Buying and investing in a residential or commercial property is one of the most secured and safe investment options. With infrastructural development going on at a rapid pace in Noida, the chances of getting high appreciation on properties have increased. Once a property is purchased, it becomes a security blanket for the rest of the life. It is undoubtedly a value adding asset. But it often becomes a dilemma as to when one should go for buying a residential property. In such a scenario, the majority of people who are prosperous enough believe in the purchase of a property at a young age because it not only adds to your portfolio, but it also ensures family’s security. A few decades back, people usually took this decision in the latter part of their life but today with high pay packages people can take this decision at an early age also. A property can be either used for renting or for living in. In either scenario, there is a cash influx. Even if you are residing in your home, you are saving a lot of money on monthly rentals. If you decide to rent out your property, you get a fixed monthly income.
Thus, explore more about the advantages gained by owning a residential property at a young age.
- Tax Breaks
People buying a property at a young age can avail tax deductions against the loan taken for the purpose. If the property is being occupied by the buyer himself, he/she can avail maximum deduction of Rs 1.50 lakhs against the interest amount deposited on the home loan. Under Section 80C, buyers are also eligible to avail tax deduction against the repaid principal. Thus, property buying is also endorsed and encouraged with tax savings. Youngsters get to save money on tax by home loan repayment. Also, they are able to build a valuable asset for themselves.
- Early Age Factor
If a person buys a property at a young age, it enables him/her to plan other things in life. Moreover, if longer loan tenure is opted, the EMIs will not be too high. Thus it will be easy to manage other investments too.
- Limited responsibilities
An individual or a couple needs to take care of minimal responsibilities at a young age which thus increases with the passage of time. Hence, if the property is purchased at a younger age, it will be easy for an individual as well as a couple to manage finances along with the other responsibilities bestowed upon with time.
- Investment Potential
One can readily purchase a property in Noida from an investment point of view too at a young age. As Noida is witnessing a major infrastructural development, buyers can be assured of getting high returns in times to come. Strategically located near Delhi, investing in a residential property in Noida will, in turn, prove to be a beneficial decision.
To buy a residential property either for living or investment, one should check out for Wave City Center in Sector 32, Noida, which is an outstanding project amongst other options in Noida. Enriched with every benefit possible to accumulate in the development of a mixed-use project, it will be a great avenue for investing or buying a property at a young age.