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.
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Take a 10-min AI interview to qualify for numerous real jobs auto-matched to your profile 🔑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.
Somehow never grew up with the dream, because my parents never prioritised it either (unlike for their times)
I don’t imagine focusing on saving money to buy one, just because how poor an investment it sometimes can be
I find your thoughts silly. Buying own place is must, at some point of time in Life, for various reasons. So there are only two options- Apartment, and own House (or land, constructing a House on it).
If you think, repair cost is an issue, you are missing the monthly maintenance cost of apartments. Some gated societies, charge not only monthly maintenance, but also annually charges for all the fancy stuffs. So all that cost will be certainly much more than the repair work you will incur on your own House.
Calamity concern too is illogical, it affects all options. btw, what happens when and if, an apartment goes down due to a calamity? Who own the Land, how does everyone reconstruct the apartment again? Imagine the complications.
There are only two legit concerns I see with having own House:-
(1) Security/Robbery:- Being in isolated place, if you leave the House to go on some trip, who will guard it? This can be alleviated to some extent if the House is built in a well populated area.
(2) Societal mixing, for parents/wife/Kids:- Living in own House, may be bring isolation, lack of community. On the other hand, if one lives in Gated Communities, it must be easier to find like minded people. So at least on weekends and holidays, there may be some people around to talk to and spend time with. That will work great for parents and kids specially. They need a well connected familiar gatherings.
That’s all. Personally, I still aspire to buy own House with enough open space. Or better, I dream of buying large land, and construct House on that. The best thing I like about having own House is, that one can have own Garden area. So if I can afford, sometime in future, I still dream to buy land, large enough in area that I can build House only on half of the land, and keep half of it vacant and used for parking, gardening etc Probably 3000-4000 sqr feet would be great. But that is just a dream😄
Imagine, that if you lose the Job (hypothetically), you will still have to pay the monthly maintenance of your own apartment. For your own House, if you lose your Job, you need not repair, leave it as it is. So the expenses with House, is upto you to decide mostly, not so with an apartment.
The comment I was actually looking for... Exact same dream, hopefully I can accomplish it one day.
Build a dream house in your Village, Once you retire take a non stop train to Gaaav.
Choice is yours
If you wanted to ***k your life in Daaaba (Flat) than go for the loan after 20-30 year later you paid around 2.5 cr for the cost of 80 lakhs loan and flat cost is 0 at that time because your building age was over and society will ask you for construction cost again or will tell you to vacate the flat...you can take the loan again to build the flat on kidney lever and heart because at that time job was over
So again Choice is yours
For more context, what city is this?
I'm in Delhi NCR but not sure if I would buy a house here. Water electricity is a big concern
I'm at Mumbai and early career I'd get anxious just thinking about buying a house here because it's so expensive. It's still expensive but I don't think it's worth it anymore at all. Overpopulated, flooding, heat. Sub par amenities n infra for global top level expensive real estate.
Anyway,
- Compare buy (Emi, prop tax, depreciation) vs rent costs, real estate inflation.
- Qualitative: peace of mind vs flexibility.
- Safety best, backup options if things go south consider external factors like market
Mull over this to make a decision.
Whatever you do, the most important thing to remember is Mumbai >>> Delhi
