Are you one of those who hates monthly installments? Would you rather prefer living in a rented apartment, not wanting to worry about availing home loans, repaying them and maintaining your home? Here are a few important reasons that could possibly change the way you look at this situation and probably decide on buying a home.
Home loan procedures are seamless
Gone are those days where you need to wait for ages to even meet a person from the Bank. This is the era where you just walk into any of the money lending firm and request for your home loan. Just bring along the necessary documents and voila, you have a home loan! Ain’t that quaint?
Rental prices are insane
Every year rental prices increase by an average of 4%, which implies that in roughly three years you will be paying 12% more than what you are paying now. To simply put, you cannot afford this kind of an insane inflation rate. Since more people are opting for rented apartments, the demand for the same goes up, resulting in an increase in rental prices. Why pay rent when you can actually substitute that for a monthly installment?
Home is a money machine
If you were to evaluate the equity situation of your home in 5 to 7 years time from its purchase year – you will surely realize what a great decision you have taken! If you had bought your home in the right area and for a right price – you are sure to gain significantly from the whole deal. Considering home loans are generally sanctioned for 80% of the worth of your home, you are practically covered from all sides. Even if you decide to sell your house in less than 10 years, you will stand at a great advantage – you would not only repay the loan but end up with a fat profit. Where would you mint such kind of a money if you decide to live forever in a rented apartment?
Above all, there is no denying the fact that your home cannot be compared to anything else. The sense of ownership and well-being is quite strong if you live in your own haven. Enjoy this process