How Owning A Home Can Help You Succeed In Life?
"To buy a home is to buy a better way of life. To choose a better way of life is to work towards well-being, and isn’t well-being what’s paramount?"
While the 'Indian Dream' is subjective and dynamic, there’s one element of the "Dream" that has always been consistent: Homeownership It’s one of our major life goals, eliciting various emotions, thoughts and feelings. To some, it represents security; to others comfort or status, luxury and accomplishment.
But there’s another aspect to consider— that’s something to do with numbers. Because purchasing a home is the largest financial transaction in an average Indian's life, this is where people struggle with the decision of whether to rent or buy. According to a JLL India survey, consumers are preferring homeownership over renting as real estate is one of the best investment assets in the face of economic uncertainty and rising stock market volatility.
But Why Is Homeownership Every Indian’s Goal?
It signifies security, independence and freedom for many people as they enter adulthood. This impression is still seen as an achievement because it’s believed that real estate is a wise investment that presents chances to increase wealth and options for the future, regardless of whether you want to sell it for a profit or use the equity to finance other costs.
Let’s explore the multidimensional benefits that homeownership brings and how having your own home can make you feel accomplished.
The Measures of Success Featuring Homeownership
1. Building Equity
The financial advantages that homeownership brings are among its largest rewards as your home's worth increases due to the rising home values, guaranteeing that the money you invest will yield large returns over time. Additionally, every loan payment you make contributes to the monthly repayment of a portion of your loan, increasing your equity in the property. This means your equity is the lowest during the first payment and grows steadily every month.
2. Investing In Your Future
When reaching a particular age, investments are one of the first thoughts that cross one’s mind. They’re your key to a stable future and life free of monetary difficulties and setbacks. In India, there’s a thing, "You’ve accomplished your life the moment you purchase a house." For some, it's a value-added asset, to others it's a post-retirement safety net and for the rest, it's the only resource of generating wealth.
3. Tax Advantage
The Indian government has implemented several policies to encourage first-time homebuyers to invest in real estate. For instance, according to Section 80EE of the Income Tax Act of 1961, a first-time house buyer may deduct an additional Rs. 50,000 in taxes in addition to the current Rs. 200,000 cap. Tax deductions are allowed for stamp duty and registration fees too. Additionally, the Pradhan Mantri Awas Yojna (PMAY) is another housing scheme that aims to provide affordable housing to the Urban and Rural populations in the country.
4. Become Part Of A Community
Homeownership has effects that transcend beyond the financial one. Homeowners in a city are frequently vested in the community, allowing them to volunteer for events. Having your own house is a terrific way to feel like you belong somewhere that’s often greater than someone renting for a short term.
5. Pride Of Ownership
Imagine the satisfaction of declaring, "I own that!" The possession of a home is a source of great social pride. It’s a constant reminder of your smart choices and hard work, making you feel accomplished. You won't need to be concerned about the landlord's hassles because you’ve complete control over your living arrangements. Home is something that transmits from one generation to the next. Your home is unique to you where you create memories and a location where you build a life and family.
6. Psychological & Emotional Benefits
Homeownership is a crucial component of our existence, a place that safeguards us and, most importantly, comforts us. With this, your psychology benefits subconsciously. You begin to feel at ease and lead a stress-free, successful life while focusing on other important factors of your life too. It’s also beneficial to have a happy family as your home creates that atmosphere that connects you to others and blossoms love in your heart.
Isn’t all of this what defines success for most of us?
Homeownership has far-reaching effects, financial and otherwise. Buying a house is not the only factor that leads one to live a fulfilling life but also offers a sense of identity, belonging, security and stability, especially in the wake of the pandemic. It’s the best present you can give your family and yourself. But remember, it's wise to purchase a home from a reputable developer with a solid history as they not only give you security and comfort but also ensure top-notch construction quality and satisfactory living for your family and yourself
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