There are a number of people who choose to rent a residence over buying a home. However, there is also an increasing number of investors entering the market who desire to purchase their own homes. When you own your home, you are free to live your life on your terms, free from landlord interferences.
Here are the top five advantages of buying a home:
Investment for a Lifetime – To own a house is to make an investment for a lifetime. Property prices have appreciated in the recent past, and one can safely assume that these will rise further. Paying towards owning a home means building up equity and increasing your overall net worth.
Asset Building - Real estate is a tangible asset that will appreciate over the passage of time. While paying rent is purely an expense, paying EMIs towards a home loan is investing in your future. With every EMI paid, the equity of the asset increases. With property prices steadily appreciating, this is one asset that will definitely reap great rewards.
Tax Benefits – The principal amount and interest repayments on home loans are eligible for various tax deductions. There are several government policies that have been implemented to encourage investors to be able to own their own homes. There are several tax benefits that can be availed of, which will increase savings and cash flow.
Easy Finances – Banks and other financial organizations are today offering home loans at lower interest rates. The easy availability of loans has encouraged numerous first-time buyers to enter the residential real estate market.
Customization – It is near impossible to customize rented or leased property because you have to get the okay from the landlord. Owning your home gives you the freedom to make any changes and personalize your dwelling to suit your tastes.
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