One Chinese proverb says the best time to plant a tree was 20 years ago. The second-best time is now. This is also true in the case of real estate. Considering the daily rising property prices, investing in real estate, buying a home, and planning other things is better than waiting for the right time. This blog post attempts to explain how it is necessary to purchase a home in your thirties and how it can be the best decision of your life, especially for first-time home buyers.
An ideal person in his or her thirties generally has fewer other responsibilities compared to an aged home buyer. A senior home seeker has kids' higher education fees, medical expenses, the kids' wedding, house maintenance, etc., to pay. Also, age comes as an extra baggage while taking risks. Generally, in older age, the focus gets shifted to saving money rather than investing in any asset, financial instruments, or real estate assets. So the 30's is the best age to buy a home.
Banks are keener to extend loans to younger customers, considering various factors like age, income source, and good credit score, which can be highly beneficial for first-time home buyers. A steady income also holds significant importance, facilitating your loan eligibility from reputable banks.
The maximum tenure of a home loan is up to 30 years, making it attractive for first-time home buyers. One can make use of this period only if age falls in his or her favor. Long-term tenures give you a longer loan repayment time; hence, interest rates are usually lower, making it beneficial for those considering investing in real estate.
And how can one miss the most crucial part of owning a home? Yes, we are talking about tax benefits for first-time home buyers. The exemptions can significantly reduce your tax liability and help you save more. There are various ways to save taxes and own a home. One can choose a scheme that offers zero stamp duty, lesser payment of the principal amount, or the interest component. Thus, owning a home not only secures your future but also makes you worry-free about your present.
Home is not just about four walls. It is about emotional security and a sense of belonging, which is a significant benefit for first-time home buyers. It is crucial to have a permanent place to come home; it gives security to family members and nurtures space for everyone. Home also acts as a milestone in one’s life, which gives purpose to our life.
When considering the best places to invest in real estate, the real estate rate is considered the safest investment that multiplies your investment and gives perks and privileges. With rising surrounding infrastructure, the price of the property increases and adds more value to your portfolio. Properties purchased at the right location at the right time create generational wealth for the customers and make them affluent in every possible way.
Another primary reason to invest in a property early in your career is to get an additional income source. Rental yields are lucrative in metro cities and can give you stable earnings. This comes in handy when one plans to execute a sabbatical, study break, or career change to pursue other interests.
While summing up, one must remember the priorities in one's life while booking a home. Buying a home in the thirties is a commendable thing, but it also comes with a lot of responsibilities. That is why choosing the right home becomes crucial. Let us help you fulfill your dream of owning a home in your thirties, especially in upcoming projects in Mumbai, one of the best places to invest in real estate, as we have projects in Navi Mumbai & Mumbai.
General Information Awareness
The content of this blog post is for general informational purposes only, sourced from secondary information, and should not be considered professional advice. It intends to raise awareness, not guide decisions. Readers must consult experts before making choices. This blog post cannot be invoked against the builder in any sales agreement.