We all dream of owning a home, be it an apartment, an independent house or a condo. But property is one the most expensive purchases we make in our life that requires some planning and a good amount of saving.
So, how to decide what’s the ideal age for buying a home? Considering that the age of an individual plays a significant role in obtaining a home loan, let’s talk about how the age factor influence our home buying decisions and is there any ideal age while buying a property – for investment as well as for self-use.
In one of the recent surveys, over 1,800 working men and women across 12 Indian cities, revealed; buying a home tops the list of their important life achievements and continues to be a priority. With this, the unwritten rule that you can only start planning your home acquisition after you are “settled” in life has proved to be flawed. People now realize the fact that there are numerous benefits of owning a home at a young age. Hence innumerable youngsters now focus to start early when it comes to perhaps the biggest investment of their lifetime.
With just a little planning, some saving and a home loan, one can surely plan to invest in a property at the start of one’s career. If needed, the property can be sold in later stage either to upgrade to a bigger house or when a huge investment is needed for something significant. Here’s a look at the benefits of purchasing a property at a young age and the factors that one needs to consider, before making the final decision.Benefits of Owning a Home at Young Age
Owning a home can be a long-term investment as the value increases over time. The cost of waiting to buy means an additional funds it would take to buy a home if prices & interest rates were to increase over a period of time. Hence, owning a home early can also be used as a strategy to begin building wealth.Develop a healthy spending habit
The lack of basic financial knowledge leaves many adults clueless about how to manage their money while saving and investing. With the responsibility to invest in something valuable, you will surely develop healthy spending habits and will plan your finances mindfully.Banks prefer young people for offering home loans
There are many banks and housing finance companies, which are keener to offer home loans to young people in attractive interest rates. You can also avail a longer repayment tenure, reducing your EMI amount and offering a space for other financial commitments.The house can be a good source of income
Spend a major part of your working life free of rent woes as the house continues to provide great returns as an appreciating asset. Property prices usually appreciate over the long term.Develop a sense of security and freedom
Owning a home gives you a sense of security and freedom, reducing your dependency on others. Apart from getting a tax benefit, there is a financial stability and security over the long term with increasing equity in your property. Owning a home also gives you an emotional security as you provide your family their personal space, where they feel safe and comfortable which is simply irreplaceable.
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