Do you know the top 8 benefits of owning a house?
Owning a house is one of the toughest tasks of the modern time because even though there is no dearth of property, they are so expensive that people don't have that kind of money to spend on buying a home and that is why many of us live in a rented accommodation.
Now, think of a situation where you are living in a rented accommodation and you commit one mistake and you are out of the house, whereas, on the other hand, is a house that you own. Even if that is a 1 BHK, at least you have a home to call it your own. Owning a house is quite crucial in today's world as there are so many options to buy them. Be it loan options or payment in installments, everything has become possible now. All you need is not money but will to buy a house because as we all know, only a few of us have that kind of money to buy a house in one go without paying EMIs. So, you need to assure yourself that the pain is worth it.
Owning a house has a lot of advantages in the long run. Here are the top 8 reasons why you should buy a house. Scroll down to get all the details.
1. Say No to Rented Accommodation
There are several things that you stop yourself from doing when you are living in a rented accommodation, while on the other hand if you own a house, you can do whatever you want. Right from fancy chandeliers to the best kind of wallpapers, you can all this and much more if it is your house.
2. Capital Gains
Buying home is one of the best options because you get tax benefits plus capital gains. Even if you have bought the property for investment purpose, even then it is a good idea because it can get you a lot of capital after a few years.
3. Easy Savings Plan
If you take a loan and pay for EMIs then too you can save money on that by paying early. You won't just save on the EMIs but you will also get rid of loan earlier than when it is supposed to end.
4. Better Finance Management
Once you know what your fixed cost would be every month after deducting the EMI of your house, you won't have to spend another penny on a rented property. And, then you will be able to save more.
5. Move-up Power
Home equity allows a person who has a house to sell the property at a better rate and buy a new and better house for themselves. This way you would be able to buy a new house but that won't be another extra baggage for you.
6. Price Appreciation
There is no doubt about the fact that property is the only thing that ensures price appreciation. Be it a 2 BHK or penthouse, price appreciation is meant to happen. If you are someone who wants to buy a house just for the purpose of investment so that you can resale it at a later stage, it is going to get you a lot of fortune and is even legal in every sense.
7. Tax Benefits
There are several benefits related to tax for tax payers. If you are a tax payer and you have to buy a new house, buying a new house is going to save a lot of your tax, hence making your move of buying a house a smarter one.
8. Greater Privacy
Privacy is something that we all require and a rented accommodation cannot give us the same. So, in order to ensure privacy, we need to own our own house. For example, they will if you are living in a rented accommodation, the owner of the house will keep interfering much to your dislike.
So, that was all about the advantages of buying a house. Always remember that is you own a house, your life is 80% more sorted than most of the human beings.
How has the coronavirus outbreak disrupted your life? And how are you dealing with it? Write to us or send us a video with subject line 'Coronavirus Disruption' to firstname.lastname@example.org