It’s a widely known fact that real estate is the most profitable long-term investment you can make. The biggest, most ambitious shared ideology among Indians is the desire to own a home. The word “long-term” may cause a bit of a stir, especially among the younger, more impatient crowd, but it pays off big, given you make the right decisions and invest wisely on the wide range of properties available.
There has been a considerable shift in the demographic of people opting for home loans today. A study shows that the age group of people looking out for reasonable properties has dropped from 40 years old to mid-twenties. A couple of factors that have seen this shift in behaviour are highlighted below:
The youth are highly motivated
When you’re young, you’ve got oodles of enthusiasm and energy flowing inside your mind and body, but as you grow older, your energy starts to dip, and you may begin to lose interest in certain things. Think of real estate investment as a fantasy you had as a child, something that you always wanted to see come true. With age, life hits the reality button, popping all those fantasy bubbles. The younger you are when you invest, the more motivate you will be to ensure you get the best of what you are looking for.
The youth are more internet savvy
The internet age has brought changes to a lot of aspects of daily life, with many services moving to the online space thanks to some benefits. The younger generation is practically born with smart technology in their hands, which means you have unlimited data to learn all you need to know about real estate and have unrestricted access to various social media pages and forums that discuss all things real estate.
The youth have more time
Time is a valuable resource to have especially when your investment is in real estate. Given that the benefits are long term, the younger you are when you invest, the better you feel when age catches up. You will be able to set out goals and plans quite comfortably for the long run, knowing full well that a strong financial backing is securing your second innings of life.
If you are lucky enough to be young in India’s current scenario, you know full well that the best time to invest in real estate is NOW! Demonetization is in full swing and proving to be quite friendly with the real estate market; home loans are cheaper, interest rates are down, and the overall cost of popular housing projects has reduced.
Real estate investment is not something you must plunge into, like most of the youth is prone to doing. Instead of making hasty decisions, here are a couple of thigs you must strongly consider.
Take one step at a time
The golden rule of starting small is applicable everywhere, more so when it comes to investing in real estate. You may have dreams of owning a luxury villa or a sky-high apartment, but it may not be a wise choice if you are just starting out with your career. Take baby steps, invest in simpler homes and wait for those profitable returns in the future to go big.
Educate yourself on the risk factors
Knowledge is the first and most important of investments, and if you take the effort to dig a little deeper in the real estate subject matter, you’ll get a better insight on all the do’s and don’ts, learn about the hidden costs and take more calculated measures when approaching a property. As you are relatively young, you need to understand the flipside of investing in certain markets and have the courage to face the many obstacles that may come your way as you grow older.
Money management is important
It’s obvious that real estate is a very expensive investment, so money management becomes your primary challenge. When you are young, you will have many materialistic desires like buying a fancy car or going on a long vacation. You have to sacrifice a few pleasures early on in life if real estate investments in on your must-have list.
A successful and happy investment in real estate is the result of loads of hard work and patience, all of which you can accomplish when you start early.
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