Everyone thinking, Is it a good idea before you turn 30 or after know more about the right to buy property?
Everyone dreams of owning a home or property someday. While some start saving for it, other start some investing money to increase their money. Always everyone wonders, What is the right age or time to invest in the real estate. As per the expert advice that 30-35 is the ideal age to buy a home or good time to invest, you have carried out a market research. There are certain pros and cons about the buying property at a different age.
Home for young If you are looking a home into your young age, then you are largely depending upon your income. Here are some tips you must know and understand if you plan to buy a property at a young age.
- Get tax advantages: In a Current day, youth earning around Rs 10Lakh and above in a month. Before investing in property, you should at least have an emergency fund of 1-2 years for your monthly expenses. Investing in a real estate market would entail huge tax benefits for them. For instance, if someone is earning a package of Rs 14 lakh per annum, the person would be eligible for a home loan of around Rs 60 lakh with an EMI of around Rs 55,000. In such a scenario, one can save up to Rs 45,000 tax per year.
- Long term planning : Apart from tax benefits, if you will be able to buy a property at your young age, it will be better life planning for long term. If you end up purchasing a house by the age of 25, you would have completed your installments by the time you hit 40.
- Limited available funds: This is also a benefit to purchase property in young age, you would be out of money in case of a family or personal emergency.
If you are planning to purchase property into your turning 30th age, you would have a better idea about the size of your family and how much you can invest.
Therefore, there is no right age to purchase a property. All expenses depend upon your needs if you have better saving for a long term. So, you should invest in property to earn more benefits. If you have the financial support to buy a house without resorting to loans, it might be better to buy at a later stage in life. In such a case you can easily base your decision on market conditions as well.