Top 8 Reasons to Buy a Home
It is always the priority of a family to have their own home. Having a own home is not fashion but has become a basic need of the people. But still, it is not the first priority and still comes on step 3. This is the most important reason to buy a home for the family.
From ancient past first two priorities for mankind are still Bread and Cloths to cover them and these are the most important basic needs of humans. But once these two priorities fulfils then immediately start to think for a own home where they can live comfortably and without others interference.
Few most important reasons everyone wants to have own home are
Gives Sense of Pride
In our opinion, owning a own home is the most important factor that force one to have a home for their family. Your home is like your perfect kid to whom you want to dress-up as you want. Your all emotions and creativity reflect from your home where you live. In own home you become completely free from all interferences about how to spruce up the living room or a bed room. What paint to apply on kid’s room walls or which curtains to use to cover windows.
It means based on the budget everyone is free to spruce up the interior of the home. It is also the matter of pride in the community and circle you are the part of.
Goodbye to Rental Stress
Living in a rented house is also not a bad idea till there is no altercation between you and the property owner. But in today’s scenario when having a legal contract between property owner and the tenant regarding time to stay and increment in rent after particular time, always makes life stressful.
Increment in rent was and still is not gives much stress to people as everyone chooses the rental house according to their need and budget and also at the time of increment of the rent, their income has also been increased (Increment in salaries of service class segment) but it becomes painful to search another rental home and shift there.
Searching Home for Rent
Searching a rental home is not an easy task. On one side it is time consuming and on other side every time have to pay commissions to Property Dealers. This is really the most unpleasant scenario of searching another rental home.
Now once you get another good rental home, toughest task of shifting to new home starts. If you are not taking services of any good movers and packers service provider, packing all household materials become the most painful task for the entire family. Many things that you feel will not required in a new home either give to someone or drop out. This is really the wastage of money as either at the time of purchase, you did not give a thought of there use or not due to any reason not willing to take then to new home.
During shifting damage or theft of material is also one area which is beyond your control. You may only get to know it either at the time of unpacking or may be after a long time when find a reason to use that item.
Unavoidable Expenses During Shifting
Commission to property dealer, looking for labor, electricians or plumbers for loading and unloading or dismantling and installing during shifting, transport facility may be truck or anything like that are the common areas which demand a good quantum of money.
It is hard truth, in every new house you shift, there are many areas you are forced to purchase some new items, which in old house were already fitted but in new house are not available and most common items that falls in this list are Fans, Lights, Geysers, curtains which may or may not be required while shifting in another new rental home.
Appreciation in Value
Whenever one starts thinking to buy a home and start searching a good home to purchase, it’s a common fact, sounds difficult to buy as it is costly but it has seen the home which yesterday was looking costly but anyhow have bought has today appreciated the value in much higher rate as compared to any other financial instruments like bank FD or any. Now on one side gives confidence of having a good asset while on other side market value is continuously increasing.
Government always gives tax benefits to home buyers who bought the house against Home Loan. It gives tax deductions on Principal and Interest paid by the homebuyers while furnishing their Income Tax Returns.
Capital Gain Exclusions
In the case one has bought a home and stayed there for along time depends on the Law of the Land, income tax department, allows Capital gain exclusions criteria if one wants to sell that home which he or she bought described years before and have stayed in the home for a pre decided time period.
No increment in EMI
If buying the home on home loan, the EMI will always be same till the amortization period unless and until, you own do not want to restructure the EMI either to increase or decrease. While on rental home, after every reset period the rent gets increased. It also helps one to become more disciplined in financial budgeting at home front.
In the light of facts defined above it is always a sensible bet to go for a own home rather than always living in a rented house. But same time while planning to buy the home, always have a cushion in financial budgeting and strictly follow the financial rules at expense front. A house also comes with many responsibilities that may require some short time sacrifices at home front but definitely after a period of time will become helpful to you and the generations.