In the 80s and 90s, people not only got married in their 20s but also had children and bought their first homes before turning 35. But today, millennials have not only starkly different views on marriage and parenthood, they are also struggling to purchase properties they can call home.
According to a study by the Pew Research Center millennials are among the most educated generations, but their financial outcomes vary widely. Adding to the homeownership challenge in India are the high property prices in metropolitan cities such as Delhi, Mumbai and Bengaluru.
In many areas, residential property prices can range from Rs 10,000 to Rs 15,000 per square foot and often go significantly higher in premium localities and gated communities, where prices may exceed Rs 20,000 to Rs 25,000 per square foot.
Amid this, Ankur Warikoo, a digital finance content creator, took to Instagram to reveal why he bought his first home at 40 rather than investing in a property when he was 25 or 30.
Why Did Ankur Warikoo Bought His First Home At 40
Taking to Instagram on October 3, the content creator revealed three reasons why he bought his first home at 40. The first was being certain about where he and his wife, Ruchi Budhiraja, wanted to live.
“By the time we hit 40, we knew we wanted to live in Delhi. At 25 or 30, there’s so much flexibility in life to change cities, even change countries if you want to. But by the time we reached 40, we already knew we’re going to stay here. That’s why we chose this place,” he said.
The second reason was financial security. At 40, he had enough money to make the down payment, pay the monthly EMI, and still live a comfortable life while providing for his family. “At 25 or 30, that house wasn’t affordable for us,” he said.
The third reason was the property itself. The kind of house the couple had in mind was a premium property. They had always dreamt of a certain type of home, in a specific area and locality. By 40, Ankur was sure of what he wanted.
“Because we’d already had kids, life had settled. In your 20s and 30s, life is still moving, so you don’t know how big a house you need, which locality you’ll prefer, etc.,” he said.
He advised people against rushing into real-estate investments in their 20s or early 30s. Instead, he suggested waiting until the timing and finances are right to buy a dream home.