MUMBAI: Home loans rates have been slashed – If such an announcement in the paper prompts you to buy a house, count yourself among those who act in haste and repent in leisure.
Why do people become impractical while buying property? Is it prudent to buy a house just because there are home loans available? In most of the cases, we see people buying huge houses irrespective of the fact whether it meets their budget requirement or not.
If you have a decent income with some money set aside for monthly equated installments, then it’s wise to go for house that is well within your financial reach.
It’s obviously the size of the apartment that determines the price of the property. A big and fancy house will undoubtedly be the cynosure of all eyes except probably its occupants if they have gone beyond their budget to invest in such a property.
Buying a house is a huge investment and in most of the cases it is a long term financial burden, if you are going by the EMI way. So, isn’t it wise to analyse your financial picture and settle down for a house that you would be comfortable.
Think long term while make property related decisions. The property you buy will invariably go to your children or your near and dear ones. So invest wisely, buy a house that meets your budget and your needs. A huge house may not only create a deep dent in your pocket but may become a liability for your children.
Instead, invest in a compact-size house or apartment. This will not only help in reducing your financial burden but is easy to maintain and hassle free.
Size of compact house
A compact house doesn’t necessarily imply tiny or cramped spaces. The size of the house should be decided by you in terms of how many bedrooms and bathrooms you need, size of the kitchen and drawing room etc. Open floor plans are known to be ideal for such homes.
Benefits of investing in compact houses
A compact house true to its name fits your family requirements to the maximum extent as you will seldom find unnecessary spaces being unutilized in such houses. Every inch of space is planned and constructed in such a way that there is absolutely no scope for costly surplus square footage.
Since a small home is usually more affordable because of lesser costs for land, material and labor, you will surely be left with some surplus money to splurge on high-quality windows, flooring and home décor items.
Big dreams in compact houses can definitely become a possibility as these houses are affordable and low on maintenance. Small can indeed be comfortable and beautiful!