The Unsaid Benefits A Homebuyer Enjoys

We all know the monetary benefits of property ownership — there would be great returns, there would be tax rebates and there will be security. However, that is not all that you as a property owner enjoy. The benefits of property ownership reach you in many other subtle ways. 

Your family and friends take you seriously

When Patna-based Keshav Sinha heard that his 24-year-old son is booking a 2BHK unit in Bengaluru, he was happily surprised. His happiness is not entirely based on the fact that his son now owns an asset. He is quite proud of the fact that his young son has the prudence to channel his money towards the right platform. From a pampered son to a man his parents can rely on, the position of this young gentleman into his family seems to have changed overnight.

“I am no more just a kid … my opinion on things has begun to matter more than it used to earlier. For instance, if I tell my parents I want to delay my plans of marriage because of financial constraints, they will be more understanding. They also greatly rely on my opinion in their own financial matters,” says Shashank Sinha.

They look up to you

Her parents were not happy about her life choices till quite recently. A journalist by profession, Neha Chandra has decided to stay single, something her family and friends did not approve of, and they made their disapproval obvious to the 31-year-old independent woman. Their perspective begun to change, by and by, after Chandra booked a 1BHK home in Noida. She is not just a woman living a nomadic life; she is now a woman who managed to buy a property all on her own.

“I was not expecting such a change it was going to make in my life when I decided to buy a house. My family is now coming to terms with the fact that I plan to spend the rest of my life alone. The house is not just a property investment, from where my loved ones view it; they also feel I have somehow “settled in life”,” chuckles Chandra.

“For some in my family, I have turned out to be a role model,” she adds.

Your employer knows you're stable

It is not only your personal bonds that become more stable after you become a property owner. A similar change would be reflected in your professional ties, too. However, the nature of the latter is a bit complicated.

If you have taken a home loan, you cannot afford to switch jobs frequently. This means you have to maintain a good rapport with your employers. To do that, you are likely to work on your performance, which would also help you get a raise in salary. (What a relief would it be to have some extra bucks every month because your EMI burden is really heavy!) Your employer is aware of this, and sees you as an employee, who would be serving them for a long term. They are likely to be more generous to you in such a scenario.

“As far as professional ties are concerned, the dependence is mutual if an employee is paying off a home loan. Both stick with each other because it is mutually beneficial. The attrition rate is quite high as far as the private job market is concerned. Having an employee, who would serve you for a long time is something most corporates would want. This is quite rewarding for someone who is paying off a debt, and cannot frequently change employment,” says Ramesh Nair, a Gurgaon-based human resource consultant.

Also Read: A Guide To Get Home Loan Against Property