Buying a house is not a simple overnight decision. There is a huge chunk of the thought process behind this decision. You need to remember that this decision comes to some responsibilities as well as liabilities. You must prepare yourself to endure all these before you buy a house.
That preparation needs some understanding of what the elements in play are here and how they can use them to your best advantage.
Affordability
The primary element to consider here is your affordability. It includes paying the down payment and payment for the EMIs when you get a loan. These two should not be overwhelming that you may have to regret buying a house so soon.
Age no bar
There is no age limit on when you should buy a house. There is no rule that you should be having your own home by this age either. So, don’t take your age as a marker to decide when to purchase a house. There are advantages of buying a house at a younger age with regard to loan repayment by the time you retire and other tax benefits. Moreover, you may be able to enjoy a liability-free old-age when the time comes. If you can afford a duplex home at a younger age, consider it your lifetime jackpot. This is not necessarily applicable to everyone. So do not take age as a criterion to get into the decision.
Do not succumb to pressure
Our society is highly judgmental and can force anyone to make a decision for which they are not prepared for. Do not fall for this social pressure. If you think you cannot afford a house right now and rather live on a rental property, do so with pride.
I would like to quote Rajnikanth’s famous lines here- “Naan lateaa vanthaalum, latestaa varuven” which translates to ‘Even if I’m late, I will be the latest’. Who knows, you might be lucky to grab a duplex house in Bangalore sometime later, even if you are looking for a small apartment right now!
It is not important when you buy it. What is more important is what you buy which makes you happy and feel satisfied.
If you are living in a comfortable home with a decent living, then be happy about it, there are others who do not have even this luxury. You have more time to have your own house, if not now!
Festive seasons
Festive seasons are considered auspicious to buy a new home. But what if you cannot plan for this season? You just have to leave it right? Then do so, do not hesitate. You must study the market
trends to get a clear idea about when to buy a house that falls within your budget. Have an eye out for the market study and proceed carefully.
Remember that there is no right time to buy a new house.
The time is right when you can do it.