How Personal Finances Matter While Buying A House?
Mar 02, 2017 Home Loan
Every Indian has this dream of owning their dream house and going a little too far by pushing the financial boundaries in achieving them isn’t new. There is always a struggle whether to rent a house or buy one. Generally, when people have enough savings and are able to take a substantial loan from the bank they settle for buying a house. But while buying a house the personal finances should also be kept in mind. Both renting and buying a house comes with their own advantages and disadvantages.
Buying a house is considered a long term investment with better returns while renting a house is treated as a monthly household expense. Not to mention, buying a house have its own positive psychological effects. It gives a sense of security, fulfillment along with being settled feeling. While renting a house is considered as an option till enough finances are arranged.
With prices rising in every sector be it education, real estate, life styles etc. it is indeed very important to keep your own personal finances in mind while buying a house. Buying a house might be a very emotional and near to heart experience, but the financial impact coming along with it shall be taken care as well. Future expenses such as children’s education, marriage, unexpected expenses should be considered while buying a house and taking a substantial loan.
Renting a house saves you enough money for the preferred set of lifestyle and additional expenses. It is a general thinking as why to pay rent when you can pay for EMI. Well buying a house is a costly and long term affair.
Rather than stretching your boundaries and going a little out of your way to buy the preferred dream house and decorating your way, it is better to rent a house till you’re are emotionally and financially ready to buy it. Buying a house due to undue pressures of society or fake expectations by the developer is not very wise. If a house is bought in the rush without careful planning, it may bring financial misery upon the family. If any uncertain situations occur and not having enough fiancés for the rainy day can lead to negative impact on the good being.
Whether it is your first house or second, making sure there are enough resources to buy the same is important. A buyer can add a co-borrower while taking a loan from any bank or housing finance companies to share the burden of loan. It also gives you an opportunity to increase you financial budget along with some tax relief.
Renting or buying is an individual’s decision and should solely depend on the financial situation of the family.
Buying a house is considered a long term investment with better returns while renting a house is treated as a monthly household expense. Not to mention, buying a house have its own positive psychological effects. It gives a sense of security, fulfillment along with being settled feeling. While renting a house is considered as an option till enough finances are arranged.
With prices rising in every sector be it education, real estate, life styles etc. it is indeed very important to keep your own personal finances in mind while buying a house. Buying a house might be a very emotional and near to heart experience, but the financial impact coming along with it shall be taken care as well. Future expenses such as children’s education, marriage, unexpected expenses should be considered while buying a house and taking a substantial loan.
Renting a house saves you enough money for the preferred set of lifestyle and additional expenses. It is a general thinking as why to pay rent when you can pay for EMI. Well buying a house is a costly and long term affair.
Rather than stretching your boundaries and going a little out of your way to buy the preferred dream house and decorating your way, it is better to rent a house till you’re are emotionally and financially ready to buy it. Buying a house due to undue pressures of society or fake expectations by the developer is not very wise. If a house is bought in the rush without careful planning, it may bring financial misery upon the family. If any uncertain situations occur and not having enough fiancés for the rainy day can lead to negative impact on the good being.
Whether it is your first house or second, making sure there are enough resources to buy the same is important. A buyer can add a co-borrower while taking a loan from any bank or housing finance companies to share the burden of loan. It also gives you an opportunity to increase you financial budget along with some tax relief.
Renting or buying is an individual’s decision and should solely depend on the financial situation of the family.
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