Though owning a home is everyone’s dream, buying your own home is a huge financial responsibility for everyone involving a lot of pressure and doubts. However, if one educates oneself before buying a house and takes help of professionals, buying a home can prove to be a very beneficial action.
So even if you have some doubts, Girish Navnath Avhad hereby presents you with a list of benefits of buying your own home that will clear all your doubts in a second.
• Buying your own home can provide you with the greatest financial security. Instead of paying off your rent every month and not getting anything out of it at the end of day, you can actually own a home with that money. A great sense of independence can be achieved with your own house.
• Monthly input of money in housing is stable unlike renting. For your monthly payments are of fixed amount unlike your rent, which increases with the time and change of place.
• Buying your own home is a solid financial investment for it provides steady returns which are unaffected by erratic movements in the stock market. Therefore, by investing your money in a house instead of stock market, you can ensure safe and steady returns on your investment.
• Buying your own home enables you to generate more savings for the value of real estate increases rapidly and constantly for the growth of your value’s property exceeds your ability to save. The percentage of increment in a savings bank accounts is definitely lesser than the increment of your property’s value.
• Buying your own home is also beneficial in terms of building equity. Equity is the amount of which you can sell your house for minus the amount you still owe to it. Your monthly payments or EMIs deducts the amount of what you owe which consequently raises your equity.
• Buying your own home is a great long term investment for your house can make up for a good rental property in future. In this way, you can your house as source of second or first income during old age.
Girish Avhad is a well-known real estate agent and self-made entrepreneur who with his hard work and dedication became the most renowned businessmen in India.