While some people start saving early, others jump right into homebuying. You must have probably heard the older generation’s concerns about the younger crowd not saving enough and their hasty decision-making.
Well, maybe the younger generation is onto something. They seem to focus on smart investments with long-term benefits.
But when is the right time to make that dream home yours? It depends on factors like location, income, and the purpose behind buying a house.
Encouragingly, affordable housing projects are cropping up, making home ownership more achievable for millennials without straining their finances.
We’ll spill the details on why the young people might just have the winning strategy. So, let’s delve into the top benefits of getting that sweet home sooner rather than later!
1. Investing in Your Future:
Buying a house early is like depositing money in your future bank. Of course, it might sound like a hefty investment upfront but think of it as a strategic move that will pay off in the long run.
Let us break it down. A home is more than simply a place to crash, watch your favourite shows, or host epic game nights – it’s a solid investment.
And real estate always goes up in value, implying that the value of your property will rise. Therefore, by choosing to sell, you will be able to receive a return on your investment.
Now, why is this a big deal? Well, unlike renting, where you’re essentially paying someone else’s mortgage, buying a house gives you control. No more worrying about rent hikes or being at the mercy of a landlord’s whims.
2. Easy Loans and Tax Benefits
Exploring homeownership early comes with perks in terms of easy loans and tax benefits. Getting a home loan at this stage, with a 20-year tenure, makes financial commitments more manageable without heavy family responsibilities.
Talking about taxes, Section 80C of the Income Tax Act allows aspiring homeowners to enjoy deductions up to 1.5 lakh. Choosing an under-construction home adds another advantage: a pre-construction interest rebate.
As a young investor in a property under construction, you can claim a deduction on the interest paid on the home loan.
3. Asset Acquisition
Buying a house early on isn’t just about crunching numbers, it is more like planting a seed that gradually grows into a value-increasing tree.
In times of unforeseen emergencies or financial needs, having a property early on serves as a practical safety net. Fast forward a few years to that piece of property you invested in. It’s more than simply a plot of land, it is a sturdy asset to your net worth.
If any unexpected demand arises and you find yourself in need of funds, a property in your possession can be used as security to obtain a mortgage from the bank.
Furthermore, renting out your property is a viable way to generate more income. It is a practical dimension of real estate ownership that makes your investment not only static but a dynamic contributor to your financial portfolio.
4. Tips for Buying a House at a Young Age:
As you gear up to make your homeownership dream a reality, let’s talk about some practical steps that can move you closer. We understand that it is a significant achievement, and these tips are here to ease your prep.
Knowledge about your budget:
Analyse your financial capacity in terms of down payments and the monthly mortgage amount to ensure a sustainable investment.
Research your home or property:
Do complete research on the chosen home, taking into account aspects such as location, features, and probability of appreciation.
Awareness about the home loan:
Be informed about the process of a home loan by understanding the terms and conditions that are involved in your mortgage.
Compare home loans:
Explore various banks to ensure you get the best possible interest rates and terms for your home loan.
Improve your credit scores:
Focus on building your credit score since a higher score ensures better interest rates and loan terms.
Latest real estate demand:
Stay updated on the current real estate trends and demands to make an informed decision that aligns with market dynamics.
Beyond the short-lived comforts of having a roof over your head, early homeownership is an investment in long-term stability and growth. The potential for property appreciation and the capacity of generating income through rentals strengthen the foundation of a dynamic and thriving investment, providing an exhilarating boost to your standard of living.
Moreover, easy loans and tax benefits for young buyers add another layer of financial advantage. Your budget awareness, property researching, understanding the home loan process, and staying updated on real estate trends will help you navigate the early acquisition of a new home.
So, if you’ve been contemplating when to buy that cosy abode of yours, the answer might just be now!
Unlock the door to your dream home early and explore the incredible benefits of Satt Adhar Builders’ latest project, Skyline Harmony, nestled in the heart of Panjim city. For queries, contact us today.
