Are you in your 20s with a good job, better salary and planning to put in your hard-earned money somewhere? Then why not invest in your dream home! Yes, gone are the days when people use their lifetime savings in one go to buy their dream home at a much higher age.
These days almost all the working professionals who have just started their career find investing in a home as a best option to manage their financial goals and making a dream asset which also provides them a secure future.
Real estate experts predict that if a person invests in a property at his/her young age i.e. the 20s, it is considered a wise decision. It also increases the opportunity to reinvest and multiply your returns.
Benefits of buying a home at young age
When millennial plans to buy a home, then they are investing in one of the most important assets of their future which is not only financially viable but also provides them a secure future.
Longer loan tenure eligibility
A long-term home loan can be for 5 to 30 years, so here a youngster has the chance to reduce their EMI responsibility to a large extent. Also, one has more chances to get higher amount sanctioned on such loans.
Benefit in Tax
Buying a home at the start of your career helps in getting benefits on the home loan that a youngster can use for lowering their tax liability.
Wise Spending habits
Most of the young home buyers or better known as millennial face financial problems due to improper spending habits. So if you are planning to invest in a property at a young age then, it not only manages your monthly budget but also formulates emergency funds that help during loss of job, medical emergency etc. Moreover, it changes the decision-making process of the Gen-Y.
Key things to keep in mind while planning to buy a home at young age
With easy availability of home loans and manageable finances, many young home buyers often fail in the home buying decision-making process. Various factors like sufficient finances for future, EMI payment, project documentation, and other legalities play a crucial role while finalizing a project or a lender.
The first and foremost factor a millennial must keep in mind is to do a proper research on the complete loan borrowing process including documentation, interest, repayment terms, tenure implications, EMIs, etc. either by visiting various banks or through internet.
Before applying for the home loan, pay a visit to the project site checking its location and connectivity from your office, especially if you are a women home buyer.
After a hectic day at work, youngsters need a place where they can relax and spend quality time with friends, so it’s important to look at such infrastructural facilities nearby your dream home.
Last but not the least, consult an expert to evaluate the feasibility of the project. Young Home Buyers need to keep extra vigil on various legal aspects like land titles, statutory approvals, RERA compliance, etc. before buying a property. Don’t hurry up as this can cost your whole finances.