Are you one of those who hate paying monthly installments? Would you rather prefer living in a rented apartment and not wanting to worry about availing home loans, repaying them, and maintaining your home? Here are a few important reasons that could possibly change the way you look at this situation and probably make an informed decision when planning to buy a home.

Home loan procedures are seamless
Gone are those days when you needed to wait for ages to even meet a person from the bank. With the advancement in technology, you can easily apply for a home loan provided your credit score is up to the mark.

Rental prices are increasing
Every year, rental prices increase by an average of 4%, which implies that in roughly three years you will be paying 12% more than what you are paying now. Simply put, this inflation rate would create a dent in your finances. Since more people are opting for rented apartments, the demand for the same goes up, resulting in an increase in rental prices. Why pay rent when you can actually substitute that for a monthly installment on your new home?

You could get great returns on your home
If you were to evaluate the equity situation of your home in 5 to 7 years time from its purchase year, you will surely realize what a great decision you have taken! If you had bought your home in the right area and for the right price, you are sure to gain significantly from the whole deal. Considering home loans are generally sanctioned for 80% of the worth of your home, you are practically covered from all sides. Even if you decide to sell your house in less than 10 years, you will stand at a great advantage—you would not only repay the loan but could also end up with a big profit.

Above all, there is no denying the fact that your home cannot be compared to anything else. The sense of ownership and wellbeing is quite strong if you live in your own haven.