Buying my own home.
I am 26 and planning to buy a home in the next 4-5 years.
I am confused:
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As I don't have much pay, 30 lakhs to 40 lakhs with 50% loan and a small house in small society having zero to very low maintenance.
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Take loan and buy a good luxurious flat, good society with all amenities is worth it, though the maintenance is high.
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Don't rush, delay plan, buy a land and build own house, outskirts is fine but own house is best.
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Buy house in village and leave in low rental areas/pg shifting my family in village.
What is the best, people who already own house and have experienced pros and cons of having one, please suggest.
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Married? Plans? Dependent parents to stay with you? Next job where? Confident of getting it close to home? Are you open to rent out your home if you have to move? How attached would you be to a home?
Unmarried. Sole earner in family with dependent parents and have to arrange for my sisters marriage too. 4 years I am not willing to relocate outside Pune. Next job will be this year itself 70% sure. My budget home will always be a go to place in worst case scenario, open to rent or sell always if I have to relocate.
I have a thumb rule for Home affordability: Buy a house for which you can put a 50% down payment. This helps you enjoy your life without getting burdened by loans. Live a relatively stress free life in current turmoulous job situations
I had bought land and built my home in tier2 city. I do WFH. Spent total 1.2 cr, value of home would be 1.6cr now after 2 years. Took home loan of 60lacs. Best decision, no regrets. I think I will retire in this home even if I have to move now to some tier1 city for work. Ps. I had similar circumstances, dependent parents, no inheritance, sole earner, had to support sister marriage/family too.
CTC?
Your sisters will choose rich grooms and settle well. You have to work on yourself first
Just one question You take a loan , a restructuring happens in your company, layoff happens..
Are you fine with a hefty EMI if it takes 6-9 months to find a job?
The answer to this question will itself guide you
Don't buy right now.
If your sisters are closer to marriage age - get them married. The less people in the decision the better.
Now buying a home in Bangalore/Pune is costly... You need min 2bhk with parents and yourself.
3bhk - If you do a bit of the future planning.
Don't assume that you will sell and then buy bigger flat later. Buying is very easy, selling a flat is soooo difficult.
I would suggest be on rent for a few years, you will have clarity of job, location, your marriage. If your partner earns well , you can take a better house.
Don't own until u secure ur future. Better do sip 50% of ur income. You will sleep with peace of mind.
Once u have income that is triple of home emi then plan.
Salary =3* home emi
Orherwise Keep investments for future.
- Do not buy anything without land .
- Buy after 15 years of continuous service at least .
1st for sure, having a house is a necessity even if its in a small town. Anyway its difficult to afford in metro cities, better to start with tier2/3 cities. Atleast your parents can live there peacefully.
Buy a land and construct.