The population in India is growing every second and is booming. The need for housing is greater than ever before so finding a place to live is becoming more crucial. But should you buy your own house or stick to renting one? The answer is crystal clear: You should buy a home.

There are multiple reasons to buy your own home today. Let's break down why it's a smart move.

Owning a home is a keystone of wealth—both financial affluence and emotional security

- Suze Orman

The value of money is decreasing over time. Hence the property you will get today shall be of more value than in future with the same amount of money.

Also, inflation will eat up your corpus when you delay buying your own house. The prices will keep on increasing over time, whereas your corpus will keep on decreasing in value. This will never help you buy your own house. Hence, you should buy your house as soon as possible with the funds you have.

Owning Your House is Important

Owning a house is a major step in anybody's life. The sense of security it brings along with it is unmatched. There is a debate over renting or buying a house. We do not want to go into that debate since that is purely a financial one.

But if you consider the other aspects of owning a house, you will see that they outnumber the financial aspect by more than a mile. Hence, you should buy a home today if you haven’t.

Benefits of Buying a House

#1 Ownership

You own your own house. You do not have to seek permission from anyone to do anything. The house is your own. You stay in your home as long as you want. People who stay in rented homes have to change their homes at intervals. This itself is a struggle.

#2 Better Than Renting

When you buy a home, you create an asset. When you rent a home you have an expense. There is a difference between owning and renting a house.

The money you pay out each month as rent can be converted into part payment for the house you own. Also, renting does not put any money or equity back into your pocket. Whereas creating an asset of your own shall.

#3 Long-term Investment

When you buy a home, you are creating an asset which is a long-term investment. An asset which will appreciate over time. This asset can be sold later on by you or your family.

#4 Privacy

You have the most privacy when you buy your own house. People who rent out houses tend to have limited privacy as compared to people who buy their own homes.

#5 Tax Benefits

When you buy your own home, the government across the world gives you tax benefits. The amount you pay to buy your own home can be claimed as a tax deduction in your income.

Also, the property taxes you pay to the government can be claimed as a part of an expense in your income statement.

Many more benefits are available to home buyers. You can connect to a financial expert and know more about them.

#6 Stability & Peace of Mind

The sense of stability your own home gives you is unmatched. You can travel the whole world and come back to your own home knowing that it’s your base.

Your home is your base. You can be tired from your daily routine and work. And you can come back at the end of the day to relax in your own home.

Your family can also be rest assured that they have a roof over their head even after you are gone. This gives you peace of mind that they will be safe and secure.

Risks and Considerations

When buying your own home, you should weigh the risks involved. Also, you should consider the cost involved in owning a property, especially your house over the long term.

You should make an informed decision after studying the property, the location and the cost of the property.

Buying a property without proper knowledge or research can be financially hazardous. We suggest that you consult a realtor before buying any property.

A. Market Analysis

When buying a property, you need to analyze the market. You can consider the following two points in your market analysis:

1. Potential Market Fluctuations:

Study the potential market fluctuation of the prices in the area where you want to buy the property. For example, if you want to buy a property in South Mumbai then try to know how much the price fluctuates over time.

The fluctuation in prices will help you to realize the price you pay is the right one. You can alternatively wait to take advantage of the price correction.

2. Mitigating Risks through Research and Planning

There are many risks involved in buying a home. Nonetheless, these can be mitigated through proper research and planning.

To mitigate the risk involved, plan your purchase step by step. You should pay close attention to your budget, preferred location, and preferred choices.

B. Maintenance and Responsibilities

There is a cost of maintenance attached to any property you will own. This cost can vary from property to property depending on the location, size and period of ownership.

1. The cost of homeownership beyond the mortgage

The cost of owning your own home can go much beyond the price of the mortgage. There are various expenses that you might have to incur.

You need to consider the yearly expenses from the government. Some of them are maintenance of the society, municipal and local taxes, repairs and replacements.

2. Being prepared for unexpected expenses

Contingent expenses are something that a homeowner should not ignore. These expenses pop up anytime and can hit your monthly budgets or even savings. To counter these expenses you can either save or insure your home or property.

Conclusion

So, should you buy a home? Absolutely!

Think about the benefits, plan your purchase carefully, and make a decision based on research.

The real estate market is changing, giving you plenty of options within your budget. With things like RERA in India, homebuyers can feel confident about their investment.

At Golden Gates Realtors, we're here to help you find your dream home. Our experts can guide you through the process and provide valuable insights. Connect with us for personalized assistance and make a decision that sets you on the path to a brighter future.