OWN A HOUSE: ENJOY THE PERKS OF HOUSE OWNERSHIP

For most Indian families, owning a home requires significant financial sacrifices to save up for a down payment and afford your monthly mortgage. In many cases, however, these sacrifices are worth it because homeownership brings significant advantages in the long run.

So, if you have been on the fence about continuing to rent or own a house, here are a few fantastic perks of becoming a homeowner.

More freedom and security

This one goes without saying – as a homeowner; you definitely have more freedom to live as you please compared to living as a renter. This is mainly because homeowners are not subject to inspections on their premises by a landlord. You also have the freedom to paint, alter, or increase the security of your home in any way you wish.

Additionally, not only do homeowners have the ability to make home renovations for aesthetic purposes, but they can also make improvements that will serve as a valuable investment down the road. As a renter, you don’t gain any sort of monetary value when you improve the property you live in. Still, homeowners have the liberty to invest in remodels that can significantly pay off in the long haul.

Smart investment

Buying a home is one of the safest and smartest investments that a majority of Indians have access to. Rather than filling the pockets of landlords and rental companies, your money is put into your own future. Investing is always risky – the housing market will rise and fall. However, since most homes are purchased through a mortgage, the loan you take from the bank is then invested into the property.

When you own a house and maintain it over the course of decades, the rate of inflation alone causes the property value to climb. This is what has made property buying a savvy investment. If you are somebody new into the world of real estate, you must look into beginner’s real estate investing tips. 

Fixed payments

If you’ve ever lived in a rented property, you know that having a fixed monthly housing fee for years is nothing more than a dream. However, when it comes to your mortgage, the fixed rates make it possible to maintain the same housing payment for decades, despite the increase in the cost of living.

Paying the same monthly mortgage fee also means that your mortgage will be completely paid off in one day. Whether you’re just scratching the surface of owning a home or are about to close on your first home, remember the financial freedom you are gaining from homeownership! Say hello to a retirement that’s free of housing payments!

Increased equity

Building equity on investment is quite obviously the most critical part of homeownership. Equity, or personal interest in the property, increases as the mortgage on that property decreases. Every time you pay towards your mortgage, your equity increases.

Equity is only gained over time and is not the same as profit. However, the more time spent paying down the mortgage and letting the value rise with the economic climate, the more equity (and therefore profit) can be gained.

Improved credit score

It might seem like credit building occurs only before you receive that big home loan from the bank, but the best way to continue that climb is to continue treating your credit score like you haven’t yet bought your dream house. Your credit score builds substantially when you make regular monthly payments for such a significant loan amount.

Maintaining a home loan looks very good to creditors and will qualify you for a number of perks for your future purchases. So, home investment can be wisely used to your financial advantage for your future.

Sustainability

When we think of owning a home, we think of safety, security, and comfort. When you’re a homeowner, you’re always at ease knowing you can settle into a home, raise your family, and make memories.

Being able to settle into a home for years rather than having to hold on to the possibility of moving between different rental apartments also increases stability; this must be your thought process to understand when to start real estate investing. This is particularly beneficial for children since being a homeowner means a decreased chance that you and your family will have to change jobs and schools and settle into new social and learning environments.

Final take

Now you know the advantages of owning a house and how it can benefit you in the future.

House ownership is a rewarding experience where families will build memories along with positive financial futures. However, becoming a homeowner can seem daunting at first. If you choose a great team to work with, you will see just how simple the home-buying process actually is!

Sterling Developers has over four decades of experience in building dream homes in Bangalore and always leaves every customer feeling valued and incredibly happy about their new home. So, what are you waiting for? Explore our range of residential properties in Bangalore and book a visit to secure your ideal home today!