Why Buying a House Young has its benefits

Introduction

Often, one tends to lack direction when it comes to spending and saving in their youth. Why buying young has its benefits even if you have started your career. One can spend money mindlessly which might become a regret later. Investing in a home, whether you choose to save up or pay EMIs, a part of your income is well utilised for a better today and tomorrow.

Gone are the days when one had to reach middle age to have saved substantial amount of money to own their dream home. Thanks to the safe and secure source of income, buyer friendly loans and EMI options, one can now buy their dream home at a much younger age. The question of the right time doesn’t imply very much. Buying a house at a young age comes with many other benefits.

Why buying young or as young as in your twenties or early thirties will help you in securing your financial status. Having a home you can call your own is an invaluable asset that will be of great value in the long run. However, one might be apprehensive to take such a large leap of faith as this might mean saving religiously and being dedicated to the cause of securing their dream home. Studying the market closely, and comparing different brands, localities and varied loan options will help one go through the process of owning a home in a more convenient and relaxed manner.

In earlier times, one usually invested in their home in their middle ages. But now, with the changing times and facilities, more and more young people are able to purchase a home that they can call their own. Investing in real estate is an ideal way to secure one’s savings and ensuring a better future as one can be ascertained that they will always have a roof over their head. You don’t require a complex checklist to buy a house.There are many advantages of buying a home at a younger age. Here are some of them:

Tax Benefits

Applying for housing loans will help one enjoy certain tax exemptions. Under Sec 80C of Income Tax Act, you can benefit by getting a deduction of Rs 1.5 lakhs. Sec 80EE ensures tax benefits for those who are buying a home for the first time and reduction can be claimed until the loan is paid off completely. By investing at a young age, you can claim tax deductions at a much earlier stage in life, making the most of your earning.

Younger the better:

Buying a home can be a huge responsibility. A huge financial commitment that one has on their “to do list”. The sooner you buy a home, the earlier you are unburned of this responsibility. In case you are opting for a loan, you can pay it off sooner, and relax later in life to the extent that you may even be able to plan an earlier retirement.

Additional income

If you already have a house to reside in, or stay in a different country or city, you can rent out your property to gain additional income.

High ROI (Return On Investment)

With the cost of construction increasing every day, you can be assured that your investment in a home today will most certainly benefit you tomorrow. More often than not, the land prices have seen a steady growth over the years, and if one studies the market well and invests in a location that is seeing progress, one can be assured of a good appreciation value of their property. This means that your savings are not only secure, but are also multiplying with time.

Creating an asset

A real estate investment is a valuable asset. As time passes, often the value of the property increases making it more valuable. One can choose to sell the property and use the increased amount to buy a larger property. Or for the education of their children or for any emergencies that may arise.

Little risk involved

Investing in real estate involves the least risk. If the buyer does substantial research about the different locations. Different builders and different opportunities to invest, one can buy a property that will safeguard his savings. Opt for a reliable builder or seller, and seek reliable legal help to ensure a hassle-free buying experience.

Peace of mind

Why buying young is an ideal method of saving and investing. You can be at ease knowing that you are utilising your hard-earned money towards your dream home. If you are a young family or have ageing parents, then buying a home young can give you great satisfaction. As your loved ones will have a fixed residential address. They will not have to go through the arduous process of constantly moving from one rental property to the other. You can be at ease knowing that your family has a safe and secure environment. Environment to grow and lead a healthy life together.

Conclusion

Lastly, knowing that your home is a valuable asset, your mind can be at ease. If things do get tough, you have something of value to rely on. These are just a few points highlighting the benefits of buying a home at a young age.