My one dream is own house, now reconsidering
It is not the usual society rule, but I have had this longing of own house.
Childhood was spent I government house, adjusting with members of family.
Now I am earning fine, will have 20% of loan in liquid cash by end of year.
But I also have practicality now. No fancy house are spared in these rains, there are so many repairs - one thing is repaired, second one goes down then third then fourth, bigger the house more you have to clean - wtf is this dist coming from, then you have asshole neighbours. And be scared what if there's a fire, robbery, calamity.
I had just one dream, but really rethinking the whole plan now. So lost to be honest.
Pro tip : If you are planning to buy house with 20 -25 years timeframe, AVOID... Job scenario is going to change drastically after 5 years.... Especially if you are in private sector. Govt employee can go ahead with their plans as usual...
However if you think you can afford a home right now or with loan of timeframe less than 7 years....tou can go ahead with it...
Thank me later!
Purchased a few properties this is my experience. The hotel that I own I like to stay in the room itself most of the time… cleaned regularly can take anyone there and go to home once in a while to meet parents. In the hotel I can bring anybody and they don’t know where I live is a plus
If you rent for life, you'll still be able to live in desired places at a lesser cost (comparing rent vs EMI). You can change every few years and that ways, you'll have the luxury of novelty too.
Downside is that you won't have a property to pass to your next generation in your will.
But seriously, is that why you should buy property? I think not.
Okay, next gen idea is not my tea.
Owning a house is definitely not financially sane but it has the cushion if things go haywire in life. I don't want to be a crybaby and run to my parents in such a case. It also cushions when separation from spouse (I'm thinking too far here, but facts)
A rented house will be cheaper (considering EMIs) if you need a cushion in life when things go haywire.
Same for an unfortunate situation of separation.
Considering the loan tenure of 20 years, it's going to stay for a longgggg time in our lives. And it's very doubtful that mishaps will happen after the loan is cleared
Have one property that you own atleast. It’s always a good hedge against circumstances in this country.