How to buy a House at your earliest Age?

By Abhay Harish Shah , Realty Quarter

Buying a house at your earliest age has many advantages, and also it determines a person’s stability. A person life is incomplete or is not considered as a stable life until he/she own a house, car and a reputed job.

It is said when you have a secured job you should invest in property as you can pay EMI regularly. It’s obvious that at the beginning of your career savings would be not possible but in a long term basis, you will secure a house and would have a good income flow with proper savings.

Experts point out that very few youngsters take the leap into this big investment, as the procedure of buying a flat is usually challenging. But, if the procedure is executed with proper financial planning, then the benefits will surely make an individual’s life.

The benefits of buying an apartment at an early age are the cost appreciation and also the person can concentrate to plan its other financial goals.

Things to know, if you want to buy an apartment at your earliest age.

1) Budget: Before buying a house, a person should plan out the budget which is based on its regular income flow and savings. Budget can be decided by evaluating the loan eligibility, and the career growth of an individual.

2) Savings: It is important to have atleast 20-25% of Downpayment/Savings with you; the rest amount could be managed by taking up a home loan.

3) EMI: A bank can pay upto 85% of the property amount as a loan, but, an important factor is to determine the EMI cost which will incur each month. Identify how much you can pay by keeping some of your savings apart.

4) Property Location: Finalize the area of the property by researching future prospects of the location. If the location is approved for future development then you should consider that area as your property. The government plan for future development can help to gain a good amount of appreciation.

5) Connectivity: It is important to have proper connectivity to your investment which will allow you to not get frustrated while travelling to your office. Further, exposed surroundings with Restaurants, Entertainment Zone, Malls etc is also very important.

6) Proper Documentation: Getting a first house can make anybody excited which can be harmful. An individual should consult an expert to look for documentation like land titles, statutory approvals, RERA compliance, etc.

Investing in a property can help a person to learn many things like Tax saving plans, Diversifying Investment, Financial Planning etc. In many cases, a young buyer tends to buy other property as well after understanding the real estate market.