Investing in real estate is a huge decision. There’s no denying that there are multiple processes you need to go through before you can finally become the owner of your own house. For many first-time home buyers, these processes can often seem daunting, which might make them put off their decision to buy a house. However, the real estate sector has gone through a great deal of changes to make the process for home-buyers simpler than ever before. If you’re waiting for the perfect time to invest in real estate, then wait no longer. Here are five reasons why you need to invest in property at the soonest.
Property Rates Are Appreciating
Real estate is quite possibly one of the safest investments you can ever make because it’s almost guaranteed to increase in value over time. With cities expanding and companies setting up their offices in the outskirts, new localities are coming under the spotlight. Places like Sholinganallur and Sriperumbudur are quickly becoming investment hotspots with MNCs opening their doors in these localities. As a buyer, this is the perfect time for you to stake your claim on a piece of property in these areas. The prices are comparatively low now, but in a few years, they will have increased significantly. This is why home-buyers should seriously consider investing in Chennai’s outskirts. While an apartment on OMR might not cost you much now, it will become very expensive if put it off for a few years.
Paying EMIs Are Better Than Paying Rent
While rapidly increasing property prices is great news for buyers, it’s definitely not for renters. Rents for houses are reaching exorbitant heights, especially in prime localities of the city. If you’re living in a rented house, then a good chunk of your salary goes into paying the monthly rent. This might not be a very feasible option in the long run because rent is only going to get higher from here on. It makes a lot more sense for you to spend that money into paying an EMI. It is a good financial option because the money is going into something that gives you returns. This should put to rest the never-ending debate over whether you should buy or rent a house.
Reforms in Real Estate Have Made the Process Easier
For a home-buyer, there’s no time like the present to invest in real estate. A slew of reforms have changed the landscape of real estate investments, simplifying the process greatly for home buyers. The RERA act has changed the real estate market in India. It has tilted the scales in favour of investors, by ensuring that real estate developers are more transparent and are held accountable. This protects the interests of home-buyers, encouraging them to invest in real estate more. The GST tax reforms have also impacted the real estate sector in a positive way. The simplified process makes things much easier especially for first time property buyers.
You Can Benefit from Tax Breaks
Who wouldn’t want to save money on taxes? Investing in real estate is one of the best ways to take advantage of tax cuts. If you’re home loan interest is less than Rs. 1, 50,000 and your principal amount is up to Rs. 1, 00,000, then you’re eligible for tax cuts every year. This means that with an investment in real estate, you’re making money in the long run and saving money in the short run.
It’s Best to Invest in Real Estate When You’re Young
Being young actually works in your favour when you’re investing in real estate. Younger home buyers get preference when they apply for a home loan because they have a lot more working years in front of them to be able to pay off their loan. You also get to pay a much lower EMI on your home loan the younger you are. When you’re young, your career is on an upward trajectory. This means that investing in real estate when you’re young leaves you room to make even more investments the older you get. So if you’re in your twenties and have a steady income, there’s no reason why you shouldn’t invest in real estate. Read our article on Tips for First-Time Home Buyers to help make the process easier for you.
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