Home ownership has always been considered a significant milestone in one’s life. Seeing the eye-popping home prices, you may have postponed your plan numerous times but the fact is that deep down, you must have thought a lot to break the vicious cycle of never-ending monthly rental payments and buy a place to call your “own home”. The year 2020 seems promising and poses to offer better opportunities for aspiring home buyers in Pakistan.
If you have planned to buy your own home this year, you should buy it for all the right reasons. Read on the following post to find out good reasons why buying a home might be the best move in the year 2020.
Home Value Tend to Increase over Time: Making Home Purchase a Good Investment
Let’s start with the biggest fear that house prices may tumble in the years to come. However, based on the data compiled by HomesPakistan over the years, it can be said that house prices are stable and are not rising significantly due to multiple factors. However, if we analysed the data compiled for the past 20 years, house prices are observed to rise continuously and the trend is likely to continue. If you buy a home now, you have invested your capital in a safe vehicle for the long term, where it is likely to grow.
Owning a Home = Building an Equity
One of the best things about buying a home is building equity. If you are planning to take home mortgage to buy your home, it seems to be a wise decision to pay monthly instalment to bank or any other financial institution in order to build your equity instead of paying hefty amount in form of monthly rent. In case, you want to sell your home, you will definitely be able to recoup your investment along with profit that you can put towards your next bigger and better home or another bigger purchase. Pakistan real estate sector is unpredictable and none can assume an accurate figure that you can make while selling your home in terms of profit but seeing the previous data, one can assure you of making some profit from your investment.
Rents are Increasing
Buying a home is expensive and takes its toll but experts believe it is a better decision than to continue living in a rental home. We do not say that renting is a bad idea but bear this in mind that rents are rising, with every passing year. Buying a home is definitely going to cost you more than renting in short term but look at the bigger picture, buying a home means you are building an equity and not just forking over your hard-earned money to landlord.
Investment = Stability
Everyone gets to this point when they want stability in their lives. If you feel secure in your current job, it is a brilliant idea to buy a home, especially, if you want to rely on home mortgage for this purchase. Having a steady income will help you plan your expenses and stick to your budget if you know that you will have to pay your home loan. When everything is on its point, it is better to think about buying your own home.