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Buying a Home


Buying a Home

Last updated: February 8 2020
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  • Buying a Home

    Hi ,

    I am a middle class person. While the homes we own do not get their worth, how are we supposed to buy homes that burn a hole in our pockets.

    What is the real estate lobby and government doing ? The purposeful skyrocketed prices of homes that are not suitable are going to render people homeless.

    The space which we might get in cluster plans are not enough for our families , nor do they guarantee comfort as we suffer for loans.

    Is the common man supposed to live in despair, under loans, alone ? While the ones we voted for lavishly settle down.

    Can anyone hear me out and guide me ????
  • #2


    Re : Buying a Home

    Nobody is forcing anyone to buy overpriced real estate and burn a hole in their pockets. High real estate prices are a fact of life in India and for the sake of your mental peace, I suggest that you learn to deal and live with it.

    Think creatively. Is it necessary that you must own your place. Have you thought about renting. I am talking about renting for the rest of your life.

    I speak from expereince. I have lived in the best socities in Mumbai paying less than 1.5% rental yield. I have changed flats multiple times due to job change or for kids school and while I could never afford it I also thank god that I was not "married" to a location because I had my own property. Had I been stuck at a place, I would have either spent my life commuting long hours in subhuman conditions or never accepted new opportunties that propelled my career and offered immense professional satisfaction.

    I used to be bitter too and now I think of my landlords as angels on earth who are willing to hold on their depreciating properties and rent it out so cheap. Now I only have gratitude for rich "investors" beause if you'll think carefully, at current inflation, there's a transfer of wealth from landlords to tenants.

    The world has changed. Real Estate's best days are behind it but that doesn't mean it will become affordable for all. Yes it may become less unaffordable but that doesn't mean you should get seudced by the siren song of "mera khudka ghar" and turn into a slave to mortgage EMI for the rest of your life.

    My agent who brokered our latest lease deed told me that these days only two categories of people buy real estate, those who can't do proper math or those who are already rich. Since you are neither, instead of "buy property or die trying" grind, I recommend you move on and start living your life without obsessing about home ownership.



    • #3


      Re : Buying a Home

      What answer you are expecting? You cannot change the reality and cursing wont change your situation.

      I can see your frustration, been there done that.

      If you choose to stay on rent for long. I was staying on rent for 3 years with the same idea that buying is expensive and all, but at the end settled to buy home (with 80% loan) as staying with family, moving houses etc sound good on paper but it troublesome.

      You need to ask these questions to your family and yourself first. Save as much as you can, and buy within your budget (with less loan).


      • #4


        Re : Buying a Home

        Renting has its benefits as pointed out in the reply above. It does make financial sense these days.

        On the flip side you need to put up with some hardships like moving houses every few years.

        Ranting wont help, take a call of whats suitable and works best for you.

        Life is like this only, take whats best for you and move on


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