For the longest time, plots have been the most underestimated investment option. Even today, people prefer investing in a home than a residential plot. No doubt buying a home has many advantages to it, but investing in a plot has more benefits than that of a home, which includes immediate possession, no maintenance, high appreciation values and so much more. But when is the best time to buy a plot, or rather the right age to invest in a residential plot? Keep reading to know.
There is no ideal or right age to invest in a plot or any property type for that matter. There are only advantages or disadvantages or both which everyone should take note of and invest accordingly.
Investing in Your Mid 20s
Everyone looks for investment options irrespective of their age, as it provides security for the future. While there are no disadvantages of investing in a plot in your mid-twenties, it is best pushed for later, as an investment can be a liability. In case of any unforeseen situations, the EMI can become a reason for stress. Instead, you could save up the EMI amount for around 5 to 6 years and then think of investing in a plot. Before investing, you should also have an emergency fund which covers your monthly expenses and EMI.
Investing in Your 30s
You are at a better place in life in your 30s than you were in your 20s. Most people save up in their 20s as they don’t have many financial responsibilities yet. Investing in a plot during your 30s is less risky because you are earning much more now and you would have some money saved up, which puts you at a better spot. Saving at least 30-40% of the EMI amount would be great!
Investing in Your 40s or Later
Your 40s call for a lot of responsibilities such as children’s education, home expenses, insurance and much more. You will surely benefit from the residential plot later, but right now, you already have so many responsibilities. Will you be able to take up another financial responsibility? If you have a plan in place and can buy a plot, then well and good; go for it. If you are thinking of taking an EMI, then this might be an issue, because most banks restrict loans after a certain age. Even if you are lucky enough to get the loan approved, the tenure will be for a shorter period.
However, if you have planned your financial responsibilities, age should not be a hindrance to investing in the ideal residential plot of your choice. Mantri KNS Carica located in Kengeri, off Mysore Road is a mega residential project. The residential plots are branded BMRDA approved plots starting at Rs. 2 Lakh. Mantri residential plots offer 22 acres of land, assured maintenance, cost-effective, secure ownership and state of the art amenities. You can choose from a range of plot sizes — Royale (1200 sq.ft), Grande (1500 sq.ft) and Elite (2400 sq.ft). Book your plot today!