In modern times, it has become very difficult to increase the value of one’s wealth by just keeping it in a bank or buying gold.
This is because there is a very high rate of inflation and a rapid devaluation of the currency that skyrockets prices like never before.
Given this scenario, it has become very difficult for ordinary folks to depend on savings bank accounts as the rate of interest is going lower and lower with each passing day. To solve the problem of dwindling savings, it has become necessary for us to focus on other avenues of income.
This is where investing in property comes in handy. Property prices are always skyrocketing with each passing year. The booming price of real estate makes it possible for you to get higher returns on the same the moment you purchase a new flat.
This article helps you to find out the reasons how investing in property can help you immensely in the long run. We provide you with a detailed analysis of your plan of action that can bring good returns to your substantial investment. So turn over a new leaf this New Year and focus on investing in a prime section of residential property that can help you expand your wealth to a whole new level.
Read on to find out why investing in property is a good option this year.
1. Rapid Wealth Appreciation
Property prices rise much faster than other prices. This is mainly because of the high cost of land available in every city and town. What’s more, property belongs to the section of immovable property that makes it resistant from getting stolen. In other words, it is very much different from a gold necklace that ultimately belongs to anybody who can snatch it from its rightful owner.
Further, modern laws require documentation of property deals that make it difficult for it to be snatched away. It also provides you with a record of the amount of property appreciation that showcases the value that your property is worth. Keeping the above factors in mind, you must certainly focus on the ease with which you can increase your wealth using a property as your prime element.
2. A Rental Monthly Income
When you purchase a flat, you don’t necessarily need to make it your residence. You can rent it out to your tenants and earn a high monthly income from it every month. This provides you with a rental income that can help in paying your monthly maintenance charges and can even let you gain some profits.
All these benefits are not available in any other form of property and hence, immobile property certainly has more advantages than mobile property. Earlier there was a major problem of tenants staying on forever and staking a claim in the part of the property that rightfully belonged to you.
However, in recent times, tenants have to leave their rented premises by law after the expiry of the leave and license agreement. This has made forceful eviction unnecessary leading to a better relationship between the landlords, tenants and even the Government or Municipal Corporation.
All these facts augur well for the astute businessman or woman who can make a lucrative sum by letting out a property with a fat rent that can help increase his or her wealth substantially. So buying residential property is a good investment that can substantially increase the level of your wealth.
3. Summer House ora Holiday House
For those who already have property where they reside permanently, a new residential property can serve the interests of those who wish to buy a summer house or a holiday house. Mostly these houses are located on the outskirts of major cities but are well connected with the main part of the town or metropolis. Places like B.T. Road and Shyambazar in North Kolkata are examples of such places. New Garia in South Kolkata also conform to this genre of locations. This provides them with the facility of spending a weekend or a mini-vacation whenever they get leave for a few days from their hectic schedules.
Those who live in comparatively warmer sections of the city can also go for buying a house with cool environs that will help them get a respite from the summer heat. It is better to buy a house with all modern amenities so that you don’t have to run around for buying provisions the moment you step into this new abode.
This is why buying extra residential premises can augur well for the long run by elevating your lifestyle to a whole new level.
4. Lucrative Provident Fund
Buying a new house serves as a lucrative Provident Fund as well. This is so because you can incorporate it into your retirement plan as per your needs and requirements. If you keep the Provident Fund that you get from your salary into a flat, it will definitely grow by leaps and bounds. You can also get a monthly rent that will act as a hefty pension. In this way, you will never fall short of money no matter how much the expenses rise owing to inflation and other factors.
If you don’t want to rent it, that’s also fine. You can sell off your flat after it appreciates substantially. Then you can keep it in a fixed deposit that will help you immensely in the sunset years of your life.
5. Second Home
Now here comes the most important part. There is no place like home and that is why we have coined the phrase home sweet home. No matter what exotic locales you travel to and how much of a workaholic you are, there is no more joy than returning to your beloved residence after a hectic schedule.
So having a second home doubles the amount of joy that you get from your sweet abode. You can even use it like a place where you take outstation guests for a visit. All you need to do is just ensure that you buy this house in an area of peace and tranquility that can uplift your spirits the moment you step into it.
In this way, having a 2 BHK home that serves as your second residence can really increase your joy by a considerable margin.
So these are the main reasons why investing in property is a very good option this new year. So what are you waiting for? Just make buying a new property the new resolution for 2019 and see your prosperity increase by leaps and bounds this New Year!