7 Reasons Why Owning a Home is Important
Why Owning a Home is Important
A house is more than what most people see; more than just four walls with a roof. It elicits a wide range of emotions and thoughts in us. To some, it represents security; to others, it represents comfort. It even represents status and accomplishment.
However, there is another feature of a house to consider. It has to do with numbers. The monetary side is also essential, as buying a home is often the largest financial transaction in an average Indian's life.
The hype around owning a home is always around the corner. Probably, it is something that always stays at the center of every other decision like job, business, and career.
But why is owning a home so important?
Let’s find out.
Here are 7 reasons why you should own a home
NO LANDLORD TROUBLE:
You have complete control over your own home unlike in a rented home. You do not have to deal with a landlord; whether it is little maintenance or a total remodel of your entire property. In fact, renting is a nuisance in many ways as you are dependent upon the landlord for almost everything - water, power, and maintenance.
EMOTIONAL SAFETY:
When you buy a house, you are providing your family with a space to feel secure. After a hard day at work, a long drive, and constant stress, coming to your own nest provides a sense of security and comfort that is just irreplaceable. After all, there is no place like 'home' where you can genuinely relax and be yourself.
NO UNCERTAINTY:
There is no worry and anxiety associated with the potential of the landlord prematurely terminating the lease arrangement. Furthermore, there is no need to renew the lease agreement every year and re-negotiate rent.
NO COMPROMISE ON YOUR COMFORT:
When you want to save big in life, you have to essentially cut the expenses. And Rent is obviously an expense with little to no RoI. As a result, you may have to make sacrifices in terms of location, size, and amenities. When you buy a house, on the other hand, you will guarantee that your chosen property matches your expectations.
HOME LOAN TAX BENEFITS:
You can get tax advantages for repaying your home loan and interest. And keep in mind that renting is more expensive than just the rent you pay. Your cost is higher since you do not gain interest on the deposit amount paid to the landlord (which is rather large in premium areas) during the lease term.
MAKE YOUR OWN ASSET:
Instead of paying rent, which is purely an expense, you might pay the EMI on your home loan, so creating your own asset over time. Effectively, with each EMI payment, your equity in your home grows.
A LONG-TERM INVESTMENT:
When you know you'll be in a city for a long time, it's a good idea to buy a property to give yourself a sense of belonging and permanence. As you become acquainted with the city, you would like to find a place that ultimately gives you the impression that you are in your dream place.
Apart from that, home prices often rise with time. Purchasing a property implies increasing your wealth over time.
The bottom line
These 7 reasons clearly state that owning a home has several benefits. Apart from security and certainty in life, owning a home is an investment and asset that has its own advantages.
P.S.: If you are looking for a home in Bengaluru, Mana Projects has some of the best apartments and flats in Sarjapur, Bengaluru. You can surely book a visit and take a step closer to booking your future security with one of the top real estate companies in Bengaluru.
