It is a dream of every individual to buy & stay in your own home but is there a specific age to invest in a property.
Dr. Mohit Ramsinghani – Chief Sales Officer – Runwal
A homebuyer will invest in property at different stages of life but at every stage there will be a change in preference of selection. There are 3 stages in any individuals life, it starts at an early age when one starts earning and saving for future, the second stage when one is settled in career and looks at upgrading lifestyle for a better standard of living, the third stage is when one needs time for self as has done well in life and now is the time to stay away from the daily routine work & live a much more relaxed life. The need for a home is there at all these stages but preference & choice will change depending on the stage.
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Emerging Stage – This is normally when one is in the age bracket of 20 to 30, the focus is to work hard, emerge in life & look at saving more money for future. The preference at this stage will be to procure your first home as an investment or to stay in it. As one just starts earning at this stage, so affordability is the most important criteria when selecting the right property to buy. The options available to fit in budget will be in developing areas on the outskirts of the city, this also gives an advantage of price appreciation at a faster pace with the growth of infrastructure at these locations. The merit at this stage is that one can take more risk as you have time with you, parking 60% of your income towards home loan Emi is easily achievable as the salary will always increase at this stage at a faster pace so the exposure towards EMI’s will keep on reducing year on year, helping to save more and prepay the home loan in a lesser tenure & also save more.
Established Stage – This is the payback time when you are getting paid for all the hard work done in the early days of your career. This is the time to enjoy lifestyle & upgrade to a larger & better home. This stage one can afford so the most important criteria while selecting a home is lifestyle luxury living, this phase the individual is in the age bracket of 30 to 50 years and is looking to have a more comfortable life with a work life balance. The preference & taste while selecting a home will be to stay in a developed and a prime location, community living with the best of amenities, an address of choice that will make a mark and to stay with like minded people in a great living space. High-rises, Sea views, downtown locations, designer spacious homes, modern amenities are few of the important parameters to select a home at this stage.
Recreation Stage – The time has come now to stay away from the daily hustle bustle & live a more relaxed life away from routine work and to do something what one likes & not in compulsion. One can also call this taking a retirement after all the hard work done for years. This is a stage where normally one enters in the age bracket of 50 to 60 & here the preference is to stay relaxed and to do something as per your liking, the most important criteria while selecting a home in this phase is a location away from the daily routine burst of activity and a place of serenity. The choice will be to choose a second home or a bungalow in the mountains or a hilltop, a home or villa facing the ocean, the choice will be to have peaceful & scenic surroundings where one can go and relax and focus on hobbies and work of choice. This concept of recreation has created a large market for second homes, row houses, bungalows, a home at an abroad location with the citizenship to stay.
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