Owning a home is the ultimate dream. Even while people stay in rented apartments, they dream of someday being the proud owner of a home. After all, purchasing a home is not just any financial investment. It is an asset that can be left behind for future generations.
If you are a first-time buyer, it is natural to have some concerns and trepidations regarding making such a huge investment. Having reservations is nothing out-of-the-blow and once you know about the advantages of purchasing a home, the entire process will appear less scary to you. Keep reading to know of the many perks that come with homeownership.
The pride of homeownership
The foremost reason why people in India and across the world yearn to own a home is the pride of ownership. Buying a home is considered to be the largest investment in an individual’s life. Homeownership gives immense stability and a sense of security to the homeowner and his/her family. It is an investment that is made today while thinking about the future. Whoever owns a home is filled with pride that he/she can leave behind an asset for the children.
The same cannot be said for rented homes. For starters, the landlord might refuse to renew the lease or might ask the tenants to leave the property once the primary owner is deceased or incapacitated. Also, people do not attach any kind of pride with staying in a rented flat because they do not own the property.
Freedom to renovate and boost the value of the house
When you live in a rented apartment, you do not have the freedom to attach permanent fixtures, paint the walls any color that you desire or even decorate the home as per your taste. Such restrictions do not come with homeownership.
Since you own the 2 BHK or 3 BHK apartment, you have every right to decorate it or give it a makeover to increase its value. You can transform the physical structure of the apartment, install fixtures of your choice and make as many decorative changes as you want.
If you maintain your home and keep it in good shape, you can increase its value for when and if you decide to sell it. You can fetch a good deal for your home if it not just looks good, but functions properly.
Mental peace and stability
Purchasing a home is not only beneficial in terms of money, but it also provides emotional stability and mental peace. The moment you buy a home, you start to plan or determine your and your family’s future because this is where you’ll stay for a long time. Since this is a long-term investment and a place of shelter for you and your family, you are bound to buy a house that has good schools nearby, grocery shops, hospitals, good transport network and so on. You are also going to determine the time it takes for you to reach your workplace from your home. So, purchasing a home will give you a sense of stability for years to come. You know that you own the place and come what way, this is one asset that will protect you and your kids in the future.
Value appreciation of your home
Apart from the pride of ownership, owning a home also offers massive financial benefits. You must be aware that the real estate sector moves in cycles. Sometimes the market is up, sometimes it is down. However, over the years, real estate has managed to remain consistent. For as long as people need a place to stay and call home, there will always be buyers ready for your property, if you decide to sell your home in the future.
As discussed before, you can increase the value of your home through proper maintenance and renovation. So, when the next owner comes to see your home, he/she will be highly impressed with the facilities that come along with the home and you can hope to get a good value. This is one of the major reasons why you need to do your due diligence before buying a home. The location plays a very important role in purchasing a home. For instance, if you are thinking of buying a home in Kolkata, one of the best locations right now attracting home-buyers is North Kolkata. This is because North Kolkata has excellent transportation networks, good schools and hospitals are nearby, and the location is developing with brand new residential properties coming up. If you choose to sell your North Kolkata apartment when the area is fully developed, you can get a good price for it. The same logic is applied when you are buying a home anywhere in India.
Great opportunities for savings and future investment
You might think that staying in a rented apartment is facilitating savings. If so, you are not the only one. Since you have to pay a fixed monthly rental until your lease is over, it is normal for you to think that you are saving money. But, in reality, this rent money is only being debited from your account and it isn’t adding any value to your financial standing. On the other hand, when you own a home and pay EMI on it, you are actually on your way to owning an asset, which can fetch you a lot if you sell it. The key takeaway is that if you have the money and in a position to get a home loan, consider purchasing a home. This will be your asset. Do not put your hard-earned money into the landlord’s account, but build an asset for yourself.