Early birds build their nests in advance

Suresh Krishn, Managing Director of Isha Homes (India) (P) Ltd says, “It’s important that youngsters plan real estate investments early in their career. Buying your first home during youth lets you take advantage of many tax benefits. It also offers buyers a buffer of emotional security.” The option to resell the flat at short notice should be a point to consider before deciding to buy any property, Krishn opines. 

Once decided on the location, buyers need to evaluate potential developers from whom they could buy the home. Realty professionals stress upon the reputation of the developer, affirming it’s one of the most important points to consider before investing. The quality of projects and the level of maintenance assured is also important for future resale. 

Krishn mentions that youngsters should try zeroing in on locations that can reduce their commute time from office to home. According to him, buying a home by taking a manageable loan is appropriate for youngsters, because this loan would go towards an asset creation rather than buying vehicles and consumer durables. 

T Chitty Babu, Chairman and CEO of Akshaya Pvt Ltd points out that property and gold are said to be the two investments that constantly yield high returns in India. Having age on their side is an advantage that could help young office-goers build a value for a lifetime. 

“A good place to start is by researching the location of the proposed house, running a background check on the developer, amenities in the area, and a study on how the region is set to develop over the next 5 to 10 years’ time,” he adds. “Proximity to facilities like schools, banks and supermarkets coupled with transport connectivity, hospital and healthcare services, entertainment options are the other parameters home buyers should look for,” Babu says. He remarks that Old Mahabalipuram Road today had become a hotspot. 

“When development started in this corridor 12 years ago, those who invested in our projects in this area have been reaping the fruits of their investment now. The area until Siruseri has become a hotbed of realty investment,” Babu explains. Young buyers investing in homes should also look at funding options – the earlier you start buying a property, the lesser your financial burden. 

“Another advantage for youngsters is that if they start early and are able to close their housing loans within 5-7 years, the upside to sell the property at a good premium and reinvest in a bigger property will be huge,” notes Chitty Babu.