What is The Right Age to Buy First Property?
Jun 28, 2016 Home Trading Steps
There is a simple chain that follows in countries, especially in India. You study in a reputed school, graduated from a good college with a good score, get a good master’s degree, start working, own your own house and get settled. In this entire chain the most complex part is ‘owning a property of your own’ (apart from getting married! Just kidding). You complete your Masters around the age of 25 and get a job and from that very moment starts the tension of owning a house of your own.
Hence, it is mostly advisable to buy a house by the age of 29 or say 30 as by then you are financially stable. This is the time when a person is the most strong financially as he or she is unmarried hence low expenditure thus implying more savings. Also by this age one tends to mature and sensible regarding the workings that go around.
Then by the age of 29, your family will start pressurising you to get settle hence a need for financial security. The two best financial securities in India is either property or gold. Mostly people go for the first one when they are unmarried.
Purchasing home at an early age renders some benefits also like you tend to gain knowledge regarding the real estate sector and this will be of great assistance when you purchase your dream. (Of course, your first home is not your dream home keeping in mind your limited salary in the starting of your career; hence, it is just for security). Another benefit it renders is a stable mind and a self-confidence which further helps you to take other important decisions.
Opting for a house loan at an early age also helps you to enable the maximum benefit of the tenure of your loan. Additional to that you also get tax benefits at an early age on your home loan. There is another worry that bothers people while purchasing a house at an early age is that since they already own a house, how will they then get the finance to purchase their dream house? This is not a huge problem as one will take a span of 3-4 years at least before buying their dream home. In this span the person will grow career wise and also, he or she can add his spouse as well for the loan.
In India people often aspire more than the resources available to them, people spend on luxuries like LED Television, iPhones, tablets, luxury cars etc. therefore owning a house at an early stage leads to forced saving thus preventing unrequired expenditure.
Therefore one should not hesitate to buy a property at an early age.
Hence, it is mostly advisable to buy a house by the age of 29 or say 30 as by then you are financially stable. This is the time when a person is the most strong financially as he or she is unmarried hence low expenditure thus implying more savings. Also by this age one tends to mature and sensible regarding the workings that go around.
Then by the age of 29, your family will start pressurising you to get settle hence a need for financial security. The two best financial securities in India is either property or gold. Mostly people go for the first one when they are unmarried.
Purchasing home at an early age renders some benefits also like you tend to gain knowledge regarding the real estate sector and this will be of great assistance when you purchase your dream. (Of course, your first home is not your dream home keeping in mind your limited salary in the starting of your career; hence, it is just for security). Another benefit it renders is a stable mind and a self-confidence which further helps you to take other important decisions.
Opting for a house loan at an early age also helps you to enable the maximum benefit of the tenure of your loan. Additional to that you also get tax benefits at an early age on your home loan. There is another worry that bothers people while purchasing a house at an early age is that since they already own a house, how will they then get the finance to purchase their dream house? This is not a huge problem as one will take a span of 3-4 years at least before buying their dream home. In this span the person will grow career wise and also, he or she can add his spouse as well for the loan.
In India people often aspire more than the resources available to them, people spend on luxuries like LED Television, iPhones, tablets, luxury cars etc. therefore owning a house at an early stage leads to forced saving thus preventing unrequired expenditure.
Therefore one should not hesitate to buy a property at an early age.
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