Why Young Professionals In Pakistan Should Consider Home Financing?

Hasnain
September 16, 2016

Pakistan is a country with a demographic that puts the young aged at a strong majority. This means that there are a huge number of people that are going to enter professional life in the next few years or are already at the verge of it. Or that they might be in the budding years of their professional careers.

With the cultural norms prevailing in our country, men are bound to be married and take up the responsibility of a household once they are financially stable in their carriers. One might have a decent job but given the economic conditions of our country and in general it’s always a wise idea to think ahead and start saving early on in your life for future expenses that are inevitable and can help you lead a peaceful and worry free life and retire with grace. In this article we are going to talk about a few reasons why you should think about investing in home finance and securing your own home right as you start your work career.

Timely Decisions:
The biggest asset anyone should plan early on in their financial career is to have their own home. It’s definitely easier said than done which is why we advise our readers to take up a home finance plan early on because it takes quite some time to pay off the installments completely due to the large sum of money being involved. The sooner you take up home financing the earlier you will be able to safely pay off the installments from your salary well before time for retirement approaches. This will also give you more time to invest in other important things such as your child’s education or marriage policies.

Rental Property Issues:
One could possibly also choose to rent a house but it has its set of drawbacks. For starters, you’re paying a constant stream of your funds to the landlord but even after years of having paid the rent. You still don’t own anything. Also the landlord can increase the rent at any given point in time which results in increased financial burden upon you. You also have to relocate in case the rental agreement comes to an end due to any unforeseen reason.  Hence investing the same amount of money into home finance will guarantee you your own house in a few years. You will have an asset under your name which is a big thing in itself.

Rising Real Estate Prices:
In Pakistan recently due to security situations getting much better, real estate prices have been climbing steeply too. Thus it becomes really difficult to outright purchase a home these days. Home financing is the sensible choice in the long run as you get a flexible term to pay off the amount as well as the breakdown is in installments that are easier to pay while managing the rest of your expenses. It removes the stress of having to worry about your own home and makes it easy and affordable.

Comfort And Peace Of Mind:
One’s own home is any person’s dream. As time passes and you start a family it will bring you peace of mind to provide them with a good home. A house is a place where a person returns to his loved ones after a day’s hard work. The joy of owning your own home is next to nothing and you can lead your life worry free that as you approach an age when you might be nomore, your next of kin will still have a proper roof on their heads and will not be put into any trouble. This peace of mind can only be achieved if you have made a timely investment in home finance.

We hope that the above points make it pretty clear that the right way is go is to apply for house finance early on in your professional life. If you have any feedback please write to us at: feedback@smartchoice.pk

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