EMI Vs
Rentals: Why New-Age Indian Prefers Buying A Home?
Over the past 5 decades, we
have experienced the most redefining generation, who are by far more
experienced and smart enough when it comes to taking life’s most important
decision - home buying.
There are many traits that
drive their lifestyle choices. They have much higher acceptance of diversity
and at the same time show a marked tendency towards traditional values.
The previous generations often
gave less importance to this very important ingredient of financial and
emotional security and opted to live in rented homes. They were more focused on
savings and used their funds to invest in different sections of the market.
Our predecessors often mixed
the investment in home buying with other investing options and ended up viewing
home-buying as less profitable.
They ignored the fact that a
self-owned home sets the family free from a lifetime of bondage to landlords.
The value of the home not only
lies in appreciation but also it negates the monthly
outflow of rental money for good.
Because of this, Indian
millennials have placed home ownership very high on their list of priorities.
With the country's
extraordinary information technology explosion now influencing almost all
minutiae of day-to-day life, the Indian millennial is an avid seeker of
knowledge, especially in subjects that affect his or her life goals.
Thus, the process of finding
and buying a home is driven
by the need to understand all the variables, study all available options and
make the soundest possible purchase decision.
EMIs Verses Rentals..!
Spending a chunk from their
salary in paying EMIs on purchasing of new home is far better than giving
rental payments to your landlords.
Indian millennials are
dedicated investors. They understand the benefits of EMIs over rental payments
very well.
They are very conservative with
their hard-earned money and they will not purchase any inferior thing.
Buying a low-priced or
discounted product was something which was favoured by previous generations.
But, yes of course, they also
study their monthly salary and expenses and judge accordingly whether they can
afford to buy a home at present or still have time to invest in such a huge
amount. If the time gap is large, they would rather lessen their other expenses
and get largely focused on the homebuying perspective.
Indian millennials will buy
only those things, which come with an assurance of a maximum utility for a
lifetime, no matter if they need to spend a little more. For them, discounted
or inexpensive item might give a high on maintenance, in terms of frequent
repairs.
The kind of attitude this
current generation carries also reflects in their choice of homes they buy.
This also makes them deal only with reputed and branded developers who are
effectively capitalised and have an established track record for superior
quality and consistent in the timely delivery of their residential
projects.
In a true manner, when it
comes to buying a home, the Indian millennials’ appetite for risk is at its
lowest point.
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