Buying a home in your 30s? 4 Essential things you need to know

You’re in your early 30s, married, well established in your professional life and looking to make your biggest financial investment till date, that of buying your first home.Congratulations! Did you know, the average age among young Indians purchasing their first home has come down from their early 40s to their early 30s in the past decade?Investing in property is a rather well thought out decision that is as emotional as it is financial and it signifies your transition into the big league. This also means that you need to think your purchase through carefully before going ahead with it.At Vakil Housing, we encounter many such young, energetic individuals and this is the advice we have to offer them, as they go about understanding the home ownership landscape.

1. Set aside money for down-payment for your house

When you invest in a house, there is a certain lump sum that you will need to pay in advance, followed by fixed EMIs for a specific duration. We strongly recommend working towards building up this amount early on, so that you have the flexibility of investing in a house at the time of your choosing.

2. Look for EMI amounts that make you financially uncomfortable

Sounds impractical? Think again!What you find tough to pay on a monthly basis now will ease up in the days ahead as your career progresses and your salary increases. However, your EMIs will remain constant and therefore, it makes sense to invest such that you make the best possible purchase without compromising on the quality and location of your new place.

3. Identify and shortlist professional services

It is unlikely that you will have a lot of free time, given your busy schedule to take care of the various finer aspects of your house. Therefore, it makes sense to speak to your personal network and identify professionals such as real estate agents, interior decorators and architects who can help embellish your dream home. This will add up and increase the cost associated with your house, but will also give you free time and peace of mind. The other option is to consider opting for a leading, established builder who can provide the complete host of services to cater to your every need.

4. Choose your location wisely

There might be many considerations for you to shortlist the right location of your house.However, as suggested in our post on choosing a location for your home, keep the needs of your family in mind and look for schools, recreational places and medical facilities close to your house before you sign on the dotted line.These four tips should get you started off on the right track and we will be glad to answer any further questions you have in this regard if you leave a comment in the space below.