At What Age Should One Invest in Real Estate?
Buying a dream home is on the bucket list of most individuals! There are many factors that determine the right time to invest in Real Estate. Some of these factors include investment appetite, income levels, priorities and most importantly age. Age determines your home loan duration, your savings for the initial down payment and so on. Here is a look at three different age brackets and the advantages of each.
The purchasing power of youngsters is improving and with an active work life ahead of them, getting a long-term home loan is easy. Investing early on has its own benefits
- Tax benefits throughout the career
- With fewer responsibilities, paying EMIs is easier
- Property bought as an investment can reap benefits later
- The house can be an alternate income source if rented out
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This is the age when most youngsters are on the onset of getting married and/or having a family. Here are reasons why many consider this age bracket to be ideal
- Sufficient savings to comfortably manage the down payment
- Besides tax benefits, compensation too is fairly better than when they started out
- Easier to get better home loan deals
- Investment can be planned jointly with the spouse
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Systematic investment planning throughout the career can help individuals buy a property at a later stage. Some of the advantages include
- May need a small home loan or no home loan at all
- Most other responsibilities are already taken care of
- Buying a house after living a loan-free life to the fullest
- Can choose a home with a retirement lifestyle in mind
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