Guidelines to Millennials to invest in Real Estate

By Amit Wadhwani, Managing Director, Sai Estate Consultants Chembur

Over a period of time, millennials from urban and rural area in India have created a larger segment in buying or investing in real estate. It has been noticed that millennials are more willing to rely on agent recommendations and are less likely to do their own self-research before buying a house. Here are some facts to consider for a millennial before purchasing a property.

1) Working on your credit score: Just like investment, credit score is not something that can multiply overnight. There are some steps that one should take to gain a good credit score rating from banks or lenders, but not everyone is aware of how the credit score works. An individual paying the complete loan amount on time in return receives a solid credit score with many beneficial advantages. A higher credit score might help in applying for a loan while purchasing a house and will also give you access to preferred rates or fees.

2. Saving plays a vital role: There are plenty of ways to get finances for your real estate investment, but a proof of consistent saving will help. Successful investors start saving a certain amount every month to eventually achieve most of the targets. A millennial need to identify his/her goals and pen them down to further knowing how much money one needs to put towards achieving most of the goals.

3. Networking is the key: The first step towards investing is doing complete self-research on the different investment and create a set of question which needs further clarification from an expert. One should engage with experts from the real estate sector who can definitely help with the required knowledge of the industry and will also help you contact the right person at the right time. A visit to real estate expo or meet-ups that are open to commoners is the best way to find numerous contact/network that can be beneficial in the future.

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