Start Young: How to Start Investing in Real Estate Early On in Life
April 23, 2021
It’s no secret that real estate is one of the most profitable avenues to park your money, and watch it grow. As the world turns more and more cosmopolitan, and businesses boom, It’s only natural to see the prices of property skyrocket.
Naturally, a developing nation like ours is no exception, and of course, this is a trend in Chennai, too!
Generally, people look to invest in property at a later stage in their lives, at a point when they’ve accumulated a corpus to invest. In fact, the average homeowner in India is 35-45 years old. A smaller proportion represents people over 45, but an even smaller portion is under the age of 35.
But that isn’t the way it’s going to stay! Studies show that younger millennials are now looking to invest in their first property, before they even turn 30. There are so many Beneficial to invest in Real Estate from a Young Age.
You can invest in property while you’re still young, and reap the benefits of your investment long before you retire. Let us explain how you can enter the world of real estate, early on in your life.
- Stay Informed
You’ll definitely have to maintain a keen interest in the hows and whys of property investing. Read up on investment laws, find out about interesting projects, and make sure you’re aware of government schemes and plans relating to the same. You never know where you might find a project or investment opportunity! Read up on upcoming areas in your city, like Medavakkam, Thalambur and Thoraipakkam. Also stay abreast on developments in metros like Bangalore!
- Ask Around
This isn’t crypto! Property investing has been the norm for many generations before us. Talk to people who have invested in property before, whether it’s a home they currently live in, or a home they’ve rented out. People also purchase industrial galas and farmland. So shoot your questions and discuss your apprehensions with experienced investors.
Also sign up for newsletters, blogs and podcasts. Whether you’re wondering if a single 2 BHK in Chennai is right for you, or whether you should buy multiple homes in the city – we’re sure you’ll gain valuable insights.
- Be Financially Responsible
The folly of youth often means you never end up saving as much as you should. Keep your long term goals in mind, when you’re tempted to make a short-term purchase that won’t serve you. Try to consistently earn more, because you will need a sizeable corpus. Take stock of your finances – do you have inherited wealth that you can utilize, or are you starting from scratch?
- Don’t Put All Your Eggs In One Basket
You’ve heard it before, and we’ll say it again. Diversify! At the end of the day, unprecedented events can’t be helped. A global pandemic is a perfect example. Investing in multiple avenues also makes sure your safety net stays wide, and you’ll be able to enjoy returns from multiple streams. Think fixed deposits, SIPs, mutual funds and well, crypto, over and above your property investment.
- Play The Long Game
Investing in real estate can give you big returns, but know that you’re in it for the long haul. It’s likely that you’ll see prices fall and rise during your investment tenure, but it’s important that you remember that momentary/perceived losses don’t really matter.
In conclusion, just know that all it takes to make your foray into real estate investments is patience and planning. Do make sure you invest in projects by reputed and trusted builders like Casagrand. There are many viable options for apartments in Chennai that make for amazing investments, by Casagrand. For your perusal, here are some residential projects in Chennai that we think are worth parking your money in.