Now that people have postponed their foreign trips, they all want to buy a house….
Let us see if you can afford a house:
– can you afford to pay at least 40% of the cost of the house as a down payment?
– can you afford to pay the EMI on just ONE salary while running your household ?
– will you REALLY save any rent that you are currently paying?
– what happens if you buy the house, and at the same time your wife gets pregnant and is advised bed rest?
– what happens if one of you quit a job voluntarily and one of you lose your job involuntarily?
– remember if you take a 25 year loan, how quickly will you really repay?
– how prepared are you for a loss of job coupled with a fall in property prices?
– do you know at what inflexion point of the housing boom you are buying a house?
– are you buying a house to live in or hoping that the property prices will double in 3 years time as it has happened for your friend?
– using immediate past data to predict immediate future data is a HUMAN disease, and you are human.
– if real estate prices were a NEVER coming down spiral, the BFSI would have convinced you that YOU should NEVER buy but PERMANENTLY stay in a rented house, they would own the house.
– do you have a parent who can step in and take the burden – or are they financially dependent on you?
– is your spouse supporting you with a whole heart or are you PUSHING your agenda on an unwilling wife?
– if things go wrong will your spouse stand by you or bug you with ‘I told yous’
– are you buying as a scoring point, because somebody with who you compete has bought, or you really need a house?
– is it an ego problem that you cannot stay in a Rented house any longer?
– have you asked your boss about your appraisal and also your spouse’s boss’s view on her appraisal and job prospects in general?
– are you over paid? be blunt. If you are and you lose your job…you may not find a new job easily…
– what happens if you are transferred to a different location? can u afford rental there as well as here and the EMI?
Soch lo….lots a thinking questions…you would have paid a fee if you had come to meet me with your queries….
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