When it comes to buying a home, there is seldom a ‘right’ time. More often than not, people opt for building or purchasing a home, when they see the need for one. As you can understand, it isn’t just the need that plays a pivotal role, but also the financial preparedness. This is true for situations when you are well-equipped to finance the entire project without any external help.
However, if you are willing to apply for a Home Loan to make the purchase, numerous other aspects need your due diligence before you take the leap. Let us examine them all in greater detail.
When it comes to offering Home Loans at favourable interest rates, most banks and online lenders look for applicants between the age of 21 and 65. This is because more often than not, people in this age bracket enjoy a steady source of income, and can readily find employment even in adverse conditions. Moreover, their prime age ensures their longevity, thereby helping the lenders stay assured of getting the repayment in full.
Of course, to own a home, the buyer needs to sign a contract or the sale deed, for which they need to be a major (18 years and above in age).
As you must have come to understand, more than the age, it is your financial independence that matters the most when buying a home. However, age does play a crucial role.
A vast majority of first time home buyers are 30-34 years of age. These buyers are ambitious, but don’t always have access to hefty amounts of funds, and thereby purchase moderately sized homes with a decent architectural design.
Then there are people above the age of 40 who buy homes. Owing to their enhanced financial prowess, these buyers usually opt for large-sized dwellings with superior designs.
Buying a home early, or waiting for the same, both have their own set of benefits. Hence, we strongly recommend you to go through each of these, and make an informed decision.
If your status-quo allows you to purchase a home, while you’re still in your early thirties, you should, by all means, do so.
Well, there are numerous benefits that you can enjoy. Take a look at the ones listed below.
Purchasing a property is one of the best ways to increase your net worth. Although you pay bit by bit, eventually, you will be the owner of your home without any liability.
While there is no said rule that your home will appreciate in value over the due course of time, this is the norm in most cases. And we do not need to explain to you, the sooner you buy, the better is the scope for appreciation. Hence, if you wish to sell off the home at a later point in time, you can expect to earn some good returns.
If you are someone who loves to live in a place you can call your own, then you ought to buy a home. Not only will it eliminate the need for permission from your landlord for every little home improvement project, but will also allow you to bond with the community surrounding you.
In case you aren’t emotionally prepared to invest the time and energy that the purchase of a home requires, it is entirely alright. In fact, you can benefit in numerous ways by waiting to move into a house that you can call your own.
With age comes an increased level of maturity, which in turn helps you become confident of your wants and needs. This will help you buy a home that is a perfect reflection of your lifestyle while offering you utmost convenience. Moreover, you can be sure of buying a home, that is:
As you grow older, you start earning better. This will help you buy the home of your dreams, without feeling the financial burden that you might have when you were in your 20s.
Then again, your enhanced income and employment history will help you build a better credit score, thus helping you get the Lowest interest Home Loan Offers concerning the rate of interest.
Now that you are aware of both sides of the coin, we hope you are in a better position to make the call. If your decision is in favour of purchasing at an early stage in life, we advise you to look for an online lender that is willing to offer you a Home Loan at a considerably low-interest rate. After all, we all know the saying which goes, money saved is money earned!
Also Read: 7 Options for Repaying a Home Loan
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