Do you also plan to buy a property before your hair turns grey? Well, worry no more. Gone are the days when people used to buy a flat or plot after retirement. It’s Young India and millennials are now buying their dream home at an increasingly young age. In fact, it is not uncommon to find youngsters investing in the property before turning 40. But how is it that people today are buying property at such young age? Let’s find out.
Set Your Goals
Buying a home requires studying a number of details and formalities. Firstly you must figure out whether you want to invest in a 2/3 BHK flat or an independent villa. The location and budget are other important points that need to be carefully looked into. It is important to take time and carry out detailed research on every aspect before reaching a decision so that you do not have to rue your decision in future.
Compare Home Loans
A number of banks and NBFCs claim to offer home loans at competitive rates. However, you would do yourself a big favour if you study their offer intently. Evaluate the rate of interest as well as the repayment tenure offered by the lender. This would help you zero in on the offer that would best serve your purpose.
Budget Your Expenses
As you progress in your career your salaries grow as do your expenses. It is therefore important to carefully ponder over your earnings and expenditures while planning a budget. There are a number of apps that can help you manage and track your expenses which is a far better and efficient option than taking the manual route. Planning a budget would cut down unnecessary expenses and help you with efficient savings. It would always be a good idea to create a nice corpus for your dream home so that you do not have to compromise on your lifestyle. Budgeting can help you with better management of funds.
Plan Your Investment
In today’s times of rising inflation merely saving would not suffice. One must go beyond savings and make well-planned investments that would pay rich dividends in future. Other beneficial instruments like systematic investment plans (SIPs) can also fetch you great returns and help you with an estimated budget in a planned and efficient manner.
Good Credit Score A Must
A good credit score (750 or more) would not only open up numerous options to avail loans but would also keep you in good stead to negotiate for lower rates. It is therefore always a good idea to pay your EMIs on time. You would also do yourself a big favour if you avoid taking loans indiscriminately because it would make repaying even more difficult seriously affecting your credit score.
Youngsters who want to own property at a relatively tender age have an ace up their sleeve. All that you need to do is to connect with SMC Realty and we would help you with top projects from leading developers at competitive rates so that your dream of owning property before turning 40 becomes a reality.
