Even though you have already planned to buy a house, you may still wonder if buying a house is the right thing to do or relax. Having reservations is normal. But unless you know the good reasons your aim of owning will be in waiting list.
Here are some good reason why one should own a house.
This is the foremost reason why people are eager in owning a house. You can live in your own dream, luxury house. You can paint the walls any color you wish and turn up the volume on your CD. Home ownership gives you and your family a sense of stability and security. It's making an investment in your future.
Home ownership is a superb tax shelter and our tax rates favor homeowners. Till your mortgage balance is smaller than the price of your home.
Real estate property taxes paid for a first home and a vacation home are fully deductible for income tax purposes.
Each month, part of your monthly payment is applied to the principal balance of your loan, which reduces your obligation. The way amortization works, the principal portion of your principal and interest payment increases slightly every month.
Buying a home is one of the major decisions of life. It takes huge investments and careful planning to make a home that spells a lifetime of bliss. The first major decision that you need to make is concerning the location of your home.
To begin with, check for proper approach roads, drainage, sewerage and garbage disposal arrangements in the building. Plus, the level of developmental activities of the area – adequate public transport facilities and other vital amenities like educational institutions, hospitals and shopping avenues around the building. Verify the specifications given by the builder regarding quality of construction and availability of drinking water, sanitary connection. Get documented approvals from City Corporation, area development authorities, electricity boards, water supply and sewerage boards.
The buyers are advised to check proper development agreements, registration and verification of the plinth and carpet area of the property and all sorts of formality with respect to the property. Also, title deeds of the vendor of the property, sanctioned plan, encumbrance certificate for the past 13 years and up-to-date tax paid receipts need to be checked with respect to the property.
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