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Buy new plot OR add a floor

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Buy new plot OR add a floor

Last updated: April 21 2020
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  • Buy new plot OR add a floor

    Hello,

    Need some guidance on the below situation;

    I have a G+1 house in my hometown. I have two brothers who unfortunately may not be able to own their house ( my father couldnt so they dont get anything in terms inheritance etc) and they dont have stable and sometimes no job at all.

    I was thinking about the future and my life in retirement etc. and i wanted to what would be the best option. I.e. add a new floor so that my brothers and their families can stay with us ( parents, wife and a daughter) or buy a small plots and construct 2 house ( as per low income housing criteria) so it should be manageable to them later on. This also mean they get to own their piece of house. I have a budget 25 L for both the options in the tier 3 city in Maharashtra.

    I just dont know what is the right thing to do not just from the money / assets point of view but also from the relationship point of view as well. Joint family approach doesnt seem work these days and even if there are any , there are always issues.

    Any thoughts / suggestions ?






  • #2

    #2

    Re : Buy new plot OR add a floor

    The answer to your query is pretty complex and may depend on you & your families relationship with your Brothers and their families. If all is good amongst your relationships & you are confident of relationships to work in future too ( though, I have my doubts on this ), adding a floor in the same house could be an option, but as u yourself said, the joint family approach is failing nowadays.

    Better according to me would be to buy a separate plot for your Brothers and build there. That way, you achieve your objective of providing a house to your Brothers, also build a new asset and keep your existing property open for expansion/to be used as per your need for times to come.

    As you would be aware that a pandemic is creating havoc all across the world & it should impact RE significantly.

    Better wait & watch and buy the plot for your Brothers at the right moment.

    Please read IREF rules | FAQ's

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    • aashirwad
      aashirwad commented
      Editing a comment
      Thanks very much for your insights. They are very useful. As you said , very complex situation not just finance wise. I also want to go plot option though I am not sure whether it is achievable in terms cost and when should this be done etc.
  • #3

    #3

    Re : Buy new plot OR add a floor

    Yes, such relationships are mostly complex and need to be handled with extreme care. Not aware as to which city u live in and whether your budget would be good enough or not. If your budget is an issue, u can think of buying a plot at the outskirts of the city in question or maybe discuss the situation with your Brothers and check as to what finances they can pool in for this plot.

    ............but the thought of you trying to settle your Brothers is very positive in itself. Wait for the current epidemic to be over and prices of RE could come crashing down. So the right moment could be 3-4 months after the epidemic gets controlled and people start realizing that they are in mid of a huge recession.
    Please read IREF rules | FAQ's

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