There comes a point in our lives where we should consider saving up for a secured future. India, as a nation has progressed remarkably in terms of providing property investment opportunities spread across emerging and developing cities. However, based on diverse economic statuses, residents should be aware and cautious about their investment choices. Residing or occupying pre-owned spaces as a tenant is great as you can save funds on a monthly basis. However, in order to look at a foreseeable future, it is mandatory that we transition towards becoming real-time property aspirants. It is a common notion that allocating funds and waiting for the right moment can help you analyze your strategies better. This can backfire as one can miss out on profitable opportunities. Starter homes, for instance, are creating a storm in the real estate sphere of things. Residents, who plan on opting for affordable homes can live secure and better as compared to splurging funds and availing high-end home loans. Another crucial factor would be to gain sufficient information about the real estate market. Aspiring property owners should consider investing their time in consulting with professional real estate advisers. This would allow them to grasp key aspects of the property market and gain in-depth knowledge about market trends.
Demand for affordable housing has pushed the need for forecasting future property goals
One has to admit that the inclusion or introduction of real estate governing bodies and tax reforms such as GST has refined the real estate market. With the recent tax cuts for under-construction projects priced below 45 Lacs, residents can plan their finances better. Opting to purchase a home has a sentimental value attached to it. Potential investors can fulfill their needs by investing in starter homes for a brief amount of time until they feel financially content to purchase a dream home. This can also help in many ways as these starter homes, over a period of time can increase in value. Residents can make optimum use of market price trends to sell their starter home when the time is right.
When do we choose a starter home as opposed to residing as tenants?
Unlike any other form of investment, property investments are long-term in nature. Many factors come into play while heading towards prospective real estate investment decisions. Residents should be well aware of conditions that would be favorable to buy a starter home as opposed to continuing to reside as tenants. For example, if people are willing to hold on for a period of 5-10 years until they plan on buying their dream home, starter homes come in handy as they have something to hold on to until they move onto something bigger and better. On the contrary, if property investors plan on moving on from starter homes before 3-4 years, considering to reside as tenants is a safer bet.
Affordable housing also encompasses the traditional approach of effective trade-offs. In the current era, residents are inclined to be staying close to their workplace so they can embrace connectivity to the rest of the city. In such cases, compromising on certain amenities doesn’t matter a great deal. Residents who are fairly new to the investment experience should also realize that buying a home doesn’t involve just the property cost that is paid to the developer. Spaces like this require funds for furnishing the interiors. Opting for starter homes can help them save up on their finances and sell them when the property prices are high. Starter homes, in spite of being comparatively smaller in size, should be located at a formidable locality. This would help residents sell and reap maximum rental benefits.
In conclusion, residing as tenants can help you achieve your short-term goals. However, there is nothing in your hand as prices may vary based on several other factors. Planning to start small and gradually move towards a goal-oriented approach can help one invest with utmost conviction in order to grab on to luxurious living possibilities.