Top reasons why millennials are now excited about investing in real estate
It’s that time of the year when with all other resolutions, we put in some effort into choosing the best vehicles for investment for 2020. Millennials, especially, are forever on the lookout for avenues to put in their hard earned money. According to a survey released by Bankrate, millennials clearly have made their choice. They now prefer real estate over stock market, cash investments and cryptocurrency.
Come 2021, India will be the youngest country in the world and according to an economic survey conducted a few years ago, 64% of our workforce will belong to the age group of 20 to 35. This also means that millennials are going to be the most influential demographics with significant financial power.
Despite a recent lull and a seemingly lack of interest among this section of buyers, the real estate sector will now see a rise in the number of buyers in 2020. Not too long ago, millennials were less keen on investing in real estate the way their parents or older generations were.
Let us delve deeper into the reasons that are enticing this age group to invest in homes and commercial properties.
According to the Bankrate Financial Security Survey conducted in June 2019, 36% of millennials chose real estate as the preferred option for investing money they would not be requiring for the next ten years. Clearly, this cash-inclined demographic is not as keen on real estate as compared to Gen Xers. As per a survey by apartment list, 62% of renters said that they believed they were losing money by renting. With just 32.5% of millennials owning homes as per the Urban Institute survey in 2015, the current scenario is quite the opposite and looks very encouraging.
Home loans are the easiest way to bring your dreams within your reach. Youngsters usually find it easier to get home loans since they have fewer financial obligations at that age. Also considering that they have more years of active professional life, they get to opt for longer repayment tenures and smaller EMIs.
Besides, you have more scope in terms of growth in earnings and therefore can choose to foreclose your loan any time you want. Even if you do not want to foreclose, you can continue enjoying the benefits of long term loans at competitive interest rates.
A multitude of tax benefits is an important reason why you should invest in real estate. Tax rebate on annual income tax returns is an important factor why real estate investments make so much sense. So every time you pay EMI, the interest component of your payment qualifies for tax rebate. Section 80C of the Income Tax Act allows individuals to avail tax benefits up to Rs. 1.5 lakhs for the principal amount of the ongoing home loan. This is significant saving considering the huge amounts you pay, especially if you belong to a higher income group. Apart from this, women are given better loan deals and lower interest rates on home loans. All in all, nothing covers you better than real estate.
As opposed to mutual funds that come with a huge risk or fixed deposits and other forms of investments where the return on investment is pretty average, real estate is fairly insulated from market fluctuations. No doubt, the appreciation rate varies. But as land continues to become scarce, properties will continue to become more and more expensive. Besides, you always need a house to stay at the end of the day. Property prices depend on a multitude of factors including location, inflation, market demand and the prevalent economic conditions in the country. Over a period of time, you can always expect 10-20% appreciation annually for a well-located property.
An additional source of income
If you are living with your parents, you can always rent out the property you invest in. Even otherwise, it is common for millennials to buy a property in a locality that has growth potential and stay in a rental one for lesser commute time to work. The secondary income can come in handy for repaying monthly instalments towards your home loan. Renting can also be a good way of building up your savings for other aspirations like travel or higher studies.
Given the economic slowdown and periodic recessions we have been through, it makes sense to have a solid investment for a rainy day. These days, stress and pollution are taking a toll on our health at an early age. The easiest way to safeguard yourself against these is to invest in real estate and strengthen your financial posture. A lot of millennials are also looking at real estate investments as an opportunity to take an early retirement and follow their passion instead.
No matter what your reason is, investing in real estate is always a wise move. For affordable yet lavish properties, you may want to consider Vaarivana – a township in Urse replete with all the comforts and conveniences. Very close to Mumbai as well as Pune and minutes away from the Mumbai Pune Expressway, Vaarivana gives you a host of benefits and a lifestyle beyond your imagination.
Call us today and we will be happy to show you what a lifestyle upgrade is all about.
Akash Pharande is Director of Pharande Spaces, a leading construction and development firm that develops township properties in Western Pune. Pharande Promoters & Builders, the flagship company of Pharande Spaces and an ISO 9001-2000 certified company, is a pioneer in the PCMC area offering a diverse range of real estate products catering especially to the 42 sectors of Pradhikaran. The luxury township Puneville at Punavale in West Pune is among the company’s latest premium offerings. Woodsville in Moshi is another highly successful PCMC-based township by Pharande Spaces which is now in its 3rd phase.
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