people are keen about owning a home is the pride one carries in creating a space of their own. You would want to experience it too, wouldn’t you? We all know homeownership is a huge accomplishment and is considered a major landmark of our lives.
- Say bye bye to moving home every 11 months: Admit it. It is an extremely tedious job to move home at the end of every rental contract and to search for a new home. Get rid of this problem by investing in your own home and staying put for as many years as you want to. The tantrums of your landlord and the sword hanging over your head can easily become a thing of the past if you buy your own home.
- You deserve privacy. Get it! The best part of moving into homeownership is that you get all the privacy in the world. No more unannounced checks by the landlord to see if you had a friend to stay-over at night. Get all the independence to be able to do your own thing once you become the owner.
- Freedom to do your thing your way By jumping into the real estate market to buy a home, you get the luxury of expressing yourself and making as many changes to your living space, as you need, to create your own space. Hang as many photographs on the wall as you want to and carry out renovations as per your choice. It’s your home now, put your personal stamp over it to give it a unique identity.
- Create a sense of belonging Homeownership is not only a brilliant investment but it also gives one a feeling of belonging to a certain place. Especially, if you have kids, they would have a place to grow up with, create memories and fit into the neighbourhood.
Go ahead and build your own castle, its time you did it!
If you would want to consider the tax benefit and savings option, remember you can save a lot under Section 80C and Section 24. The new section 80EE is another avenue of tax saving that the Finance Minister has introduced lately so you can take advantage of it and save some hard-earned money. Another indirect impact homeownership has over your savings is that it “forces” you to save a particular amount, especially if you are a home loan customer.
So if you are one of those who is tired of packing and unpacking at regular intervals and want to settle down in a nice neighbourhood, consider buying a home that you can call your own. It is certainly the most ideal and effective way of building wealth and leaving behind a legacy for generations to come.