As Indians, we have always preferred to invest in real estate because it is a tangible asset rather than an investment that exists only on paper. Buying a home is always a dream. While that mindset is changing, the value of owning a home cannot be overstated. It has economic and emotional value and is regarded as a sign of success in most households.
While we believe that the best time to buy a home is when you are financially prepared, we always advise prospective home buyers to start early and purchase a home in their 30s.
Here are some reasons you should consider buying a home in your 30s.
You have a relatively stable career
In terms of career stability, you are more likely to be stable in your thirties. This is an important consideration because a home loan is a significant financial commitment that necessitates a consistent source of income to ensure that the installments are paid on time.
As a result, it is critical to obtain a home loan when you are in a stable position in your career. As a result, the thirties are a better time to buy a home than the twenties.
Maximum loan term
A mortgage is a long-term loan. Because the amount borrowed is large, the longer you have to repay it, the lower your monthly installment will be. However, you should be aware that the longer you take to repay the loan, the more interest you will have to pay. As a result, choosing a repayment term that allows you to repay the loan comfortably while not paying too much interest is critical. Buying a house by seeing flats for sale in Ayanambakkam in your thirties, with at least 30 years of professional life ahead of you and a decent salary makes more sense.
Prudent spending habits
You have dreams and aspirations when you start working after about 15-20 years of education. Most teenagers are impulsive with their money because they have waited a long time to be able to earn and spend without being held accountable to their parents.
However, as you get older, you realize the importance of saving and investing and become more frugal with your money. This makes the thirties an ideal time to make a more long-term and rewarding financial commitment – purchasing a home.
Access to funds for the down payment
Most people plan ahead of time before purchasing a home. This means they work on their finances, save a small sum for emergency expenses, budget their monthly fees, and set aside funds for a down payment on a house. All of this takes time.
This is an important consideration because a larger down payment would lower the home loan amount and allow you to purchase the home of your dreams. Many people in their twenties who want a house try to get a personal loan or borrow from their family. While this can work, it burdens you in the first few years after purchasing the home.
Greater clarity about where you want to live
In more ways than one, purchasing a home is similar to establishing roots. As a result, knowing where you want to live is a prerequisite for buying a home. Young people have become more mobile in the last two decades. Remote working has opened the door to a more flexible living destination post-COVID. Many potential homeowners have begun looking at properties from top builders in Chennai because the prices are reasonable. Being particular about where you want to settle down during these times is critical. This clarity is enhanced when you are in your thirties and understand your likes and preferences better.
A high rate of return on investment
When all investment options are considered, real estate investments like apartments in Ayanambakkam provide the best returns with the least risk. While there are lulls, property prices generally rise over time and give a good return on investment. Because real estate prices rise in tandem with inflation, it is the best long-term inflation hedge. Real estate properties have the potential to generate good returns in the long run. When you buy a home in your thirties, you allow it to appreciate by the time you retire.
There is no money leaking due to rent
Unless you live in your parents’ home, you are most likely paying rent. This can vary greatly depending on the city and neighborhood you live in. Rent money is a financial leakage because it provides no returns. You get to buy a flat for sale in Ayanambakkam and enjoy returns on your investment if you buy a house with an EMI close to the rent amount. Purchasing a home in your thirties gives you enough time to pay off your mortgage and for property values to rise sufficiently to provide an excellent ROI.
To summarise,
If you are a financially responsible young person who has managed your money well in your twenties, buying a home before 30 is a good idea. You can always sell the house and buy a better one later. Don’t go overboard with your spending and purchase only what you can afford.
However, for most people, waiting until their early thirties is a better option because it allows them to build their savings and credit score. It also allows you enough time to research the market and look for opportunities to buy a home at a low cost at flats for sale in Ayanambakkam.
As your career progresses and your income rises, pre-pay the loan in installments to ensure that you pay it off within 7-10 years. If you are on a tight budget, look for reputable builders offering reasonably priced, fantastic properties.
