Mother’s Day 2023: When it involves actual property, single moms have distinctive issues to remember. Experts really feel assessing the monetary scenario and figuring out a sensible finances for homeownership are essential. On this Mother’s Day, we attempt to convey skilled views on how single moms can leverage actual property as an funding possibility of their monetary planning.
Mother’s Day is a special day celebrated in lots of nations around the globe to honour and respect moms and mom figures.
Real property investing
Consider your earnings, bills, and the potential prices related to proudly owning a house, resembling mortgage funds, property taxes, insurance coverage, and upkeep.
Explore financing choices and analysis authorities schemes or grants that present help to girls trying to buy a house. Look into reasonably priced housing initiatives or low-interest mortgage schemes that may assist make homeownership extra attainable.
Also Read: Mother’s Day: Know These 5 Expert Tips To Leverage Gold Loans
Having a transparent understanding of your wants will enable you slim down your choices and deal with properties that meet your standards.
Here are some skilled suggestions to assist single moms navigate the true property market:
Geetika Trehan, CEO- north, Godrej Properties, says, “The Indian residential real estate sector has continued to witness growth post the pandemic and remains a good investment opportunity given its dependability. Women are increasingly viewing home ownership as an important asset and milestone in achieving financial stability.”
Sarthak Seth, SVP and chief sales and marketing officer, Tata Realty and Infrastructure, too feels that the stability and security offered by real estate investments can give single mothers peace of mind, knowing that they have a tangible asset that can appreciate over time.
Geetika Trehan suggests with careful planning and looming tax benefits provided by state and central governments, women, and also single mothers in particular, can embark on creating a foundation of financial independence, a stable living environment, and a secure future for themselves and their families.
Sarthak Seth stresses on the rental income potential, which can provide a steady stream of cash flow, which can be invaluable in supporting their children’s needs and securing their financial future.
He adds that the tax benefits provided by the government for women homeowners act as a catalyst, encouraging single mothers to take this important step.
These benefits can include deductions on mortgage interest, property taxes, and even capital gains exemptions in certain cases.
By leveraging these tax advantages, single mothers can maximise their savings and create a stronger financial foundation for themselves and their children.
“It is a strategic investment that not only ensures financial stability for themselves and their children but also empowers them to build a brighter future,” Seth highlights.
Moreover, it is important to be mindful of ongoing homeownership costs, such as maintenance, repairs, and utilities. Set aside a contingency fund for unexpected expenses, so you are prepared to handle any financial surprises that may arise.
Finally, keep in mind that actual property is a long-term funding. Take your time, do thorough analysis, and decide that aligns along with your monetary targets and the well-being of your loved ones.
