One of the smartest things our previous generations did was to invest in property and other retirement savings early on in their lives. Of course, our youthful years are meant to be enjoyed, but it is also when we are able to put our best efforts into earning. We are physically and mentally capable of making a well-established career path, and this is why it is best to start investing in real estate early.
As luxury flats in Chennai are trending right now, newly married couples and even world-wise youngsters in the age group of 30-35 are joining the homeowners club. With the increase in new avenues of business and higher-paying niche jobs, even people under 30 are beginning to afford property investments.
You can start by investing young and reaping its benefits early, even aiming at early retirement. Let us look at how these investments are to be approached with due caution and diligence.
Keep yourself informed:
Property investment is akin to the stock market with its dips and rises and has to be closely followed before making a choice. A project’s value is not only based on where it is located now but what kind of infrastructure and cultural developments will grow around it over the years. This is why most luxury flats in Chennai, located in prime residential areas, are right on the main road, where all the development would eventually occur.
Get advice from the elders in your family, friends, and colleagues at work who are of the same age group and have started buying real estate. This will give you multiple viewpoints to consider and you can make an informed choice. Sign up for newsletters, blogs, and other data providers on the property market. These will not only give you a fair idea about where you must buy property but also what kind of property to buy.
Become financially committed
Buying a home is not a one-shot done and dusted commitment. Almost everyone needs to take out a home loan to buy their dream home. Home loans can run from upwards of 50 lakhs to crores if you want to buy luxury flats in Chennai, and that is a substantial figure which is a lifetime of earning.
You also need to build the corpus for the initial payments. Your home loan eligibility will also depend on your credit score and your primary household income. Before applying for a home loan, make sure your job is secure and that you will be able to meet your monthly commitments.
Diversify and aim for long term investments
Solely earning an income from your job may not help you in meeting your long-term financial commitments. Your responsibilities will increase through the years, and you need to supplement with a passive income and growth in your career. Your early investments must be diverse so that you don’t lose all your earnings. Diversify your portfolio with stocks, SIPs, mutual funds, FDs, etc. that will make your money work for you. Plan their tenure to match your life goals, like you start an FD and by the time it matures, you should be able to buy a car with that amount or pay your children’s college fees.
Apart from the monthly commitments for your loan payments and household expenses, it is wiser to invest in long-term yields. There will be rises and falls during the tenure but in the long term, it will always result in monetary gain.
Enjoy the benefits of a community living
When you opt to buy luxury flats in Chennai at a young age, you are giving yourself and your family the gift of living in a social community. You can make lots of friends, spend time building a healthy lifestyle and use the various amenities that come with the home. This lets you enjoy life from an early stage, and your children will grow up in comfort.
Lifestyle Housing is a well-known real estate developer for apartments in Chennai. Our projects are located in premium residential and commercial areas, with access to 20+ full-scale amenities and other essential facilities. We have affordable 3BHK flats for sale in Chennai that are perfect for first-time homebuyers.