We all think the bigger, the better. But, when it comes to buying a house or a property, this approach changes. Most people want to buy a home that is within their budget. They do not go for bigger homes. As they know, they might not be able to afford it. They go for smaller homes that they can afford. Buying an affordable home is generally a topic that is commonly misunderstood by a lot of people.
There are plenty of myths associated with buying an affordable home, such as there might not be an increase in property value, the property may have some problem, the neighbourhood must be poor or the house may be small. But these are not true.
Some people do not have to think about buying affordable homes as they already own a house. They have a stable and high income. But what about the rest of the people who can not afford to buy a luxury house or do not earn that well?
Purchasing an affordable home is the best option for them. When affordable housing is promptly possible, more chances become available for people at all salary levels. As it would not cost you a ton, you can take a loan for it as well. The interest would also be lower.
The primary purpose of buying an affordable home is that people of all incomes get a chance to own their house. Property owners obtain tax credits if they apply for a portion of their home as affordable housing. There are a lot of other people apart from low-income people that need affordable housing facilities like students, senior citizens, military persons and people with disabilities. Renters who are sick of their landlord’s tantrums can also go for buying an affordable house. By owning their own home, they will save their rent also.
You can also purchase an affordable home as an investment, and whenever the price increases, you can sell that and buy an even bigger house. There are several other advantages of affordable homes also. These are as follows:
Advantages of Affordable Homes:
1. Affordable homes for all:
One of the primary advantages of an affordable home is that everyone can buy houses. People at every income level can buy. Even if you are not earning well, you can buy your own house. You can apply for a home loan and buy affordable homes. You can pay the instalments with time.
People who never dreamt of owning their own house due to their income status can also purchase houses with affordable housing. Plus, the expenses associated with buying affordable homes are less than the normal one. Like the down-payment is less and registration expenses are less.
2. Better investment opportunities for the future:
Investing in property is the best opportunity to grow your equity over time. If you have some funds and you can buy a property, even if it is a smaller one, you should go for it.
One of the biggest advantages of buying an affordable home is that you don’t have to pay a lot. You can spend less and buy a property. And in future, when the rate of that property increases, you can sell it and make more profits.
Investing in an affordable home is like the first step towards your safe future.
3. You can make money by renting it:
If you already have a house to live in and you have money to buy another one. You can always buy an affordable one. As it would not cost you much to buy it and you can get that home on rent. Who does not like some extra income? Renting it would provide you with a side income that you can use to expand your business, shopping, or any other thing.
4. Fewer home evictions:
You know most people spend half their salary or more than half on paying off their rent. The warning of home evictions has always emerged for making people earn just sufficient to pay their landlords every month.
Now it is rapidly becoming a certainty for many more individuals. By owning their own home, these individuals will get a chance to improve their quality of life and save their rent money for their future. Plus, they won’t have to live in a state of fear of their landlords evicting them from the house.
Affordable homes are most beneficial for persons who have their jobs in different states. They can go for an affordable place rather than to rent one. By owning, you won’t have to face the tantrums of your landlord, and you will have full freedom of doing things your way. No one would stop you.
5. Lower interest rates:
Buying an affordable home is possible for everyone as most banks and financial institutions offer lower interest rates on home loans costing less than 30 lakhs. We often don’t apply for loans because the interest rates with them are too high, but with lesser interest rates in mind, one can easily apply for a home loan and buy their own house.
6. Small amount loan means small debts:
Repaying small loan amounts is much easier than repaying a large loan. Large loans are like a nightmare. But paying off small and short loans is much easier as you can pay its instalments with your salary. Plus, expenses like down payment, registration and other miscellaneous expenses are fewer for an affordable home.
Also, if you purchase an affordable home on loan, you can comfortably pay off your loan without facing any trouble. Also, try to pay off all your earlier loans before applying for a home loan, as it would raise your repayment capacity.
While purchasing an affordable home, conduct checks on the location and the condition of the house, verify the seller’s background and compare different prices and offers to find the best deal.
Moreover, go for a ready-to-move-in home over an under-construction home as it will reduce risks and save your expenses. Finally, if you have any trouble or difficulty finding a suitable home for you, contact us at Wecorp. Our agents will help you get the best deals and prices for your home.