“This is the place I call Home!” One of the many of life’s milestones is buying a house that you can call home. Each one of us dreams of owning a house, either buying or building one rather than living in rented premises. For the majority of people, it is the top feature in their list of “must-haves” in their lives. However, when is the right time for you to invest in buying a house is a decision that requires careful consideration of a lot of factors like income, risk-taking ability, flat price in Guwahati, and your priorities.
It is tough to designate a certain age as the “right” age to buy a home. What matters is to identify where you are in life as you decide whether or not to buy. You shouldn’t forget that though you gain the status as a homeowner, this decision is certainly a crucial financial liability.
When Should You Buy?
Purchasing a house is one decision that truly affects your quality of life. We believe that any age is right as far as the conditions are right. Whenever you decide to take the plunge, it all comes down to these bare essentials –
- When you are ready to afford the EMIs and other expenses of homeownership
- When you are capable of getting approval for a good loan amount.
- When you know you can settle down in that geographic location for a long time to come.
- When you are ready for the responsibility of owning and maintaining a home
Reasons for buying the home at a young age
For those who have the desire to buy a home in their youth, here are some of the potential benefits.
- Create wealth – Owning a home is a direct way of increasing your net worth. Paying the EMIs is a “forced saving” which you might otherwise not be so serious about. This not only helps you build equity in the property but also saves you from paying a significant amount of your earnings to a landlord.
- Price appreciation – In most of cases the value of your house will increase over the long term. Investment in property can help shield against inflation, and we assume that your property will keep pace with rising prices.
- Emotional value – Your house is a place you can call your own. You are in charge and you can have a life as you like it. From customizing the look to suit your style to make improvements that add value, your own house lets you grow deeper roots in the community you live in
Reasons for Waiting
Waiting has got its own set of benefits. Here are a few.
- Experience brings certainty – With age, you have a better and clearer idea of your ideal home. With age, you gain more information about several factors like your work location, the availability of your income and most importantly, the size of your family.
- Financial Capacity – Fundamentally most people earn higher as they get older. With more money in your pocket, it’s easier to buy exactly what you want without making major sacrifices.
For those who are still anxious about purchasing good quality flats In Guwahati, it is best to get help from local experts who can explain your best options.