Want to become real rich? Invest early in residential real estate
Authored by Mukesh Goyal, Partner, Auric Group
Real estate is currently regarded as one of the most profitable investment avenues. Those who choose to invest in real estate can also expect to see their money grow as the world becomes more cosmopolitan and businesses expand.
People typically invest in real estate later in life after they have amassed a substantial sum of money to invest. Purchasing a home is a dream shared by every young man and woman. Many people work their entire lives to buy their first home while others do so early in their careers. Most young working professionals do not consider home ownership.
However, times are changing, and millennials are looking to invest in real estate before the age of 30. As a result, if done correctly, real estate can be an excellent vehicle for wealth creation if individuals take the time to educate themselves about the process and the best methods for profit maximisation. According to experts, there are numerous advantages for young people who decide to invest in real estate options.
Here are some benefits that one can avail of by investing early in their age and enjoy living real-rich.
Asset acquisition
Purchasing a home at a young age will provide you with a dependable and appreciating asset. You can be confident that even if nothing else works out, you have an asset to fall back on. If you buy land in your twenties, its value will rise and your RoI will be incremental after 10-15 years.
Tax benefits
When you make a good living, tax breaks and savings are a top priority. The purchase of property early in your career can help you save a significant amount of tax. A home loan provides a homebuyer with numerous tax advantages.
Rent saving
If you decide to buy a home early in your career, you can save a lot of money on rent. When you buy a house, you can get a home loan and use the money that would have gone towards rent in the form of equated monthly installments (EMIs). As a result, if your income range and other factors are adequate, investing in real estate early in your career is a wise decision.
You can retire early!
If you begin investing early, you will reap the benefits quickly. This allows you to retire early and travel the world, read books, or check items off your bucket list. If you invest at the age of 50, you will have about ten years to achieve your goals. However, if you start investing when you are 20, you can make money and retire when you are 40 or 50 and have a happy retirement.