The pandemic has taught many people the importance of owning their houses. The fear of living in rented accommodation during the unprecedented times and no control of situations led many people to invest in their own houses. Owning a house gives you the control to develop and modify the house as per one’s needs and specifications. There is no binding to landlords' contracts or regulations along with a lot of privacy in living in one’s own house.
Home is a lifetime investment, property rates are now going higher and higher. It's safe to assume it will go up in a few years. Buyers will be building equity and creating net worth. If you are planning to stay in a place for a long time, it's best to have your place.
It is like building the asset, you can pay home loans EMI over some time instead of paying rent, which is considered an expense. When you own a home, you can plan the long-term costs associated with the property, without having to worry about increased lease payments or a canceled lease. It is easier to modify according to your style and taste, a customized home is comfortable and exquisite to look at. Feel free to remodel anytime.
Another major benefit of having a home is the tax benefit. The principal and interest repayments for home loans are eligible for tax benefits. The affordable housing policies implemented by the government encourages home buyers to enjoy the benefits of self-owned homes.
In the coming years, homeowners will enjoy tax benefits, depreciation allowance, and mortgage interest deductions. The deductions in turn reduce overall taxable income improving the cash flow. The funding facilities and procurement of home loans have become trouble-free and a quick process. As a homeowner be wise to prudently judge the rates of procurement from various sources and make a balanced decision.
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