Nov , 21
When you buy a home, you’re actually investing in your future, potentially reaping a nice tax break for the mortgage interest you pay. Over time, you’ll build equity you can borrow against if necessary, and the value of your home may increase enough to bring a substantial profit when you sell.
With dual-income, nuclear families have become the new norm, young married couples are the preferred customer ‘configuration’ for banks and home loan companies. Their combined credit-worthiness is boosted by the very healthy risk profile which banks see in people.
For a considerable segment of young married couples in India today, the purchase of a home is definitely still a priority because of following reasons.
The need of working wives for physical and emotional space is much more; especially as they only get quality time with each other on the weekends. Secondly, instead of letting the parents feel burdened by the load of home chores while they go to work, they find it practical to stay within the same city, but on their own. Additionally, the tolerance levels of the present generation are vastly different from their parents when they were newly married. Rather than create conflict while staying together, it is a better decision to keep some distance, and retain respect for each other
Young couples, nowadays, are financially better informed. By purchasing their own homes, they’re investing in an asset that can only appreciate over the years. Some foresighted couples also invest in more than one home, which they then put out on rent and earn additional income. High-end projects can be bought on installment basis with similar budgets that one would have set aside for monthly rent. This becomes a far more viable option than paying rent, which is, after all, an investment with no returns. More than anything, the security of living in your own home is unmatched.
Having small children, many young parents nowadays put priority on selecting neighbourhood which are greener and have themed gardens, Swimming pool, open spaces for kids, and a sports complex to take care of all your fitness needs, libraries, and club-houses around. Much weight-age is given to security within and outside the complex. Couples also prefer to buy homes where there is easy access to essential facilities, and at the same time is a young neighborhood i.e. has other families with a similar demographic.