What’s the Right Age to Invest in Real Estate?

The young generation today is independent as well as ambitious at the same time, and hence, the trend of the responsibilities is also changing.

If we talk about planning a home at an early age, we can say that with the changing trends comes the evolution of facilities and hence there are ample options for payment of housing cost today.

Be it the loan from banks, individual lenders or savings for the future, the young people are making the decisions independently and confidently.

Age bracket is not the scene anymore for investment in real estate sector. Today, no one is too young or too old to own his dream home.

Still, if we talk about the “ideal age” for buying a home, we will suggest that the phrase- “The Sooner the Better” will be perfect in this scenario.

Let’s see why people should invest in the property during their 20’s-
1.    It will act as an investment with the good return.
2.    It will give a sense of confidence and stability
3.    It will make you independent.
4.    It will make you aware of the fiscal responsibilities.
5.    It will give the plenty of time ahead, to service the lending amount.
6.    It will develop determination and problem-solving skills.

How is it possible?
1.    Start Planning and Saving.
2.    Gather experiences.
3.    Be with like-minded people.
4.    Do not let your determination deteriorate with time.
5.    Pay off all the previous debts.
6.    Figure out the ways to save for your home.
7.    Cut out any unnecessary expenses.
8.    Discover the means to raise an extra income.
9.    Be ready for any unforeseen risks
10.  Go beyond your comfort zone

Things to keep in mind before investing so early-
1.    Try to plan in a way that the EMI should not be more than 30% of your monthly salary.
2.    Ensure credit insurance cover for any unforeseen events.
3.    Study well about various tax benefits before deciding to pre-pay your home loan.
4.    Try to save some EMI’s well in advance for any unplanned financial crisis.
5.    Be prepared for a financial liability on you for almost coming two decades.

Not-to-Do List:
1.    Don’t depend on your parent’s for your debts.
2.    Don’t forget to do proper market research before buying.
3.    Don’t feel a burden of disciplined life, once you decide to invest in property.
4.    Don’t be over-confident about your present earnings.
5.    Don’t focus just on current time needs while looking for home amenities.
6.    Don’t overlook variable interest rates.

There is never too early to spread your wings and make your future secure. Instead, it is actually the best time to take risks as you have ample time in your hands to make yourself stable while having lesser responsibilities, more time and so less to worry about. The sooner you start, the better you will find your life following its goal on a smoother path.

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