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Securing a home continues to be a major milestone in the list of achievements for most Indians. However, this step is generally taken, when people reach their 30s or when they plan to get married and start a family. But there is no ideal age to do the same, though there are different parameters to assess before you take this major step. With more than 3 decades of experience in seeing people fulfilling their dream of securing a home, we have come up with some of the features you should ponder upon.

When Should You Buy?

• When you can afford to run a home – Buying a home can potentially benefit you at any age, young or old, as long as the conditions are right. You might be ready to buy when you can comfortably afford the monthly payments and other recurring expenses of homeownership. You should make sure that your job or business is stable enough that you earn enough to pay for the home loan or instalment and still have sufficient to meet day-to-day expenses.
• When you want to buy a home rather than keep paying for rent forever – A lot of people who grow up living in a rented house and aspire to buy a place of their own, then that becomes their main drive behind building their careers. Meanwhile, people realize that rather than paying rent, they can use the same amount to pay EMIs and eventually have a roof of their own down the line. Moreover, with the increasing cost of housing properties, it has become mandatory for most people to take home loans. Loans are also an amazing way to secure a home at the initial stage of your career if you are sure that you would be able to pay the instalments on time.
• When the situation demands a bigger home – If you have been living in a small house and plan to grow your family, you must surely want more space. To upgrade to a bigger house, ensure that your current house fetches good rent or resale value. You can use the same rental funds to invest in instalments of a new home or can use the earned money from selling the house in buying the bigger one. For the remaining amount, you can always take loans if your income gives you enough security.
• When the situation demands a bigger home – If you have been living in a small house and plan to grow your family, you must surely want more space. To upgrade to a bigger house, ensure that your current house fetches good rent or resale value. You can use the same rental funds to invest in instalments of a new home or can use the earned money from selling the house in buying the bigger one. For the remaining amount, you can always take loans if your income gives you enough security.
• When you want to invest – When you want to keep building assets for yourself and your loved ones, buying a home can be a great start. When purchasing a home, you also secure your financial future. This is because real estate prices only increase over time, and in a few years, you will be able to sell your property at a much higher price than what you bought it at. You should buy a home when you want to put money in long-term investments when compared to equities
• When you want to build your credit – Purchasing a home can help you build your credit. Also, if you can pay your home loan back in time, it will improve your credit score, even more, allowing you to get much higher loans, and consequently providing you with the opportunity to take loans to build more assets in the future.
• When you are mature enough to have healthy spending habits – Buying a home is a significant financial commitment, and hence you should have a responsible attitude to ensure you don’t splurge money on unnecessary stuff. If you feel that you are at an age where travelling, partying and socializing take a major chunk of your earnings and you do not want to wish on that phase, it’s wise to not buy a house. Purchase a home only when your spending habits are healthy and you know what is a necessity and what is a luxury.
• When you are mature enough to have healthy spending habits – Buying a home is a significant financial commitment, and hence you should have a responsible attitude to ensure you don’t splurge money on unnecessary stuff. If you feel that you are at an age where travelling, partying and socializing take a major chunk of your earnings and you do not want to wish on that phase, it’s wise to not buy a house. Purchase a home only when your spending habits are healthy and you know what is a necessity and what is a luxury.

Remember, a home is a feeling but also a practically essential move to be made at the right time. It’s an important milestone to be achieved. The power of being informed and having conducted your home visit thoroughly will help you make the right decision. If you plan to get a luxury 3BHK flat in Waghodia or invest in 4BHK bungalow in Ankhol, there could be no reason to settle for anything less than a reputed name. Kamlesh Gandhi Projects have symbolized character, stature, and grace. Being a home buyer, choose durability, convenience and timeless beauty, and book a visit now!