Real estate today is all about smart tactics and saving big. A smart buyer will make a smart decision and grab any opportunity that comes their way in saving and getting higher rates of returns. The way we do business in the real estate market is constantly changing and the current trend is to save as much money as possible at every chance that you get. Whether it is finding the right real estate agent to get you a good deal, or buying a property through joint ownership - it all comes down to the options we have when it comes to saving money and using our finances wisely.
Who would not want to learn and be aware of ways in which they can save money but also succeed in purchasing their very own dream home? Real estate is about finalizing the best deal, and that is only possible if you have done sufficient research and are aware of not just your own needs and requirements, but also the trends in the market.
Did you know that your relationship status can change your situation as a home buyer? Couples can save a lot of money if they decide to buy real estate together. You not only reap the benefits financially but also share the mental load. The best part is that when you are a couple seeking to buy a property, two perspectives come into the picture. Believe it or not, home buying can sometimes be the most overwhelming and daunting experience of your life. These not only help you make a wiser decision but also assures you that you are not alone in the journey.
You are in good hands if you are a couple seeking to buy property. We have prepared a detailed guide for you on the same. To begin with, we have come up with a list of reasons as to how couples can save big when it comes to buying real estate. Only when you know the advantages of buying property as a couple, is when you can decide on how you want to proceed.
How Will You Save Big in Real Estate as a Couple?
1. Splitting Expenses
Owning a home is not just about paying its purchase price. Maintenance, utilities, repair, and monthly mortgage are some other added expenses. It gets difficult as well as scary to realize that it is only you who has the financial responsibility of paying all of these off. As a couple, you can split all of these expenses according to your convenience and affordability. The process not only becomes less stressful but also easier. Apart from sharing the mental load, you also get to save money and use it for other needs and requirements.
2. Easier to Qualify for Mortgage
By purchasing property as a couple, you not only increase your chances of easily getting qualified for a mortgage but also availing of loan extension and other benefits. When it comes to home loans, banks determine your qualification by analyzing your yearly income and job history. This becomes easier as a couple because now, two people are earning and getting money into the family. Couples are given extensions by the bank because it is believed that two earning members are better than one, which significantly increases the chances of repaying loans the first chance they get.
3. Tax Breaks
Now, this is one of the greatest and most efficient ways in which couples could end up saving big. For couples owning joint property, there are tax benefits that are mentioned under sections 80C and 24. Whether you buy the property with your spouse or a friend, you will enjoy the benefits of co-ownership when it comes to paying off your taxes. Income Tax rules of India state that when you purchase a property as joint property, you will be offered redemption of up to 1.5 lakhs on the principal amount and redemption up to 2 lakhs under the repayment of the interest amount.
4. Low Stamp Duty Charges
You are required to pay stamp duty charges at the time of getting the property registered. Remember that you cannot even think of getting away from this, since stamp duty implies that you are now a legit owner and you have successfully paid all the tax and charges the government demands for legal documentation. The good news is that you will be required to pay a lower percentage of stamp duty if you decide to purchase the property as a couple. Most states in India charge a lower fee for women to empower them and encourage them to take ownership even in the real estate market.
5. Support and Opinion from One Another
This benefit is one of the most important, but also one of the most neglected. While this does not help couples save big directly, it has a huge role to play in making home buying easier indirectly for couples. When you buy a house together, you never feel alone in the process. It has been proven that beginning and ending your home buying journey together as a couple helps you in more than one way psychologically. The fact that you know you have someone to share all your opinions with and talk everything out in case something feels wrong, keeps you calm and at ease all the time. No stress also assists you in making wise and sound decisions.
For instance, after house hunting and looking at probable houses for purchase, you as a couple can discuss and put your opinions on the table. Since now there are two perspectives for every decision, you might end up realizing something you otherwise would have missed out on.
Keep in mind that having your better half does not mean that you do not need to seek external help. Whether you are the sole home buyer or are planning to buy as a couple, finding the right property provider for yourself and your needs is always recommended.
These advantages will not only take your property a long way but will also help your relationship as a couple. Building trust in one another, creating a better quality of the bond, decision making together, and to some extent uplifting the status of woman ownership are some added advantages of buying property together. It is true that this aspect was purchasing homes was not too prominent till recently. But it has now gained the attention that it deserves and all buyers are making the most of this advantage! We say, why should you be any less!
We feel that buying real estate as a couple is one of the most sensible decisions that you will ever make. Whether it is today, this year, or 5 years from now - buying property as a couple will always do you good and help you save big.