When you were growing up, there were probably certain milestones that you imagined you would reach in your adult life that would be momentous and important. Falling in love and getting married are on that list of milestones for most people, as is the dream of one day owning your own home.
As the age at which we Indians are getting married slowly creeps up, the question that haunts a lot of us especially with rising rent which sucks up more than half of our salary is: Is it better to buy a house after you get married, or should you try to get your foot on the property ladder earlier, in your single life? Is it even worth buying a house as a bachelor?
Like so many questions surrounding real estate decisions, or basically any question in our chaotic life, there is no single correct answer. The best decision for you will depend on your life circumstances, your career, your plans and dreams — and, yes, your love life, too.
Before you decide to buy a home (or decide not to buy a home) as a single person, think about these things and ask yourself how they apply to your life and situation.
How stable is your career?
Like it or not, your financial picture is going to be absolutely critical in your decision — or ability — to purchase a home. This is true for anybody who’s trying to buy a house, but it’s doubly true for single people seeking to buy because you only have one source of income: yourself. You don’t have a spouse with better credit or a higher-paying job to help you out — or even a spouse with a lower-paying job that’s still contributing to the household. This means that your finances, credit, savings, assets and liabilities, and everything else that you have to put together to apply for a mortgage loan should be in a squeaky-clean condition so you can get the best deal possible on a loan.
This isn’t news to most people who are considering buying a house, but what they often fail to consider is the long-term stability and viability of their career. Or they might not even plan on staying in that career for much longer. If your master plan in life is to buy a house and then become an Instagram influencer while renovating it … well, that’s a lovely dream!
It may feel morbid to make a plan for how to handle a career tanking that never actually happens, but it’s so much better to be prepared and not need those plans than for life to catch you flat-footed and annihilate your ability to own a home in the near future.
How happy are you in the area?
Let’s say that your finances are in solid order and you know that you have job stability in your area for many, many years to come. Great! Maybe you’re ready to buy a house to live somewhere — the next question is, do you already live in the market where you’ll eventually want to buy?
Do you have roots here? How strong are they?
It’s not at all uncommon in the modern world for children to move across the country from their parents, siblings, and hometowns, and it’s also not uncommon for life circumstances to emerge that bring people back together. Think about the support network that you have in place nearby — and the support network available to your loved ones who live away from you. And think about what you would do and which options would be available to you if something were to happen to a parent, sibling, or someone else whose safety and health you’d want to prioritize.
What does your ideal living situation look like?
Some people enjoy having roommates while others prefer to live all by themselves. And some only want to cohabit with romantic partners or family members. Think about what you want out of an ideal living situation; it might not be possible to achieve immediately, but if you’re going to buy a villa in Goa, then you should try to get as close to that ideal situation as you possibly can.
How about your love life?
Even if you’re not married or partnered up yet, that doesn’t mean you won’t be at some point in the future. Do you already have a significant other? How serious are things? If it’s possible that you might be moving in together in the next couple of years, then you might want to consider looping them into the decision-making process in your home purchase so that you’re choosing a place that appeals to both of you. On the flip side, don’t let your partner fully dictate your choice; if you’re the person who’s securing and taking care of the financials, then this house needs to work for you first and foremost.
Buying a house when you’re single can be a smart investment if you think through the decision and make sure you’re choosing a home that will work for you for at least a few years. Once you are ready to partner up, you’ll have equity built in your home and can use your first purchase as a foundation for a family home where you’ll live for years to come.
28 Jun 2021
Luxury Villa In Goa