Owning a home is a dream of every person as it is considered as the most important asset earned, especially when you are at planning to buy it a young age i.e. in your 20s. Not only it gives a feeling of joy but also creates a path to manage financial goals.
According to a real estate expert, buying a home at an early stage of life is a wise decision as it comes with many benefits. It increases the opportunity to reinvest and multiply your returns. Although the process of home buying is challenging if managed properly, one can reap the benefits in their old age too.
So, here is the complete buying guide for young home buyers:
Advantages of buying a home at young age
Better 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.
Tax Benefits: 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.
Asset for future: 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.
Eligible for Longer loan tenure: 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.
Factors to keep in while planning to buy a home at young age
While it is a wise decision to buy a home at young age, still there are many factors one should keep in mind during the overall decision-making process. Factors like sufficient finances for future, EMI payment etc. are the important factor that plays an important role during the whole home-buying process.
- 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.
- After understanding the above process, then 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.
Lastly, always 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.