Top 8 Reasons Why You Are Right About Buying A Home Now!
Home purchasing is one of the most significant decisions you'll make in your lifetime. It has always been viewed as a matter of prestige in India, as well as it indicates the sound financial bearings of a person. Buy a house! is often the advice doled out by the older generation and now we have slowly come to realise that it's not completely unfounded!
COVID-19 has undeniably made us realise the value of having a home of our own. For months it provided a safe haven for our loved ones and turned into an office, school, theatre and much more! On the other hand, the volatility witnessed in the equity market has driven home the point that investment in real estate offers stability and is a safer bet.
There are many factors to consider, including location, price, and the overall state of the real estate market. If you're thinking about buying a home now, there are several reasons why you may be making a wise investment. In this blog post, we'll explore some factors that may make buying a home now a smart decision.
1. Your Dream Home Could Cost More In Future
The land is a limited resource and the population will keep growing. Increasing urbanisation, growing incomes and large middle-class households are the combined factors driving demand in the sector. According to a report by Knight Frank, the demand for affordable housing in India is expected to reach 25 million units by 2030.*
Thus, the undersupply and overdemand situation could lead to higher property costs and limited future choices. Considering this and also the fact that real estate is a safer bet than equity in the long term, now is also a good time if you are looking to add real estate to your investment portfolio.
2. Inventory Of Good Quality Ready-To-Move-In Houses Won’t Last Long
Currently, the real estate market has a good quality inventory of ready-to-move-in houses in projects by reputed developers. You can get your dream home that meets all criteria – location, lifestyle, security, quality and convenience.
3. Take Advantage Of The Reduced Home Loan Rates
Interest rates have a significant impact on the overall cost of a home. When interest rates are high, the cost of borrowing increases, making it more expensive to purchase a home. However, when interest rates are low, it can be an excellent time to buy. In recent years, interest rates have been historically low (Currently 8.30%) and they are expected to remain low in the coming years. If you purchase a home in 2023, you may be able to take advantage of low-interest rates, which can save you a considerable amount of money over the life of your mortgage.
4. Potential For Appreciation
Another reason why buying a home right now is a smart decision is because of the potential for appreciation. Real estate has traditionally been a great investment, and while there are no guarantees, the housing market is expected to continue to grow in the coming years. This means that if you buy a home now, it could appreciate over time, which could result in a significant return on your investment.
5. Tax Benefits
Real estate is among the largest employers in the country, apart from generating direct and indirect employment, it also significantly contributes to the GDP of our nation. Recognising this, the government to boost the sector announced measures to encourage people to buy a house. In India, the rate of stamp duty varies from state to state and can range from 5% to 8% of the property's market value. Homebuyers can claim a deduction on the stamp duty and registration fees paid on the purchase of a property under Section 80C of the Income Tax Act, allowing them
to benefit from the deduction while also reducing their overall tax liability.
6. Favourable Policies
With the recent implementation of buyer-centric policies and laws such as RERA in real estate, now is an opportune time to consider purchasing a home. These laws have instilled a sense of security and stability regarding the rights of buyers, making it a safe and reliable investment. The implementation of the Goods and Service Tax has reduced the tax norms previously prevalent in the real estate industry, further making it an ideal time for buyers to find their desired property without the fear of fraudulent activity. Moreover, the Indian government has launched several initiatives to promote affordable housing, making it easier for people to buy homes. For instance, the Pradhan Mantri Awas Yojana (PMAY) aims to provide affordable housing to all. The Credit Linked Subsidy Scheme (CLSS) under PMAY offers subsidies on home loans for people in different income brackets.
7. Pride Of Ownership
Owning a home can provide a sense of pride and accomplishment. When you own your home, you have made a significant investment in your future. You have a place to call your own and a sense of ownership that can be incredibly fulfilling. Additionally, it can be a symbol of success and achievement, which can be important for your self-esteem and sense of well-being.
8. Homeownership Is A Legacy
Finally, homeownership can be considered a legacy because it is a long-term investment that can provide financial benefits for you and your family over time. When you purchase a home, you are not just buying a place to live, but also an asset that can appreciate. You also have the option to pass it down to your heirs as an inheritance, providing them with a valuable asset that they can either use as a place to live or sell for a profit. By leaving behind a home, you are creating a legacy that can last beyond your lifetime and provide financial benefits for your family for
generations to come.
Buying a home is a significant decision that requires careful consideration. However, if you're thinking about purchasing a home now, there are several reasons why it may be a wise investment. Low-interest rates, increasing home values, tax benefits, stability and control as well as the ability to build equity are just a few of the reasons why buying a home now could be the right choice for you. Before making any decisions, be sure to speak with a financial advisor and do your research to ensure that you make an informed decision that meets your needs and goals.
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