There are two parts to this article. Part I deals with some of the questions we ask at a philosophical level, whereas Part II is more direct in mentioning ‘19 reasons’ which one could ponder over. For a good understanding and self-introspection, it is advised to read both Part I and II of the series.
19 reasons why owning a home may be a great idea!
Living in your dream home helps you live dream in peace! Your own home gives you and your family safety and security all year long, and helps you brace through all the rough seasons hale and hearty. A home invites you to connect, feels permanent, seems profound and has a powerful sense of fulfilment.
We can tread happily and unabashedly in a home that we own. Home owners enjoys an acute sense of belongingness that comes with the joy of ownership of the roof and walls you dwell in!
Many people very intensely feel that a home is not just something that we buy, we make it!
Well, there is no compulsion for a new home buyer to fall in line with the thoughts proposed above. However, there isn’t any harm in pondering over the points mentioned below with an open mind.
- Being a home owner means having a good place to raise our children, a physical infrastructure where we feel safe, a shelter that allows us more space for our family, and gives us control over our living spaces
- Buying a home or an apartment is a great way to save our earnings, at times, resulting in forced-savings. It also means upon buying a home we are building on equity rather than paying rent to the landlord
- Pride of ownership is something that is unparalleled with our own home. This is something that has to be felt, and not explained
- With our own home, we can freely build, enhance, decorate, renovate and make our living spaces more appealing with a far greater passion. The right of ownership gives you flexibilities and freedom to furnish you home, which is just not possible in a rental property. We can tastefully craft our spaces at will. For instance:
Having complete freedom and choice around what we seek: the kind of kitchen cabinets, the wardrobes, the interiors, the wall-finishing, the air-conditioning, the fixtures, the accessories in the entire house, the lighting, the electricals, the air-conditioning, the furniture, the curios and artefacts, decorative items and so on
We make our home more and more likable for ourselves, and create the right ambience we dream of. Our home becomes a reflection of ‘who we are’, and how we want to experience life in our living spaces. These aesthetic elements and freedom of expression make our home so much more inviting, invigorating and connecting! This cannot be found in a rented apartment.
As a home owner, you can have the flexibility of designing and making changes without the need to seek anyone’s permission (barring making structural changes to the building); After all, you own the space, and it’s your prerogative
- A home owner who avails a home loan also gets multiple tax benefits in India. There are benefits like deduction for interest paid on home loan during pre-construction period, deduction on principle payment, and certain other deductions. In the long run, a home loan also gives us the opportunity to pay-off the loan amount, and become owner of our home by the time we retire
- Financial value of a Home increase over time. Capital appreciation of a property is a reason enough since trends over so many decades indicate that housing values, regardless of the ups and downs in the Economy, only move upwards
- From the logical angle too, the active ‘work life’ of any individual ranges between 25 to 35 years, so a person could be working till 50 to 60 years of age, and slows down thereafter; For a person who is independent, owning a home secures a comfortable living after an age of 50 or 60 years, and not having to pay rent till the ripe old age
- Buying a home is also prudent because, with time, the size of the family also increases at times. A family of 2 or three children expands when they get married, and in turn have children. Besides, not everyone lives in a joint family, and the children who move out have to fend for themselves. Work related requirements force us to move out the comfort zone of our homes, and go for other destinations, localities and even cities (globally)
- Location preferences and proximities also determine buying a new home, sometimes, even when an individual already owns a home elsewhere. Such determinants could be: being closer to the place of work, wanting to avoid traffic conditions, wishing to be closer to family or relatives, desiring to be associate with a certain type of flock (a social group, peers, family, relatives etc.)
- Achieving a certain lifestyle matters for some! Lifestyle related factors also trigger the purchase of a new home. For instance, wanting to move to a place which is relatively clutter-free, pollution-free, clean and green, within or even away the city’s concrete jungle. All such work and life related factors could also motivate an individual or family to buy a new home
- A home becomes a collateral for the achievement of other goals like taking a ‘Loan-Against-Property’, for marriage purposes, funding educational needs of children, business or medical needs etc. It is an asset that determines the net worth of an individual or a family
- A home can be a potential source of regular income with rentals when acquired in big metropolitan cities where rentals are higher than tier-II cities, towns and villages; People are known to invest in apartments in big cities while living elsewhere, and running their household with this rental income
- Having your own home is an accomplishment, and earns the home owner respect from the community, the credit rating agencies, banks, relatives, friends and family; This is evident from the question that we sometimes answer to establish our credibility: ‘Are you living in own or rented space?’
- Sheer ownership of a home establishes the credentials for social inclusion in a certain class or group of people. Hence, owning a home is a big plus in social circles, gated-communities and residential societies. It is a mark of a successful person who can be dependable, and should be taken seriously. This is even more evident in societies where the owners gather together for ‘community living’, and are happy to mingle, socialize, celebrate festivals etc. Having done well in life to acquire a property in a certain locale or apartment complex, this membership to social inclusion comes naturally
- A home gives us old age security, for life is to be loved and lived to the fullest even when the earnings have depleted, the body is slowing down, and losing its vitality and vigour. A home is sometimes is bought by old people for living in more comfortable environs. Especially, when someone needs to move to a more amenable climatic condition or city, or to avoid certain pains. For instance, people in very cold terrains move to warmer destinations, or those with some medical problems are required to live in a certain type of geographic area
- A new home can be a powerful and much-aspired source of convenience and comfort. ‘Proximity based decisions’ are made where a home is bought to move closer to a place with better social infrastructure like a good neighbourhood, schools, hospitals, parks, markets or some other considerations like social status. In extreme circumstances, a new home may even be bought based on ‘non-proximity decisions’; For instance, after the death of a loved one in a particular, the surviving person may choose to move into a new home to avoid the pain of constant remembrance.
- Buying a home sometimes is triggered for downsizing from big homes to apartments. Very large houses can become unmanageable, and older residents find it prudent to move to apartments or homes where the care, social connect, and other factors offer a more conducive environment to live in
- The other reason for buying home is a spurt in financial wealth, allowing individuals and families to move to bigger, better homes and apartments with superior amenities and features. This upsizing also allows cross-generational families to live together comprising 3 to 4 generations of members of the same family
- With a lifestyle and job change is also a sound reason to acquire a property that matches the lifestyle aspirations and requirements of a home buyer. There are time people move out of India to greener pastures, or within India move to cosmopolitan cities, where their income increase multifold. This is when there is reason to acquire a home that has all the luxuries commensurate to our wealth and earnings potential. Likewise, when suddenly all is not well, people cut down on expenses; Under such circumstances also people are known to buy a home with the accumulated wealth, and get ready for the rainy season
To ‘buy’ or ‘not to buy’- that is the question!
The reasons why one should or shouldn’t buy a home depends on whether we wish to be a conformist or a rebel. As time progresses, we pass through various stages in our lives; we encounter many emotional, rational and pragmatic challenges! Consequently, our thoughts, beliefs, priorities and preferences change, or at times get further reinforced!
With all the ups and downs in life, and a dynamic thought-process, buying a home can be either a priority or non-priority item. It is a matter of belief! Sometimes, we are confused, and our preferences waver between a ‘to be’ or ‘not-to-be’ (a home owner). These thoughts also interplay with our personal or financial circumstances. So, besides ‘belief’, it is also a matter of ‘financial capability and prudence’.
Eventually, regardless of the lists of reasons ‘for’ OR ‘against’, acquiring a home shall always be a very personal decision. Should someone decide to ‘go for it’, the next big question is about leveraging the financial means and capability sensibly. The financial obligations need to be balanced such that one does not stretch unreasonably, only to make a beautiful life miserable.
Whether or not an individual buys a home, we all need a shelter to lead a normal, healthy life. The rebels, i.e. those against the idea of acquiring a property, cannot just be driven with extreme pessimism and radical skepticism incessantly. Hypothetically speaking, had everyone in the world thought only about renting of property, then there would be no new homes to live in!
The fact remains, new construction of homes has been taking place across the globe for thousands of years, just as the human races continues to evolve on planet Earth. A home remains an integral part of human evolution, and that is what makes us a social animal, and not a financial creature!
A home gives our family a place to rest, love, protect, energize, rejuvenate and prosper! Home is where we experience all of the life’s joys and sorrows with our families. Which is why, centuries-old wisdom stipulates that our home is not a place, but a feeling!
To quote John Ed Pearce, ‘Home is a place you grow up wanting to leave and grow old wanting to get back to’.
There’s simply nothing like your own sweet home!
This is part II of the article. To gain a clearer perspective, it is advised to read part I of the series
Click here for part I: Buying and owning a home or an apartment: the 2 dimensions