Is it a Good Idea to Buy a House at a Young Age?
By Anupama Deshpande | Sep 7, 2018

Buying a home is not only a big financial decision but it involves emotions too. You go for buying a house only when you feel comfortable both financially and emotionally.

After buying a big asset like a house one feels not only satisfied but also secured. He has a sense of accomplishment.

If you feel comfortable and afford buying a house at your young age, you can go for buying a house. There are lots of lenders who will help you to achieve this goal by providing home loan at very competitive & cheap interest rate. Just keep in mind that buying a house is not only a financial decision but it is an emotional decision too.

There are following benefits which prove that it is of course a good idea to buy a house at a young age:

You will have a feel of satisfaction after buying a house at your young age as it is considered a very important objective of lives of most of the Indians to own a house in their own names. It also improves your financial position in the society, in case you have your own house. It will also be helpful in your marriage as there are greater chances of people becoming ready to marry their daughter to a person who is having a house in his own name.

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If you buy a house then it is a very valuable asset that you have and will appreciate in a long run. It will help you to achieve your other goals in later years of your age.

As real estate prices go on increasing with time. If you have already acquired a house then you won't have to worry about the increase in prices of real estate in future days.

The value of your house will also keep increasing with time. You will be able to sell it with a handsome gain in later years if you wish to do so.

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If you reside in your house then you don't have to pay any rent which you would have to give in case you had been residing in a rented house. Saving on rent will be helpful in paying off your EMIs of the home loan, if availed by you.

Even if you are not residing in your house, you can give it on rent and can enjoy a regular rental income. This rental income also goes on increasing with time along with the appreciation in the value of your house property.

You are eligible to get tax rebate of repaying principal as well as interest of home loan taken to acquire your house.

The maximum tax rebate allowed in the principal repayment and interest repayment is Rs1.50 lakhs and Rs2 lakhs, respectively.

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