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Residential
For millennials in India, owning a home is a dream. It is said to be the safest investment with the highest long-term returns.
- Owning a Physical Asset has become much more important.
Property prices keep on escalating, and may soon reach a point where they become almost unaffordable, so it would only be smart to invest in the perfect property when the prices are still low, and then reap the rewards later, those being a secure future for you and your family by buying a home that can cater to your family’s needs, not having to pay rent and knowing that you always have a roof over your head. Or being able to rent out an owned property when the prices are high, making it a solid means of income which may be used to pay off the installments of your home loan.
An increase in disposable income, combined with government support through initiatives such as housing for all, tax benefits, and property tax reductions in cities such as Mumbai, are all contributing to millennials becoming home owners.
- Home ownership has its Tax Benefits.
Investing in real estate at a young age allows you to take advantage of a variety of tax advantages.
- Rental Income inferred from your owned property will not be taxed.
- Homeowners may deduct the capital gain on the sale of their home up to a certain amount.
- The interest paid on a home mortgage can be deducted by homeowners who itemize deductions, lowering their taxable income.
- Obtaining a home loan to fund your dream home may enable you to receive tax breaks on your yearly income tax returns.
- An overview of the average Home Seeking Millennial.
Most Millennials start working at a young age and become financially stable early, which is why they choose to splurge for a luxurious lifestyle and turn to real estate investment.
They mostly prefer spacious houses with numerous facilities in residential complexes.
Comfort, Connectivity, Affordability and Luxury is what the millennials seek out for.
Furthermore, millennials' payment options have been simplified thanks to flexible and innovative home financing packages. Most banks now provide individualized services, making property investment more profitable. Based on their income levels, banks are granting housing loans of up to 80% to 90%. Owning a home is at the top of the millennials' investing wish list because they desire their own place as nuclear families.
In terms of location, young people are buying homes closer to their workplaces, educational institutions, hospitals, and other amenities in order to meet their future demands.
- Resale Value
Homebuyers usually look over the resale value of the property they wish to invest in. Resale value is an important factor to be considered before investing, whether you invest in an established area or an upcoming one. Property prices increase as time passes, making sure that the initial investment yields a healthy return. To look into if the property you are investing in will outperform the market, or how much of the investment's potential upside is already reflected in the current purchase price. Younger millennials that invest earlier also get a longer time period to see the appreciation of its value go up, since the longer you invest for, higher the value of your property.
- The Impact of Covid-19.
The pandemic has made people realize that shifting from one rented accommodation to another won’t cut it anymore. Covid 19 has made work from home a commonplace practice and has made millennials look for their perfect work environment in the form of their own home. This made the real estate market that was expected to crash post covid, perform much better than ever before. Affordability has also improved, with interest rates at an all-time low and builders across the country offering incentives.
- The safer, more secure investing option.
Investing in the stock market is something most millennials consider, but don’t end up investing in because real estate is a much safer option. Stock market rates change much faster than real estate rates which make it wildly unpredictable at times. While a purchased property puts you in control. A well-maintained property in an ideal location brings a greater resale value. And owning a property to your name is much more useful than ownership of a small percentage of a company in the form of stocks.
- Why Choose Brickfolio?
We are a full-service real estate consulting firm that provides commercial and residential real estate, property management, and corporate relocation services. We aspire to assist you in making the best property decision based on your needs. The company focuses on commercial and residential real estate, including investment, leasing, and resale. Our team of highly qualified and experienced real estate professionals is dedicated to assisting you in finding the right property and to providing you with the best return on your investment. We hope to see you soon.
