3 Things To Remember If You Are A Young Home Buyer
Unlike your other colleagues, who were busy updating their wardrobes or planning foreign travels, you were more focused in your approach towards spending your salary. So, you saved enough money in the initial two-three years of your working life, took some help from your parents, applied for a home loan and booked an affordable home in a city's suburb. Many of your colleagues turned green with envy; you were, after all, such a young achiever. All very good. But young buyers should also keep in mind these factors so that the pride of being a young home buyer does not wilt with time:
You do not have all the time in the world
Buying a house at the age of, say, 23 does not necessarily mean you have got all the time in the world to repay the loan. Most of the young buyers keep the repayment tenure as long as possible just to make sure the monthly EMI (equated monthly instalment) payments remain low. However, in case your monthly salary allows you to make the payment faster, opting for a shorter tenure would be a better option.
Also Read: Buying A Home? 6 Questions You Must Ask Yourself First
The reasons behind this is that your priorities are going to change in future.
As you are still quite young and there is a lot that is likely to take place in future, it is highly likely that what seems most important today might take a back seat. What if you decide to pursue higher studies in a foreign university and need another loan to fund your education? At a time like this, the burden of one loan may act a deterrent in pursuance of your wishes. Assuming you are still single, there will be significant changes in your life post-marriage. Paying the home loan would not be your key concern in a marital life.
Also, do not forget to plan for the future when buying a home
Today, even a 1BHK is good enough to accommodate you. Tomorrow, the unit size may not be fit for a bigger family. Do not mislead yourself to believe that this is the place you will be spending your life at and keep yourself mentally open to moving towards better housing. Also, if you found certain flaws in the locality or the unit or anything else after you started living, you can always sell off the house and find a better place.
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