Investments are one of the most reliable sources of income in the modern world. Real estate has always been one of the safest and most lucrative type of investment, despite new and emerging possibilities like stocks, shares, cryptocurrency, and bitcoin, among others.
Around 400 million working millennials who are eager to invest in real estate reside in India. Given the flow of disposable income, millennials think it is important to reflect their success in their way of life. They have a strong tendency to live varied lives and own the home of their dreams.
A large portion of millennials said renting flats was expensive and lacked an emotional attachment during the COVID-19 pandemic. A need for a sense of safety, comfort, and convenience was outlined as the definition of home ownership.
Many millennials earn six figures annually and feel the need to invest their money in a valuable asset. Being a wise choice, real estate offers several advantages, including growing value appreciation, cash flow from rent payments, and tax advantages. It also functions as a tangible asset.
The millennial generation may find real estate investing to be exciting, but there are a few things to consider before making a purchase.
1. Financial Check
A financial analysis of your hard-earned income is necessary to figure out how big of an investment you can carry out. In the case of a home loan, the amount of EMI, the interest rate, and the duration of the loan all depend on your finances. Due to fewer financial obligations, millennials in their 20s and 30s can obtain a loan at a concessional interest rate, and a longer repayment period.
Location plays an important role when investing in real estate. Proximity to public transportation, work, general stores, hospitals, entertainment centres, parks etc should be taken into consideration. When investing in real estate, make sure to check the quality of roads, drainage systems, the safety of the neighbourhood, and cleanliness. Properties in up-and-coming areas maybe situated on the outskirts, so it is necessary to ensure the distance from the city and the opportunities available. The appreciation value of properties located in the city is easier to assume and is generally higher than the market value.
3. Right Developer
A thorough background check of the developers credibility is crucial to make sure that the investment is legit. It is advisable to invest in properties by renowned developers. You can always check out the listings approved by RERA on their website. Selecting a trusted brand not only assures legitimacy, but also impacts the appreciation value.
4. Modern Architecture
Almost three-fourths of a millennial’s day is spent at work. To rejuvenate from stress, modern-styled homes are designed in a manner which are uncluttered and have recreational spaces to relax. Architecture and technology combined ease the process of modern living as they believe home is more than just an asset, a form of emotional bond and value. Access to gyms, yoga centres, pools, clubhouses, and other amenities within a walking proximity makes all the difference.
5. Appreciation & Resale Value
The prices of properties are usually appreciated with time, ensuring healthy returns. While investing, make sure to consider whether or not the values of the property would appreciate more than the market. It is easier to assess when it comes to already established properties by trusted developers.
The entry of millennials into the workforce has led to the evolution of the real estate market. A shift to more sophisticated and harmonious living, with ample facilities and technological advancements, has been in demand. Goyal & Co.| Hariyana Group is one of the most reputable real estate developers making spaces that promise modern living and convenience. They are set to build properties which ensure wellness and lifestyle of the people.
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