Each one of us needs a shelter to live for ourselves and for our family. Each one should have a desire to own a property – be it a home or any other form of real estate.
TABLE OF CONTENT
1.Ideal Age
2.Advantages of owning a property when young
2.1. Will not be a spendthrift
2.2. Property is a financial investment
2.3. Easy Loans to Youngsters
2.4. Offers Security and Freedom
2.5. Source of Additional Income
2.6. More Time When Young
3.Conclusion
1. Ideal Age
A home is one of the basic necessities of life. It can be a rented one or one can own it. Usually the planning to own a house or a property begins only after one attains maturity but that is too late in present times. To own a house is the dream of everyone. The sooner it’s planning begins the better. The millennial age between 25-35 years is the ideal age to own a property. It is a great investment when planned at young age. You can reap its benefits for a longer period but it needs proper planning of numbers and a lot more. A youth usually tends to spend whatever he earns. The maturity of savings is lacking which will turn into regret later. Ample number of facilities will help one to buy a house or a property when young, if properly planned. A part of the income can be utilized for savings or EMIs so that one can enjoy a better today and tomorrow.
2. Advantages of owning a property when young
Youngsters prefer to rent a home than to own it because they are mostly unsure of where they would settle in future and hence don’t want to go for long term commitment. Moreover they feel that owning a home is an extra responsibility and they do not want to take that. It is true that renting a property provides short term benefits but owning a home offers lifelong protection. Here are a few advantages of owning a property when young.
2.1. Will not be a spendthrift
Planning to own property at a young age is a financial commitment, which requires control over expenses. One will not be a spendthrift if the expenses are planned well and a part of the income is saved regularly. In this way one will be able to arrange for the down payment and then for the EMIs. This type of saving is a forced saving account which reaps well after a few years. It is the best asset for the future. Financial discipline is the basic rule to own a property. One needs to pay the down payment and then begins the series of EMIs. One should not only save money but also learn to expand it by investing in short term investments. Simply setting aside the savings will not fetch you good returns. At a young age one learns to expand the income pool, and avoid wasteful spending.
2.2. Property is a financial investment
Owning a property means securing the future, financially as well as emotionally. Price of property only increases with time and one can fetch handsome returns over a period of time. Prices usually escalate, rarely a drop in prices had occurred but that threat lasted only for a short time. So a property is a means of securing your future financially and it also shields in tough times and comes for rescue. One can sell the property at a much higher price than it was purchased. Real estate offers better returns in the long term as compared to other types of investments.
2.3. Easy Loans to Youngsters
Taking a home loan at a younger age is recommended. Banks tend to offer loans to youngsters because it is believed that youngsters pay off on time. So getting a loan will be easy if one owns a property when young. If one starts young, then one will have more years of employment with a rise in income as the experience increases and payment of loans becomes easier. If the loans begin when a person has attained maturity, then he spends the rest of his life in paying off the debts and he hardly gets a few years to reap the harvest.
2.4. Offers Security and Freedom
Owning a property or a home provides a sense of security and freedom. One can have uninterrupted freedom on their own property. A property shields its owner in times of distress or tough times. A property can also ensure safety and security after retirement. It also safeguards the entire family throughout the lifetime. Not only this generation, the coming generations can also benefit from it because the prices of properties keep on increasing. It is the best asset and the safest investment one can look up to.
2.5. Source of Additional Income
One can also rent out the property if he already has a place to reside. This can fetch you an additional income. With increasing prices, one can be assured of this investment, that it will definitely bring handsome returns in future. The value of a property multiplies with time. Rental properties are also in demand. There are still people who live in rented property. Those who own a property can definitely get advantage of this. So property can also fetch income if it is not used by you. So the sooner you buy the more are your returns.
2.6. More Time When Young
Plan to own a property when young as it secures the financial status. If this process begins at a younger age one gets more number of years to live on own property or to earn from the property. The process of owning a property gets more convenient and relaxing. Owning a property is a huge financial commitment – the sooner you buy the earlier you pay off the EMIs or the loan. Then one can relax the later part of life without any burden. If one plans at a mature age, then by the time he pays off the loans a major part of the life will be spent and he gets a very less period to enjoy the benefits of the property. One gets more time if one plans to own a property when young.
3. Conclusion
Nowadays youngsters are seeking to work at a very young age. They wish to be independent and lead a successful life at their own terms and conditions. They have a passion to build a successful life. Being smart and qualified, they earn handsome salaries. The only problem with them is they are spendthrifts. They spend mindlessly, without planning much for the future. They need to learn to spend and save. Not only ‘save’ but also to increase the saving by investing in smaller investments so that they can pool more income. This is the time for them to plan and own a property. Most the conditions of life favour the youngsters. So all they need is to have a dream and a perfect planning as mentioned above to enjoy a safe and secure future. All the planning should begin before one settles down with marriage and family. In order to have a free as well as secure life one should take the wise move of owning a property when young. This gives a proper direction to life, instills a sense of responsibility, teaches to manage the accounts and plan a budget. This move assures a safe and secure life of today as well as the coming generation. One will have a tangible asset with no risk of financial loss. So it is wise to own a property when young.
– Written By Pallavi Krishna
