14 Apr 2022Buying a property is a dream for millennials in India. It is considered the safest investment that offers huge long-term returns. In this case, millennials have the added advantage of fewer liabilities, lower EMI’s and longer loan period to make them good for their home buying decision. Real estate investment needs dedication, research and planning. This article discusses different real estate investment tips for Millennials.
When it comes to real estate investment, location is a key factor. Many factors come into play here, those are public transport, safety, proximity to one place of work/school and other facilities, such as a hospital, malls, movie theatres and all. If you are buying a property in the suburbs, in that case, other factors are raised, like distance to neighbouring cities and other residential projects in the area. Investors should also carry out a thorough check of the property to get a better understanding of its potential and liabilities.
You have enough options for real estate investment. You must decide which type of property to invest in. you can purchase rentals, which could be either commercial or residential. You can become a landlord and rent out a home or apartment. Furthermore, you can use your property as an Airbnb or a vacation rental.
If keeping a residential property is not something you are interested in, you can opt for the commercial option, or you can avoid renters and purchase property to flip for a quicker return. Before selecting a property, decide what your plans are for it and what goals you have in mind.
Before investing in a project, you should thoroughly check a developer’s track record and financial credibility. By RERA real estate transactions have been made safer. But it’s still best to deal with developers who are renowned in the local community. Millennial buyers should also make sure their shortlisted projects are approved by RERA, as well as listed on the appropriate website. It’s also crucial to select a trustworthy brand. Since these entities deliver on before time, as well as after better facilities. They deliver homes with a touch of a modern lifestyle.
Most millennials are still in their early twenties and thirties, which means that they have fewer financial obligations in life. This implies that they can secure a home loan more easily. However, this group also has the advantage of getting lower home loans at lower equated monthly instalments and a longer repayment period while obtaining housing finance. Getting a loan to buy your first house can also provide you with substantial tax benefits under Sections 80C and 24A of the Income Tax Act.
-BY MOON SARKAR
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