Planning to Buy a Home? Opt for a Future Perfect Home
Feb 06, 2018 Home Trading Steps
We all plan to buy home looking at our current situation. We first assess our financial capability and strength to understand what we can actually afford. Once that is done, then we lost out out basic needs and requirements. And in order to cater our present needs and requirements, we often tend to ignore our future. But that might not be a wise idea.
The requirements change with time.
For instance, at present situation, you might need a 1 BHK flat and you bought it on the 2nd floor of a two storey building which does not have any facility for lift. Right now you are young, your parents are also comparatively young and thus you and your parents can climb up and down the stairs. But as the days will pass you and your parents will start ageing. And at some point, they might face problem in using the stairs. Then what? Then you have to look for a new flat with lift facility. Also in future, your family will grow, you will have children and you will need a bigger accommodation. So, why not to choose a flat which already has the facility for lift and is bigger in size while buying now? Because selling a property is also not an easy task. And as you have already gone through the buying process you must be aware of that buying process is also not that easy.
Like your present situation, your financial position also might not remain same. Taking the cue from the above mentioned example, you might have bought the 1 BHK flat due to your financial constraints as well. Maintain a bigger home is also costlier as compared to a small house. So thinking about that aspect also you might have bought a smaller house. But think that in future your income is going to rise and you can buy a bigger home if you have saved a good amount of down payment. Such as if you are buying a 1 BHK flat for Rs 30 lakhs then another Rs 10 lakhs can get you a 2 BHK flat.
But if you are not able to arrange the down payment or you are not eligible to get the loan you want, then you should wait, put your purchase on hold, save money for down payment and then go for a bigger unit.
Hence it is advised that do not buy a home just for the sake of it, its a lifetime investment and you should wait, think about your present, future and then make your decision.
The requirements change with time.
For instance, at present situation, you might need a 1 BHK flat and you bought it on the 2nd floor of a two storey building which does not have any facility for lift. Right now you are young, your parents are also comparatively young and thus you and your parents can climb up and down the stairs. But as the days will pass you and your parents will start ageing. And at some point, they might face problem in using the stairs. Then what? Then you have to look for a new flat with lift facility. Also in future, your family will grow, you will have children and you will need a bigger accommodation. So, why not to choose a flat which already has the facility for lift and is bigger in size while buying now? Because selling a property is also not an easy task. And as you have already gone through the buying process you must be aware of that buying process is also not that easy.
Like your present situation, your financial position also might not remain same. Taking the cue from the above mentioned example, you might have bought the 1 BHK flat due to your financial constraints as well. Maintain a bigger home is also costlier as compared to a small house. So thinking about that aspect also you might have bought a smaller house. But think that in future your income is going to rise and you can buy a bigger home if you have saved a good amount of down payment. Such as if you are buying a 1 BHK flat for Rs 30 lakhs then another Rs 10 lakhs can get you a 2 BHK flat.
But if you are not able to arrange the down payment or you are not eligible to get the loan you want, then you should wait, put your purchase on hold, save money for down payment and then go for a bigger unit.
Hence it is advised that do not buy a home just for the sake of it, its a lifetime investment and you should wait, think about your present, future and then make your decision.
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