Everyone buys a flat or a house for a different reason. Here are 5 key reasons why people buy a home in India:
Buying one’s Own Home: It is a dream that everyone has. From a tiny ultra-modern studio apartment to a sprawling mansion in the suburban areas – dream homes come in different shapes, sizes, features, amenities and locations. If you have your own home, you can decorate it in any way you want and get a sense of stability in life.
Rental Income: It is one of the big reasons why people choose to buy flats or apartments in upcoming societies. If you are a working couple or fall in the higher middle-class income group bracket, you are probably looking for safe ways to invest your money and earn some extra income too. Some people use the rent they get from their property to pay EMIs on their loans while some others use it as side income.
Appreciation of Property: Traditionally, Indians tend to buy gold or silver if they have money. If they can spend more, they invest it in land or buy houses. Age-old wisdom says when you buy a new home, your money is invested safely. While year-to-year fluctuations are normal, the cost of home certainly increases considerably in a 10-15 year time frame.
A Place to Retire To: Many people who go abroad to make their careers often crave to come back to their birthplaces after they retire. Alternatively, they might want to settle down in a peaceful place on the banks of the holy rivers or proper pilgrimage destinations or in the lap of Nature.
As Gift to Parents/Children/Siblings: Parents sacrifice everything for their children – and for some, sacrifices they have to make are monumental. We have seen grown-up children buying homes for their parents – as a sign of their love and gratitude. Parents buying homes for their children is even a more common scenario in India.
Content source – http://blog.shrigroup.co/5-reasons-why-people-buy-homes-in-india