Dear Homebuyer, Buy A Future-Perfect Home

Our present is the most dominant factor when we decide to purchase a property. Since capital is the basic requirement, we assess our current financial position to understand what we can afford. Once that understanding is developed, we try to list out what our current requirements are. In our pursuit to meet our current requirements, we often overlook the future. That would certainly not be a wise idea.

Your requirements change with time…

He made his family and friends proud when Mohit Thapaliyal, 31, bought a 1BHK home on the top-floor of a two-storey building in east Delhi's IP Extension. Since it was only a two-storey construction, there was no provision of elevators in the building. This did not matter to young Thapaliyal till one day he realised his ageing mother cannot visit him often ─ it is no less than a Herculean Task for a woman of her age to take that narrow flight of stairs. When Thapiyal decides to start his own family, he might also find it difficult to live in a 1BHK home.

His example shows us a lot of thinking must be done about the future when we purchase a property. Sure, you have an option to sell the property and move to a bigger and better place which would meet your future demands. However, those who have gone through the process would tell you that job is easier said than done. If you are buying a property for end-use, you would not like to engage in the process again and again.

…and so does your financial position

In the above-mentioned example, Thapaliyal might have bought a 1BHK because of monetary constraints. Buying and maintaining a bigger home would have been costlier for a single man. So, he decided to make a compromise. Not even for a moment, he considered the fact that his income was going to rise in future—a factor that would enable him to purchase a bigger home at present, in case he is able to save a substantial amount of down-payment.

If you are spending Rs 25 lakh in a big city to buy a 1BHK, another Rs 10 lakh will put you in a position to go for a 2BHK unit, pricing trend show.

In case you are not able to arrange the down-payment or are not eligible to get that kind of loan, it would better to put on hold your purchase plan for a little longer, save money more, and then go for a bigger and better unit. Unless exceptional changes are made, rates of property would not shoot overnight, rest assured about that.