Why Invest In Your Dream Home Now?

Published on: 18 March 2015


Let us ask ourselves a simple question first. Do we wait if we run out of groceries at our home? The answer is no. In fact, we rush to the nearest grocery store. Why canÔÇÖt we take the same approach in terms of buying our dream home? It is as important to have your own home as having anything else in your life. Imagine, you donÔÇÖt have to pay monthly rent and will have complete freedom to make changes to your house. Simply put, you are the master of your own house. Therefore, the best time to buy your dream home is now.

If we closely examine the trend of property prices across various big cities and towns in India, we will definitely see a gradual but sure price escalation, especially in Mumbai, Bengaluru, Hyderabad, Ahmedabad, and Pune. Further, with a stable and growth-oriented government at the centre and consistently improving infrastructure, this demand for real estate would continue its movement upward. On one hand, this is highly encouraging for those who already have invested in real estate in some of these places. On the other hand, it presents a rosy picture in terms of ROI for prospective real estate investors. However, the flip side to these rising price trends is that the longer you delay buying your first house, the costlier it would become for you to buy one. Moreover, you would have to shell out higher EMIs, which you could have saved.

Please do not forget that we are all mortals and we age with time. Thus, the older we grow, more difficult it becomes for us to repay home EMIs since our earnings capacity diminishes. So friends, buy your first home right now when you are young and full of energy. This would stand you in good stead going into retirement.

We all get married and have cute children. Further, we plan for our children’s future, their education, and marriage. ‘I want to get my daughter married at Udaipur in a destination wedding’, ‘I want the best DJ in the city to play music at my son’s Sangeet’, ‘I want my son to study Business Management at Harvard’ and these wishes just donÔÇÖt cease. Just imagine how difficult it could be for you to save money for your new home at that stage. It is close to impossible. So donÔÇÖt wait for tomorrow for things that you can do today, and the best time to do it is now.

Do remember the rental benefits that you could derive from your first home and how crucial the rent amount could be to your overall financial planning. Further, even the taxman is with you when you buy a new home. Get interest deduction on home loan as per the relevant sections of the Income Tax Act.

All these points most clearly point towards today being the right time to buy your first home – ‘your dream home’.

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