There were days when only elderly would buy homes and their young would just follow. Today, home buyers in India are younger than ever, with the age group of 34-38 populating a majority of sales deeds. Furthermore, these young buyers are maximizing the advantages of youth with the power of team leverage.
- The decision of buying a home should not be influenced by others. It is a personal decision, which does not lend itself too well to ‘one-size-fits-all’ investment philosophies.
- ‘The First Buy’-young aspiring homebuyers should keep in mind their current and future finances and balance. The first buy homes are the kind of homes that a majority of young couples prefer or able to buy in the initial stages of their careers and/or married life. Such homes are generally only as big as they need to be but are in well-connected locations which allow for easy transit to and from work.
- Deciding the budget is the most important thing. The main focus at this point in one’s family life should be to secure home while simultaneously retaining the ability to enjoy the first years of married life in reasonable style.
- Buying a home will always free the family of empty rental expenses which reap no returns and instead secures a performing asset which will appreciate in value. With monthly EMIs on a home, one gets a clear view of what other investment options and life flexibility is still available. A self-owned home in India has a singular power to provide not only accommodation but also a sense of security and comfort.
- With recent property price rationalisation in many cities, property prices have become affordable for a much larger cross-section of aspiring buyers. As of now, residential property in India has become more affordable than it has been in several years. Simultaneously, home loan interest rates have declined to further boost the logic of home ownership in the country.
- As the real estate market recovers, the prices might rise again, hence, this is the right time for first time home buyers to invest in a property.
Source: Hindustan Times