Read on Twitter
1/10
*OWNING A HOUSE *
Having a self owned home is a dream come true for the majority of us . We still equate it with prosperity & being settled .
But with the alarming cost of reality (especially in Metro& #39;s) when does this make sense?
My viewpoint on the same.
+
*OWNING A HOUSE *
Having a self owned home is a dream come true for the majority of us . We still equate it with prosperity & being settled .
But with the alarming cost of reality (especially in Metro& #39;s) when does this make sense?
My viewpoint on the same.
+
2/10
(So called)Pro& #39;s :
*Having your own place - Pride of possession.
*An investment .
*Having liberty to decorate as per choice { provided the wife permits
https://abs.twimg.com/emoji/v2/... draggable="false" alt="đ" title="Zwinkerndes Gesicht" aria-label="Emoji: Zwinkerndes Gesicht"> }
*No need to shift often.
*Loan available at low interest rate.
Easy way to #leverage in markets (Common blunder!)
(So called)Pro& #39;s :
*Having your own place - Pride of possession.
*An investment .
*Having liberty to decorate as per choice { provided the wife permits
*No need to shift often.
*Loan available at low interest rate.
Easy way to #leverage in markets (Common blunder!)
3/10
Are these really as good as they sound?
*The pride of owning a house comes with buckets of stress ,for most of the properties are purchased taking huge #loans spread across 2-3 decades of repayment.
So are we actually owning a house or is the bank possessing us ?https://abs.twimg.com/emoji/v2/... draggable="false" alt="đ€" title="Denkendes Gesicht" aria-label="Emoji: Denkendes Gesicht">
Are these really as good as they sound?
*The pride of owning a house comes with buckets of stress ,for most of the properties are purchased taking huge #loans spread across 2-3 decades of repayment.
So are we actually owning a house or is the bank possessing us ?
4/10
Another point :
A huge loan makes us #RiskAverse. Instead of improving skillsets we end up bound to the same job out of fear. Sure, increments shall happen but what about opportunity cost?
Focus should be on career & if needed one must be ready to move as per opportunity.
Another point :
A huge loan makes us #RiskAverse. Instead of improving skillsets we end up bound to the same job out of fear. Sure, increments shall happen but what about opportunity cost?
Focus should be on career & if needed one must be ready to move as per opportunity.
5/10
*No shifting of houses*
Very subjective.
What is the point of travelling hrs each day to reach work ? Half the life is spent such with no time for anything else!!
Buying your dream house only to stay in it on a Sunday too exhausted to do anything!https://abs.twimg.com/emoji/v2/... draggable="false" alt="đ€·" title="Person shrugging" aria-label="Emoji: Person shrugging">
*No shifting of houses*
Very subjective.
What is the point of travelling hrs each day to reach work ? Half the life is spent such with no time for anything else!!
Buying your dream house only to stay in it on a Sunday too exhausted to do anything!
6/10
* Decorate the house *
Many claim this to be important!
I really think this is just emotions. A house becomes a home when people residing in it are happy & stress free. Even rental places can be done up nicely !!https://abs.twimg.com/emoji/v2/... draggable="false" alt="đ€·" title="Person shrugging" aria-label="Emoji: Person shrugging">
Financially feasible & better.
* Decorate the house *
Many claim this to be important!
I really think this is just emotions. A house becomes a home when people residing in it are happy & stress free. Even rental places can be done up nicely !!
Financially feasible & better.
7/10
Using #leverage & investing loan amt in equities whilst extending tenure of home loan can backfire big time . An acquaintance lost most of his capital trading whilst sitting on a loan as well.
What if something happens to us meanwhile ?
RISK REWARD ratio seems skewed .
Using #leverage & investing loan amt in equities whilst extending tenure of home loan can backfire big time . An acquaintance lost most of his capital trading whilst sitting on a loan as well.
What if something happens to us meanwhile ?
RISK REWARD ratio seems skewed .
8/10
To sum it up.
*Purchasing a house is ONE of the MOST important financial decisions. MUST be done PRACTICALLY.
*Stay WITHIN MEANS .Don& #39;t get carried away to own that DREAM property shown by the realtor for the cost paid for such dreams can BURN your pockets completely !
To sum it up.
*Purchasing a house is ONE of the MOST important financial decisions. MUST be done PRACTICALLY.
*Stay WITHIN MEANS .Don& #39;t get carried away to own that DREAM property shown by the realtor for the cost paid for such dreams can BURN your pockets completely !
8/10
* Take a #TERMLOAN while purchasing the property to ensure nothing untoward happens to the house in the event of untimely death .
*Save up 60-70% atleast towards down payment.
Take min loan & plan repayment in a short duration. (Calculate beforehand) .
* Take a #TERMLOAN while purchasing the property to ensure nothing untoward happens to the house in the event of untimely death .
*Save up 60-70% atleast towards down payment.
Take min loan & plan repayment in a short duration. (Calculate beforehand) .
9/ 10
* #JointLoan helps immensely. Both for tax benefits & the burden becomes considerably less.
*Stay WELL WITHIN MEANS while purchasing first property. One can always buy a BIGGER,BETTER one if earnings improve drastically!
*Stay on #rent as per HRA & claim tax exemption.
* #JointLoan helps immensely. Both for tax benefits & the burden becomes considerably less.
*Stay WELL WITHIN MEANS while purchasing first property. One can always buy a BIGGER,BETTER one if earnings improve drastically!
*Stay on #rent as per HRA & claim tax exemption.
10/10
Let& #39;s not over estimate our income /under estimate our expenses in the quest to own our home & pile up #debt upon us in the quest to wow the society .
LET PRACTICALITY PRECEED EMOTIONS.
@dmuthuk based on your tweet today.
@position_trader
@RichifyMeClub
@safalniveshak
Let& #39;s not over estimate our income /under estimate our expenses in the quest to own our home & pile up #debt upon us in the quest to wow the society .
LET PRACTICALITY PRECEED EMOTIONS.
@dmuthuk based on your tweet today.
@position_trader
@RichifyMeClub
@safalniveshak
