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Everybody wants to get rich. It’s a human aspiration to feel so. Indians have always believed in starting early to save little by little and then investing. Property is one of the single largest and costliest investments that we can make in our lifetime. It’s also the wisest and most lucrative of them all if you know exactly where to put your money. Let’s look at the top reasons why a home or residential property is a wise financial investment.
It can make you rich
No doubts about it. Investing in property can make you rich if you know where and what to buy. For example, if you buy an apartment in an upcoming locality when the rate is low, you can always sell it at an astronomical figure when the area develops and becomes a residential hub. That’s the story behind every established neighborhood in top cities like Bengaluru.
It can earn you big
It’s a wise move to buy property instead of keeping your money idle in the bank. Start small, probably with a studio or 1 BHK. You can always sell it at a higher rate in a few years and upgrade to a bigger apartment. Better still, rent it out and reap rich monthly returns on your prudent investment for years. You also get to earn from the bank on the deposit you get from your tenants. Moreover, if you’ve taken a housing loan for the house, you can pay your EMIs diligently from the steady rentals you earn from your tenants.
Reap tax benefits
Purchasing residential property on a housing loan can get you great tax benefits in India. The maximum deduction for home loan interest paid on self-occupied house property is Rs 2 lakh under Section 24 of the Income Tax Act. The principal portion of the EMI paid for the year is allowed as a deduction under Section 80C of the Income Tax Act. However, the maximum deductions that can be claimed are up to Rs 1.5 lakh. The only condition is that in order to claim the deduction, the residential property should not be sold within five years of its possession.
What’s more, besides claiming the deduction for principal repayment, you can also claim a deduction for stamp duty and registration charges under Section 80C but within Rs 1.5 lakh.
It’s your safest bet
When there’s high volatility in the market, your residential real estate is your safest investment to fall back on even though it cannot be liquidated overnight. This is extremely beneficial if you have lost your job or have no major source of income. You can do whatever you want from your home, provided it’s legal, of course.
Owning a home is an advantage because, firstly, you have a roof over your head and nobody can displace you from your own home. You can still earn a decent income even by living in it by letting out a portion of the house. For example, if you own a 2 BHK you can let out one room to a paying guest or put it up on Airbnb for tourists to rent it out for a brief stay.
You can also convert one room into an office and use it yourself or probably rent it out as a hot desk for a startup or small enterprise. The vistas to earn from your residential accommodation are limitless.
Bigger the brand, the better the appreciation
You got to accept that bigger budget homes have a higher value appreciation than their smaller counterparts.
Between a 1 BHK or studio apartment and a 2 BHK luxury home, the latter gives better appreciation and higher resale value if you seek to sell it later.
Moreover, if your home is bought from an established developer like HM Constructions https://www.hmconstructions.com/ it adds to the brand value. A high-end project from a trusted and globally acclaimed developer can more than double the appreciation because of the premium amenities and services that come with the home.
In Bengaluru, you are spoilt for choice when you opt to pick from the array of luxury homes by HM Constructions https://www.hmconstructions.com/ of which include HM Tropical Tree https://hmconstructions.com/index.php/projects/details/hm-tropical-tree at RT Nagar, HM Grandeur https://www.hmconstructions.com/projects/details/hm-grandeur at Fraser Town, HM Concord at HM Symphony on Sarjapur Road, and HM Indigo http://hmindigo.co.in/ on Kanakapura Road.
Whether it’s a 2, 3, or 4 BHK, you can rest assured that your choice of an HM Constructions home is the wisest decision you’ve ever made for your investment bouquet.
Contact us at 888 022 5555. to know more about our projects.