Buying a home early in one\u2019s career, has several advantages. We offer a list of dos and don\u2019ts for young home seekers, to realise their dream of owning their own home
\nOwning a home is a dream for many and being able to buy a home early in one\u2019s career, can give you lots of joy. Experts point out that very few youngsters take the plunge into this big purchase, as the entire process is often challenging and complex. Although it may seem like a challenging task, if the process is managed smartly, the benefits are worth it.<\/p>\n
\u201cA house is one of the most expensive investments, as compared to other purchases. Hence, buying such an appreciating asset early, helps in correctly setting one\u2019s financial goals. Earlier the investment, higher the opportunity to reinvest and multiply your returns,\u201d says Samson Arthur, branch director \u2013 Hyderabad, Knight Frank (India) Pvt Ltd.<\/p>\n
Benefits of buying a home in the 20s<\/strong> Future investment: It allows youngsters to invest in their future, as it provides them with an asset that can be sold, when they are ready to move on.
\nFor a millennial, buying a home is an investment in the financial future, says Rajat Johar, head of residential services, India, CBRE, who explains some of the advantages of buying a home in the 20s:<\/p>\n
\nYoungsters tend to learn better spending habits: It changes the young buyer\u2019s decision-making process, as they learn how to save and spend money in the most effective and efficient manner.
\nTax benefits: As home buyers get tax credits, youngsters can use it for lowering their tax liability.
\n\u201cAlso, owning a house is a huge responsibility, which can make youngsters more responsible\u201d he says.<\/p>\n