Product Search


6 Reasons Why You Should Consider Buying A Home At A Younger Age


Talking about the millennials and their habits is a cliche topic and a never-ending one. However, there is one point that should be considered for their better future is buying a home. Whether you live in India or any country the issue of buying your dream home remains the same. Young people are either not interested in home-owning or they fall short of their income to buy the real estate property they want to.
buying a home


Amidst the trail of arguments about not buying or buying a real estate property at a young age, the later one has stronger and valid points. Let's focus on those.
1. The earlier, the better
The tenure of your home loan affects the EMIs to be paid. The longer the tenure, lower will be the EMIs. The loan giving bodies calculate the EMIs taking into consideration your age and how long you can practically pay the EMIs. In India, the retirement age is 60 and the banks consider this as the age before which a person, under any circumstances, should pay his/her EMI and repay the complete loan.
It is also observed that the lenders are behind young people calling daily to provide home loans. The reason being, young people are at the beginning of their careers and will certainly grow in them over their evolving years. As the longer one carries over the decision of taking a home loan to buy a residential property, the bigger the EMIs become.
2. Flexibility in a starter home
A huge number of young people among homebuyers think that they will save up to their 30s to afford larger properties. However, it would be easier and wiser for them to invest into a smaller property first and then after a few years plan for a larger one. This will not only be affordable to them at the start of their careers but also give them the flexibility of upgrading to a better and larger property after the family grows.
3. A married couple, higher eligibility.
It becomes even easier for a young married couple to get a joint home loan. The banks consider these cases paramount as they are assured that two instead of one income will be backing up the home loan. It also reduces the risks for the banks as two instead of one borrowers are involved. A joint home loan also helps a couple to close down the loan considerably faster than an individual, enabling them to plan on other investments which will help them secure their future.
4. Upgrade life
It is also advantageous to purchase a home early as you can repay the loan while you are young and can focus on other investments and savings to lead a better life. This also opens new ways to upgrade your lifestyle to a bigger and better home, your 'dream home'.
5. Close it at the earliest.
Newly married couples today are postponing their plans to have children thinking that they could enjoy some years freely together. Such a decision works great for couples with this plan. This decision enables them to make a huge down payment on their home before the expenses related to children and their academics become an additional responsibility to them. With a bigger down payment, they can reduce their EMIs and get rid of the home loan faster.
6. Home- An asset
It is also observed that a well-researched home may appreciate in value of approximately 15-20%. If you buy it at an early age this home can be a huge incremental investment asset to you.
A wiser way to invest your hard-earned money is investing in an appreciating asset that paying rent every month for which you won't get any returns. Repaying of loans also gives you a financial advantage of income tax breaks. Indian Government has this way of encouraging young citizens to buy a home of their own and give a better future to their family.
The above reasons convince the point of buying a home at an early age. A financial discipline since an early age can make things to go easy to service a home loan.



Featured Products






Articles


Maid Of Honor Dresses
Lovely Leather Handbags For Females
Modern Slipcovers Change Chairs And Sofas In Seconds
A Chess Set To Improve Grades
My Brother S First Camping Trip
Commercial Plumbing Know The Basics And Facts About It
Going in for the Right Online Recurring Payment Gateway
Winning Is In Your Way If You Can Apply Modern Tricks While Playing Chess
Transform Your Patio On The Cheap With Oil Lamps
How To Take Care Of Wooden Jewelry
If They Aren T Killed
Game Copy Monster Review How To Copy Xbox Games Easily With Game Copy Monster
Welding Helmets And Optrel
How Can We Increase The Safety Of Sports
Incontinence Products What Is Known What Is Not
6 Vital Information You Must Know About Small Business Credit Cards
Spdt Plastic Lens A Reliable And More Compact Component
Understanding The Characteristics Of The Best Motivational Speakers
List Profit Sniper Review
How To Ascertain The Correct Age To Introduce Piano Lessons To Your Child
Formal And Informal Wedding Gowns Which One Will You After
Ensure You're Seeking Quality Used Trucks And Trailers For Sale
Selection Of Color For Restaurant Seating Why Black
Composite Decking A Prudent Option For Your New Deck
Bistro Sets The Best Furniture For You To Chill Out With Your Friends
Find Cheap Prices Choosing Refurbished Ipads Via The Sales
Lil Eddie Statue Lyrics
Easy Way to Make Money From Home
Fine Art By Indian Artists The History And Legends Of Fine Art In India
Tips In Keeping Stainless Steel Cookware Last
Golf Equipment Within Your Reach
Outdoor Wall Art Bring The Gallery Outside
Major League Baseball Approves Wearable Tech For In Game Use
Why Having Above Ground Pools In Your Home Is A Wise Choice
Searching For The Perfect Gift
Defog Your Surveillance Camera
Real Midway Automotive Reviews Promotion
Indian Paintings Epitome Of Heritage And Culture
How To Select The Appropriate Membrane Keyboard Design Parts For Better Efficiency
Top 5 Things To Do While On Vacations To Monterrey Mexico
How The Computer Industry Changed Desk Designs
Want An Even More Snug Fit
The Dos And Don Ts When Painting Your Home
Choosing Cricket Bowling Machine And Practicing
Hot Hydrotherapy Pools Provide Relaxation And Comfort
Soccer Conditioning Killer Tips On Post Match Recovery
Filipino Pancit Noodle Recipe
What Is A Web Hosting Service
A Handy Guide For Travellers Booking Flights To Canada
Guide To Buying Women S Lingerie For Men