What is the best age for buying a House?

The ideal age to buy a residential property

Buying a house is a dream of everyone, and it is a capital-intensive investment. While some achieve this dream by financial planning and saving from an early age, others enter the buying circle right away. So, when should you buy a house? What is the best age? Is it between the age of 25-30 or 30-45 or 45 and above?

Owning a house can benefit you at any age, young or old if the conditions are favorable. However, investing in a property depends on various factors like the city where you want to have your dream home, your income, your risk appetite, and your priorities.

  • Buying at an early age of 25-30 

Financial planners and institutions increasingly witness youngsters aged 25 years entering the buying circle interested in homeownership. The growing number of young home buyers across leading cities shows that they are financially stable. High income and availability of finance options are helping them in the home buying process.

The average Indian starts earning money around 21. Financial planning and saving up for 4-5 years give a person time to save money for a down payment. Between the age of 25-30, you can afford a smaller house or a house in a suburb. Though it provides a kick-start, it may still not be so satisfying. You can also invest in an under-construction property. They are available for a lesser price and have a pre-EMI period where you pay only the interest while the building is under construction.

There are several residential projects in Mumbai which are under construction and, therefore, offer buyers ample time to plan their home buying. One such project is Sheth Zuri in Thane West by Ashwin Sheth Group, which offers 1, 2, and 3 BHK apartments for sale and will be ready for delivery in the next 2-3 years.

  • Buying at the age of 30-45 

The majority of Indians get married around this age and plan to start a family. Owning a house at this age provides a sense of security when living with your family. Most people are pretty settled in their careers between 30-45 and have significant money to buy a house. Moreover, the salary would be higher compared to an early age, and the person may get a good deal on a home loan from a bank for 20-25 years.

  • Buying at a later stage of 45+ 

The age of 45 and above is the time when most people will reach the zenith of their careers. A lot of people already own homes at this age, while some even consider buying another house for investment purposes.

At the same time, aging parents, children’s education, and marriages might result in significant expenses for people in this age frame of 45 and above. If you don’t have a home by this age, you should seriously plan to buy a house for post-retirement security. At this age, you might prefer to buy a ready-to-move-in property you can shift into.

Buying a home is a matter of planning and timing. There is no right or wrong age to buy a house, and the decision depends upon various factors such as need and income. Everyone takes their own time to become financially stable and adapt to the idea of buying a home. In some cases, it might be fast, while in others, it might take a while.

Ashwin Sheth Group believes that the right age is when an individual has accumulated adequate wealth for the down payment and can pay the regular EMI without any challenge.

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