Mother’s Day 2023: When it comes to real estate, single moms have unique considerations to keep in mind. Experts agree that it is important to assess the financial situation and decide a realistic budget for home ownership. This Mother’s Day, we try to bring experts’ views on how single mothers can leverage real estate as an investment option in their financial planning.
Mother’s Day is a special occasion celebrated in many countries around the world to honor and appreciate mothers and mother figures.
real estate investment
Consider your income, expenses and the potential costs associated with owning a home, such as mortgage payments, property taxes, insurance and maintenance.
Explore financing options and research government schemes or grants that provide assistance to women looking to buy a home. Look into affordable housing initiatives or low-interest loan schemes that can help make homeownership more affordable.
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Having a clear understanding of your requirements will help you narrow down your options and focus on properties that meet your criteria.
Here are some expert tips to help single moms navigate the real estate market:
Geetika Trehan, CEO-North, Godrej Properties, says, “The Indian residential real estate sector has continued to grow post the pandemic and remains a good investment opportunity given its dependability. Women are increasingly viewing home ownership as a significant asset and a milestone in achieving financial stability.”
Sarthak Seth, SVP and chief sales and marketing officer, Tata Realty and Infrastructure, also feels that the stability and security offered by real estate investment can give single mothers peace of mind, knowing that they have a solid asset. Which can appreciate over time.
Geetika Trehan suggests that with careful planning and emerging tax benefits provided by state and central governments, women, and single mothers in particular, can achieve financial independence, a stable living environment, and a sustainable livelihood for themselves and their families. Can lay the foundation for a secure future. ,
Sarthak Seth emphasizes the potential of rental income, which can provide a steady stream of cash flow, which can be invaluable in meeting the needs of their children and securing their financial future.
He says that the tax benefits provided by the government for women home owners act as a catalyst, encouraging single mothers to take this important step.
These benefits may also include deductions on mortgage interest, property taxes, and in some cases capital gains exemptions.
By availing these tax benefits, single mothers can maximize their savings and build a strong financial foundation for themselves and their children.
“It is a strategic investment that not only ensures financial stability for them and their children but also empowers them to build a brighter future,” said Seth.
In addition, it is important to be mindful of ongoing homeowner costs such as maintenance, repairs and utilities. Set aside a contingency fund for unexpected expenses, so you’ll be prepared to handle any financial surprises that may arise.
Finally, remember that real estate is a long-term investment. Take your time, do thorough research, and make a decision that aligns with your financial goals and your family’s well-being.