Advantages of owning a House

Buying your own home can be the most important decision you will make in your lifetime and it will be an asset that can help to build wealth over time. A home’s value increases both emotionally and economically over time. There are many financial and personal advantages, by investing in their own house.

Best Long-Term Investment:  Real estate is always a solid long-term investment as these are always in steady demand which remains unaffected by volatile movements in the stock market. In the first few years, it may be cheaper to rent. 

But, when the interest rate of mortgage payment decreases, the interest that you pay will be lower than the rent you pay. But more importantly, when you own a home, you are not throwing away all that money on rent. You are, in fact, putting your money every month in something that is completely worth spending on.

Feeling of Accomplishment:  When you buy your own house, you tend to get a feeling of achievement, which is incomparable and out of the world. There is a great sense of belonging to the surrounding community, in which your house is located. This may not be the same for rental property since you can’t call it your own. Once you have own a house, many things fall into place, like the sense of security and peace of mind. Finally, you feel that you are well settled in life.

Freedom of Living in Your Own Castle:  For many, the freedom to live as they wish is the major goal in their life. In your own home, you are no longer bound by the rules of your landlord.  You can decorate your rooms as per your wish. Everything from the wallpaper to the furniture involved can be as per your choice. When it comes to renovation or altering the landscaping, you need not think twice about approvals and spending. Your home indeed becomes your castle.

No Issues for Pets:  If you are fond of having pets, then your own house is indeed a happy place to have them, since there will be no restrictions. Also, your own house will be a safer place for pets. You can even have furniture solely designed for your pets.

Substantial Tax Benefits:  If you have availed a home loan to purchase the house of your dreams, then you are entitled to claim both the interest as well as the principal amounts of your home loan repayments for tax benefits. If you are a first time home buyer in India, you can also get an additional deduction of Rs 50,000 on the interest for your home loan of up to Rs 35 lakhs.
Last but not the least, the biggest benefit you get from buying your own house is the sense of pride and respect from your family and friends. This feeling is indeed the greatest asset in life.
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