Ready for your Dream Home?
By Pinkerala News Desk | May 25, 2018
A research study shows that 82% of millennials in India stay with their parents and 65% of them seek to buy a property in the future. Supporting the data, Indian millennials (who currently share 47% of the working age population) are ready to learn the curves of the real estate and are motivated enough to invest in it. This statistics is very much in contrary to the global millennial population, who prefer renting a house instead of buying. With the freedom and stability that is attached to homeownership, the average age of first time home buyer millennials in India ranges from 35 to 38 years.
Considering the statistics certain important observations can be inferred, such as:
- Millennials value community living and family traditions,
- They have the power to invest in this surest method of becoming independent and take it seriously,
- They consider owning a home as a sign of financial security.
Perceivably the big choice is taken on differently by this generation as they want to advance on this home-buying journey with caution. Making sure it doesn’t turn out to be a flawed decision, here are 5 valuable pointers for a stable route:
Do you have high credit card purchases?
Evaluate your finances. Before setting the home shopping goal, one needs to check on his earnings, savings, investments, and resources. Match them with the debts, loans, and other liabilities. Lending agencies will only consider you for a loan after viewing your financial ground.
Where are your Investigator Glasses?
Investigate, research and analyze the market scenes. Compare offer prices, meet buyers, get equipped with government regulations, review the status & reputation of builders, scrutinize the construction, etc. to arrive at a decision.
Balance it like Buddha
Sometimes your dream home may not always be the practical choice. Consider factors like price range, amount and period of the mortgage, its interest rate, maintenance costs, down payment, and other expenses. Let there be a balance between affordability and your dream.
Create your Life’s Blueprint
What are the basic comforts when you think about your own home? A garage, front porch, sunroom, high ceiling, nearby local market? Whatever is your concept of an acceptable living, enlist them. Identify and consider the topmost home contestant.
Plan for the Eclipsed Side
Be thoughtful, keep room for unforeseen overheads. Sometimes unexpected costs such as additional plumbing and electrical works, inflated prices of interior material, parking space charges, or a rise in prices due to alluring location, can become overbearing.
While you make way for the perfect lifetime investment, be certain to use your own ingenuity and judgment.
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