The Indian real estate sector has witnessed several developments
over the past few years, with schemes like the Pradhan Mantri Awas Yojana
(PMAY), infrastructure status given to
affordable housing, implementation of the Real Estate (Regulation and
Development) Act, 2016 (RERA) and the subsidy schemes for first-time buyers of
residential properties. The push towards infrastructure development also makes
it an ideal time to invest in real estate, as the prices in a locality, often
increase, after the completion of an infrastructure project in its vicinity.
So, whether
you are a first-time buyer or looking to move up to the home of your dreams,
now is a great time to purchase a home.
Here are some of the reasons to buy a home today.
1. House prices tend to rise over time; a home purchase is one
of the best investments you can make.
Buying your first home is one of the most significant
investments you will make in your lifetime. With housing prices on the rise, it
can be challenging to find a home that fits your family's needs without
mortgage payments.
2. You Can Pay less tax and save money.
You can deduct the interest you pay on your mortgage from your
taxable income. Homeowners with new home loans tend to get the most significant
tax benefit. The higher the interest payment each month that means more
enormous tax breaks. Real estate taxes are deductible, providing great benefits
to the homeowner. Homeowners often find that owning a home costs substantially
less than renting a home.
3. Sell your home
It’s critical to keep an eye on the calendar when you sell your
house. If you don’t time it well, you could end up paying a hefty tax. If a
property is sold within three years of buying (acquiring) it, any profit from
the transaction is treated as a short-term capital gain.
4. The home will be yours.
Do what you want with the home. Paint it purple, have black
carpet, punch a hole in the wall. These types of changes are often impossible
when renting, but when you own a home, you can design it as you please.
5. Interest rates are currently low.
Rising interest rates impact every aspect of buying a home.
Interest rates have as profound an effect on the value of the income-producing
real estate as on any investment. Currently, home loans prices are low, so it
will benefit you as it will help you to pay your mortgage less than your rent!
6. You’ll have the peace of mind of owning your own home.
No more worrying about crazy landlords or rent increases, you’ll
be able to live in your home for as long as you like.
7. It’s a Forced savings.
A portion of your payment each month will go to the principal of
the loan. This shouldn’t be considered a cost but a savings plan. You are
paying yourself by building equity. It is helpful when you are ready to retire.
8. Pride of ownership.
Owning your own home gives the owner and their family a sense of
security and stability.
These are some of the reasons why you should buy it in 2019. Do
share your valuable thoughts in the comment section below.
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