Why Should You Buy A House?

As someone who has been under stable employment for a few hours and have a good take home salary, your next step would be to look for credible investment opportunities that can help you protect your money and secure your future. That brings you to the next step- Owning a House. 

While friends and family mention the subject of owning your home for prestige and a sense of status, there are a lot of advantages that come with buying a house. Here are a few reasons why you should buy a house. 

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Benefits Individual Villa

Benefits of Individual Villa

1. Your Own Space!

The pride of ownership cannot be ignored! You will be joyful about the fact that this is your space, something you bought for yourself, using your own hard earned money. You have privacy and have the ability to choose to style and decorate it anyway you want. In the current economic conditions, home ownership is considered an ideal investment opportunity and a house is always a wonderful thing to own in your name.

2.Asset appreciation

You might have heard your parents and relatives talk about how they managed to sell an asset almost twice, or thrice its initial down payment. This should give you a good idea about the fact that the appreciation value for houses are always high, and only get better with time. If you purchase a house, especially in developing areas or in places where the government is investing in infrastructure or industrial enterprises, you can easily expect the value to double in the next few years. Now that sounds like a wonderful deal, doesn’t it! 

3. Tax Deductibles

Purchasing a house via a mortgage or EMI scheme gives you the opportunity to save up to lakhs on taxes through deductibles. You can deduct property taxes and real estate taxes and claim that during tax filing. This makes buying a house a valuable savings option!

4.The right time to buy

With the post-COVID 19 world starting to open, all affected economies are slowly coming back up. Real estate had been one of the fastest ones to bounce back, with demand picking up at record speed. Another reason is that post the pandemic property valuations today are at realistic levels, mortgage rates are at the lowest, some states have started reducing the stamp duty to make property purchase relatively affordable, developers are offering flexible payment schemes such as 10:90 and waiver of GST, stamp duty and other benefits. As more and more offerings flood the market, buying a house is supported by the government and banks, who can help you secure a loan in good time. 

5. Early investor

We all know that buying a house comes with additional expenses and upkeep that one must be prepared for financially. Now you might be making a good salary,but you should know that housing loans are massive and will take a good 10-15 years to pay off, if you want to keep your monthly EMIs and interest rates at a reasonable level. The average age of a home loan taker for a reputed housing financial company is 39 years. If you start investing in a house in your late twenties, make sure you are in a stable job and have a manageable interest rate, so that you can pay off your house well before you retire. Being an early investor in housing gives you the financial power down the line!

6. Build your credit score

Taking out a home-loan or a mortgage can positively impact your credit, which is an important part of your financial standing. Making your monthly payment and EMI on time can help improve your credit scores, and make you a desirable candidate for banks to give you future loans down the line. 

Your credit utilization also decreases as you reduce your loan balance, which positively influences your credit scores.

But you have to keep in mind that while on-time payments help your credit, late payments will hurt the number and if the default leads to foreclosure, your credit score could take a dive.

So if you’re taking out a mortgage to buy a home, prioritize making timely payments. You’ll build credit over time, which allows you to finance future purchases at favorable rates.

7.Ready collateral

One of the biggest benefits of owning a home is that this is the best form of collateral you need to secure any form of quick financing. If you want to seek some extra money to make home improvements, you can also keep the house document as a collateral to secure the purchase. The availability of an asset in hand is always welcome when it comes to procuring short term loans. 

To conclude, there are many reasons why you must buy a house; it ranges from prestige to a credible source of investment. The factor about credit scores and property appreciation is underrated when we discuss house investment. Kindly consider the importance of making monthly payments for your house. We at wisdom properties are land developers who have completed multiple real estate projects to benefit the buyer. Head to our site and check out our listings and properties there!

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