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Why Should You Own Your Dream House In Your 30s?
Every Indian has the goal of buying his or her own house and becoming successful in the process. Many people believe that one should buy a house only when they are financially ready, we urge people to target their thirties to buy a home. Here we discuss why you should buy a home in your 30s.
Most people in their 30s achieve certain stability in their career As you move into your 30s, you are most likely to attain a sense of stability in comparison to your twenties. Buying a house is a big investment, this stability in your career will help you get a home loan. In your thirties, you can save up a lump sum amount for the down payment and pay off the rest of the loan within the tenure of say 15 or 20 years. In your 30s, your chance of not missing any EMIs are also low which ensures a healthy credit score.
Optimal Loan Tenor Home loans are long term investments. Extend the tenure for your loan repayment. we all know that longer tenure means smaller instalments. Longer tenure also means you will be paying more interest in the long run. There needs to be middle ground where you select a tenure that does not force you to pay too much interest, and yet you can repay the loan without too much stress of bug EMIs.
You will spend your money wisely People have a tendency to spend almost all their earnings on the pleasures of life when they are in their twenties. In their twenties, they laugh at the concept of savings and investment. . When you reach your 30s, you calculate your expenditure, you have a budget and you try your best and stick to it. Financial goals that you strive to meet when you are in your thirties.
You can gather funds for the down payment When you start working in your 20s, you can easily take up to 10 years to stabilize your income and save enough money that can help your clear the down payment for your house. Wondering why to pay a good sum of money as a down payment when your bank is ready to issue a loan, then you need to know that a bigger down payment not only reduces the principal amount of the loan but also decreases the burden of hefty EMIs.
Location People in thirties understand that buying a house is settling down, it is similar to putting down your roots in a place. Choosing the location for your house is more important . Ask yourself questions like - How far away is my office from my potential home? How is the neighbourhood of the location I want to buy a house in, etc?
You get a higher return on investment Consider buying a house as an investment then return on investment is something that you must closely monitor. Compared with other forms of investments like mutual funds and stocks, real estate is one of the safest options. No matter how the market is, over time, you can get a good ROI from your real estate. Investing in real estate is the best option out there due to capital appreciation as well as rental income.
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