Youth is one of those prominent phases, when one tends to lack direction in regards to spending and saving in their adolescence. A youth, often spends money mindlessly, which becomes 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.
There was a time when one used to think about purchasing a home in their middle age, after having saved substantial amount. Nowadays, the scenario has changed extensively; the youth today is seeking to start working at a very young age. Looking at 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. Buying a house at a young age comes with many other benefits, some of which we will discuss in this blog post today.
Young people are now seeking to build a successful life. In order to attain a decent life, they start seeking job at a very young age. The salary being quite handful, the younger generation loses perspective how to save and spend. In order to bring things into perspective, investing in a home at a young age is a very wise decision. It creates a sense of direction, implants a sense of discipline and helps one to streamline their expenditure.
It helps them in understanding budget management and financial planning to get accustomed to a more balanced and well-rounded life that will help them to lead a disciplined life today and in the future.
Buying a house at a younger age helps in securing financial status. It is an invaluable asset that will be of great value in the long run. Studying the varied loan options today or different brands will help one go through the process of owning a home in a more convenient and relaxed manner.
If you are an NRI, you can choose to save the excessive amount from your income by investing in a home which you may retain as an asset or settle into later.
By investing at a young age, you can claim tax deductions and enjoy Tax benefits at a much earlier stage in life; Sec 80EE ensures tax benefits for those who are buying a home for the first time. Under Sec 80C of Income Tax Act, you can benefit by getting a deduction of Rs 1.5 lakhs.
Buying a home can be a huge financial commitment and responsibility. 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 and can even plan on early retirement.
It might work as an additional income to you, if you already have a house to reside in, or stay in a different country or city.
With the cost of construction increasing every day, your investment in a home today will most certainly benefit you tomorrow. With increasing land prices and property prices 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. It is this attribute of investing in real estate that makes it a better investment as compared to shares or fixed deposits.
Hopefully, this blog will help you in deciding and making decisions and work out as a future benefit to you.