Everyone wants a home of their own. But, in our quest to find the perfect abode, pragmatism takes a backseat. Buyers today are spoilt for choices as the market is full of exciting options. From 1 BHK ordinary flats to luxury apartments loaded with exquisite features, there are just too many choices. This can compel us to harbour unrealistic ambitions that in the long run may have a detrimental effect on our finances and lives. Agrees Shahid Balwa, MD, DB Realty, to avoid hassles at a later stage, it is important that we set realistic goals that we can meet.
Set a realistic budget
Do not let your aspirations hit the sky. Check your finances and set a realistic budget. Sometimes we outstretch our finances to buy the home which is way beyond our budget. Not only do we end up paying a hefty down payment but also have to deal with huge EMIs.
Luxury apartments come with additional costs
Majority of the people dream of living in a luxury apartment. However, only a few can actually afford to live in one. Not only is the home insurance premium quite steep, but luxury homes come with a lot of amenities that are extremely expensive. Though it would be convenient to have a clubhouse, gym, tennis court, concierge services, cafe, but to avail these services the buyer will have to pay between Rs 5,000 to 10,000 every month. If you can afford the hefty monthly bills then go for it, or else look out for cheaper alternatives.
You have other finances to take care of
Paying the EMI of your home is not the only thing you have to take care of. There are other expenses to be met. Paying children’s school fees, electricity and water bills, health bills, or maybe you have to pay the EMIs of the new car you recently bought. All this demands money. So act with discretion and take into account the other financial goals that you have and accordingly spend money on the house that suits your needs.
According to Shahid Usman Balwa, the home that you live in should be comfortable, conveniently located and should meet all your requirements. To begin with, you need to invest in a property that you can afford. The downpayment should be within your limits and the EMIs, affordable. Putting a limit to your aspirations at the moment would definitely suit you well.