Buying a home is a special milestone in anybody’s life. And your 30s can be the perfect time to cross this milestone. With better financial acumen, millennials are better prepared to enter the real estate market compared to their parents and grandparents, and rightly so.
If you too want to buy a home, there could not be a better time than your 30s. Here’s why:
You are relatively stable during your 30s :
Buying a house is a massive undertaking for which you need a stable source of income. Most people in their 30s are well-settled in their careers. Your 20s may be spent studying or finding your niche, but by the time you arrive in your 30s, the chances of finding stability in your career are a lot higher.
Getting a loan is easier in your 30s :
Loan providers may be more willing to offer you a loan to buy a home in your 30s. By this age, you would most likely have a good credit score as you would have started regularly paying off your student loans in your 20s. You would also have better money management skills to settle your credit card debt on time. These habits can help you get a lower rate of interest on your loan. The stability of regular income also plays a positive role and helps you get a loan without any hassles.
You have enough savings for a down payment :
Considering the fact that most people start working in their mid-20s, you would have at least 8 to 10 years to save enough for a down payment by your mid-30s. The higher the down payment, the lower would be your loan liability. Not only will you be able to pay off the loan within the specified timeline but also avoid defaulting on any of the payments, owing to affordable monthly installments. This, in turn, will positively impact your credit score and in future, taking a loan will be hassle-free.
You can select a longer tenure to repay the loan :
Taking a loan to buy a home in your 30s gives you the benefit of choosing a longer loan tenure compared to your 40s or 50s. Even if you plan to retire at the age of 60, you would have a good 25-30 years to settle the debt. This can help you focus on other financial goals, such as travel, children’s higher education and marriage-related expenses, etc., while also comfortably paying back your home loan.
You can get a good return on your investment :
Real estate is one of the best investments you can consider in your 30s. For instance, you can buy a home in Mumbai and put it on rent to create a second income. You can also sell the house at a later stage at a profit to fund other financial goals.
You have reached financial and emotional maturity to make long-term decisions :
Most people are married in their 30s and either starting families or thinking about starting a family. You are more likely to know the location you want to settle down in your 30s. You have better clarity about where you wish to buy a home and which city or locality would be ideal for your family.
To sum it up
If you are in your 30s and harbouring a dream of buying a home , start effective financial management and check out your credit score to build your eligibility for a home loan. Moreover, if you are planning to buy a home in Mumbai, you can check the residential properties of Piramal Realty to experience luxury and comfort like never before.
Disclaimer – This article is based on the information publicly available for general use. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.