Are You Ready to Buy a New Home?
Published on: 27 Jan 2024
Buying a house is certainly a big decision, one that requires emotional and financial commitment. Although it is a source of high investment, having a home of your own can also be very rewarding. Certainly you have heard many friends, relatives, and family members discuss the benefits of real estate investment. From all the suggestions you received you have concluded buying a new house but are still wondering, “Am I ready yet?”.
This blog will list all the important points and guide you towards making a wise investment choice.
Well buying a new house can be beneficial if you have a stable source of income and are looking for a worthy investment that goes through steady appreciation. You don't have to worry about a market crash in the case of a stock market, as the real estate market is much less likely to go through fluctuations. In the long run, a self-owned home is also a great source of rental income if necessary. Here are a few benefits and scenarios that will encourage you to have a house of your own:
Savings
Good savings can make a person take big decisions in their life. If you have a good amount of savings and have a stable income to complement your savings, buying a home may not be difficult for you. In case you plan to avail of a loan and pay consequent EMIs, your savings will help you immensely. Before you purchase a property check your eligibility and plan ahead. Ensure you have enough savings to not just book your home but also make consistent payments for the future.
Financial Stability
Financial Stability can play a major part in making the big purchase of your new house. It is ideal that all your past dues such as education loans, vehicle loan, credit-card dues etc are cleared, as it plays a major part in you getting a home loan. It is essential for you to have financial stability as it will govern whether you will be able to service the loan. Another factor that matters is that you have a stable job and are sure you will be staying in the city for a long term. You should be able to figure out what the added pressure of a loan would put on your monthly expenses.
Tax Benefits
Purchasing a house with a loan has certain tax benefits, which lessens the burden on your income. They are not permanent in nature and can change when the budget is estimated by the government, but the current regulations say that when the house is purchased with a home loan and is occupied by you, your family, or is vacant, then you can claim a deduction of up to Rs. 2 lakh on the interest amount paid. Similarly, for the principal you can claim a deduction of up to Rs. 1.5 lakh under Section 80C. There are some additional criteria that you will have to satisfy to enjoy these deductions to the full extent but do consider all the factors while making a decision to buy a house.
Market Conditions
The real estate market is very uncertain and is always the first to be impacted in case of an economic downturn. Although you don’t have any control over the market whatsoever it is wise to keep an eye out for opportunities. These can come to you in the form of extremely lucky deals where you were able to score a price less than the market value of the house/property. It would be wise to keep an eye out for the area where you are looking to buy your new house. This combined with good research will benefit you greatly.
While there are many ways to access if you are ready to buy a home, one great way to finalize this is to seek professional consultation from a real estate consultant. We at EstateMint are known to build amicable relationships with developers as well as home seekers and get them the best deals possible.
If you wish to buy your dream home and make it your success story for life, we will be glad to provide you with all the support and financial assistance you need. So, don’t wait any longer, begin your journey towards the ideal home with us today!
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EstateMint is one of the leading Real Estate, and finance consulting firm having its operations in Pune. EstateMint’s strength is based on years of expertise in Real Estate and Digital Marketing with their cutting edge technology platforms and research tools which deliver the rich knowledge in the field of Real Estate and empower customers to make informed decisions.
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