While our frugality conducts the roadmap of an ‘Atmanirbhar Bharat’, it appears customer behavior is pursuing suit – with justification. On one hand, we’re intimidated into maintaining resilience in the unpredictable periods of this pandemic. On the other hand, the same conditions have resulted in a change in financial and economic paradigms making purchasing a house much more desirable than renting.
The era old proverb of “roti, kapda aur makaan” has never earned more significance than during the past two years of lockdown. A current survey indicates that over 91% of people surveyed over the age of 35 prefer buying a flat over renting one in the following 6 months. Besides, 67% of them speculated that buying a luxury apartment in Jaipur has now become their priority so that most of their time at home becomes more comfortable. A customer survey conducted during the lockdown duration explained that 12% of respondents who were lately not planning to purchase a home are now curious about investing in a luxury property.
MAJOR FACTORS INVOLVED IN BUYING A HOUSE
• The current normal:
With work from homecoming to be the standard, folks are looking for homes that can modify to their ever-changing ordinances and rented houses barely provide that sort of flexibility. Following, the necessity for bigger areas has furthermore evolved more obvious with a period. The focus has been shifted from little city cantered residences to larger luxury homes that can alter to the changing environment effortlessly.
• Asset vs Liability:
Ownership moreover provides residences that you can utilizes to fetch you through the unstable times whereas monthly rentals occur as a liability. Various prominent investment asset categories such as commodities and gold are unstable and uncertain in pandemic times. spending on the EMI for a home also has double privileges. It not only provides you a month of shelter but also expands the balanced possession of the house. Also, home loans appear with impressive tax benefits; rental housing does not. Housing maintains its inherent value in unstable periods and ultimately comprehends when time improve.
• Returns on the purchase
Your house evolves into an asset in 30 years. Besides, real estate investment is a prudent investment. An asset possesses the capacity for equity appreciation and tax advantages.
• Home loan at early duration + dream house = stress-free retirement
Purchasing a house appears in existence with the assistance of a housing loan. People avail enormous loans that transpire in the huge monthly flow towards EMIs. This sets a burden on the savings.
