LIFE WITHOUT YOUR OWN HOME

Having a home to call one's own is a dream shared by the average Indian, but realizing that dream can be a formidable challenge. The list of things to do when buying a home is seemingly endless: saving for a down payment, maintaining a good credit score, figuring out the details of the mortgage, completing the necessary paperwork, fixing up the place once you take possession, and paying the necessary taxes, bills, and other miscellaneous expenses.?

The benefits of home ownership, however, outweigh the difficulties, so the determined Indian will pursue and persist despite them. If you've been on the fence about buying a house, hopefully these five benefits will sway you.

1. Capital appreciation

As there is such a high demand for homes but only so much land, the value of your home can only rise in the long run. On the other hand, rent payments are a lost cause.

The typical expectation is for a property's value to double every 30 years. This time frame could be as little as 10–15 years if you live in a major city like Mumbai, Delhi, or Bangalore.

2. Personalization liberty

You can't even put a nail in the wall without your landlord's approval, as anyone who has ever rented a place knows. There's no way to "do it up" to your liking.

To put it simply, when you own your own house, you can alter it whenever you like. Redesigning the space is an option, as long as the building's integrity is maintained.

3. Asset building

As an investment vehicle, real estate is among the very few that can generate comparable returns. Having a home of your own can serve as a financial springboard or a safety net in times of need.

You can make money by renting out the property in the future, selling it for a profit, and then using the proceeds to buy a larger or better property, or to invest in something else.

You can always get a loan against your property to help you out in a pinch and pay it back over time.

4. Privacy and assurance of space

The renter always has less control over the situation than the landlord does. It would be necessary to accommodate their whims regarding questions and visits.

Possible annual rent hikes should be expected. If the owner has an immediate need for the space or finds better prospects, you may be asked to leave immediately. When you cross over into the homeownership side, you no longer have to worry about any of these things.

5. Retirement assurance

You want to be independent and free to pursue your own goals in life. You have the potential to generate income from your home, allowing you to spend your retirement years doing what you love most while taking care of your loved ones. The purchase of one's own home is regarded as a major achievement and a measure of success in Indian culture.