What Is The Optimum Age To Buy A Home?

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Are you wondering if it’s ever too early or too late in life to buy a home? Unlike most other things in life, the answer to this one is fairly clear. Of course, it’s too early to buy a home if you’re still a student or don’t earn an income, but otherwise, it can be a little too late if you wait to do so until your 50s or 60s.

Here’s a closer look at the optimum age to buy a home:

  1. It’s good to invest early: Any financial advisor will tell you that it’s good to start investing as early as you can and that real estate investment can be both a stable and lucrative form of investment. In your 20s and 30s, you have a long time to go until retirement, which means that you have enough years in service to pay off your loan. This opens up a world of home loan offers to you, allowing you to save money efficiently.

  2. ROI and savings: First and foremost, the capital value of your home will have enough time to compound and appreciate significantly, if you invest early in life. Moreover, the rentals on the home can serve as an additional source of income, which can then be used to pay off the home loan and to meet other expenses. Or, by choosing to stay in this home, you can save on your own monthly rental expenditure—it’s always a better idea to be paying your EMI than a monthly rental (which is a non-rewarding payout). The sooner you stop wasting money on rentals, the better it is for your financial life.

  3. Fewer loan options: The later you wait to buy a home, the more limited your home loan options get (as your time before retirement becomes shorter). It’s always good to invest in a home when you still have a sufficient number of years in service to pay off the loan. This will also allow you to opt for more affordable EMIs. In short, the earlier the better.

  4. A home for end use: If you’re looking to buy a home in, say, your 50s or 60s, with a short span of time before retirement, then there might be some specially tailored home loan options that you could explore. However, in this scenario, you should be buying the home for end-use purposes and not as an investment. So, in this case, especially, it is a good idea to go with a well-established project and developer.

Looking to buy a home in Mumbai? Explore the wide range of residential offerings by Vaibhavlaxmi Builders and Developers, the leading real estate developers in the city.


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