If you are in your late 30s or early 40s, you know the importance of owning a home for yourself and your family.
In a country especially India, where traditions and customs are of high value, the benefits of owning a home is multitude as it gives a sense of settlement and relaxation to know that you have a roof over your head. Buying a home before 40 doesn’t have to be a tedious process.
Having your own home is a step in the right direction for ensuring your future. Home loans are increasingly easier to obtain, and the government also offers tax advantages to entice people to invest in residential real estate. Buy your home early in your life easily.
Before purchasing a home, there are some things you should review. You don’t have to wait until you’re 40 to purchase a home. All you need to do is develop the ability to evaluate affordability and take a variety of aspects into account before investing, and you will have your dream home ownership before age 40.
Gaining Financial Clarity: 5 Steps to Help You Afford Your Dream Home
What if there is a way for you to buy your dream home before sweating it out? There are benefits to purchasing a home early. Either you get to spend a significant portion of your working life without worrying about rent, or the property continues to generate excellent returns as an asset that is rising in value. If you plan to rent it out, you can turn it into a great source of extra cash (while also lowering your loan EMI burden).
However, if you want to buy a house at a young age, you must check off a few crucial boxes.
Be mindful of what you want
A lot of specifics and formalities are involved in purchasing a home. Decide whether you would prefer an independent house or an apartment that is ready to move into. Do you want a clubhouse, a two-bedroom, or a three-bedroom home? Which location do you prefer: the suburbs or the city center? What is your financial plan, and does it match your capacity for repayment at the moment?
Take your time, do some research on these issues, and then decide. Most people realize that the home they purchased two years ago no longer meets all of their needs, so it is wise to plan a little further ahead. Therefore, it makes sense to consider your long-term needs before making this choice.
Select a suitable home loan
To understand better and narrow down the best possibilities on the market, it is strongly advised to compare house loans from different banks. Check the processing fees, which often vary from bank to bank, as well as the interest rates that banks impose.
Make a Budget Plan
Our incomes rise along with our expenses as we advance in our careers. As a result, it’s crucial to assess existing spending, analyze it, and then make a budget. Instead of managing and tracking your costs manually, you can utilize a variety of apps.
It would aid in reducing wasteful spending and improve your ability to save. It is crucial to build a nice foundation for your dream home so that your lifestyle is not compromised.
Research and understand the hidden costs
Many people forget about the undisclosed or unanticipated costs, which might total thousands of dollars despite adhering to a defined budget. For instance, additional costs that aren’t always mentioned in bold, such as registration, stamp duty, and khata (where applicable), will be needed.
Some builders might not include taxes and other fees in their advertisements, so you wouldn’t learn the actual cost until you visited the home. Always request the complete price before adding registration and stamp duty fees to determine the ultimate cost. Additionally, you might need to spend money on furnishings and other items if you’re buying a new apartment. In order to avoid this, always account for it when creating a budget.
Invest
It’s crucial to start saving money before you purchase a home. But in today’s world, in order to get even bigger returns, one needs to invest in addition to saving. Savings accounts offer interest rates of only 3% annually, which is much below the increased prices of today’s goods and services. In contrast, fixed deposits (FDs) and recurring deposits (RDs) offer interest rates of 6% and 8% annually, respectively.
Similar to this, you may also choose other advantageous tools like systematic investment plans (SIPs) that offer 10-15% interest. You’ll get closer to your projected budget more quickly if you do this.
Buying a home in today’s market
The complexity of buying a home in today’s market is paramount, but that doesn’t have to stop you.
You may despise this year for the chaos it has brought about, but you must adore it for the numerous opportunities it has provided for property ownership. The government has implemented various easements that make purchasing a home simpler and more convenient.
Additionally, the RBI’s move to lower the repo rate has led to historically low home loan interest rates. The same profitable bargains are being offered by builders and developers, including manageable EMIs, rebate programs, refundable booking payments, etc.
If you’re looking for houses for sale or apartments for sale, the best strategy is to keep an eye out for attractive discounts such as launch offers, particularly during festival offers. You’ll be able to negotiate the best prices if you stay informed about price trends in the real estate market. In some circumstances, it might even provide you with more leverage, making buying a house in today’s market profitable.
Conclusion
Do some thorough research to see if there are any special financing offers or exclusive offers from the builders who are willing to, among other things, wipe off certain fee payments. Examine the various rates provided by several banks and select the one offering the loan at the lowest rate with the longest term.
Own an exquisite home for yourself and your family before running into your 40s with the Kundan Praangan Project. The Kundan Praangan is a residential project in which they offer 1, 2, and 3 bhk flats for sale in Bopkhel, Pune. Kundan Praangan is a project of Kundan Spaces, one of the leading real estate companies in Pune. Enjoy your home with first-class amenities and infrastructure from Kundan Praangan—definitely a class apart.
