Many Millennials are forgoing house ownership and choosing to travel the world instead – choosing the gypsy life rather than settling down like their forefathers. Many lifestyle trends such as van life has become increasingly popular but owning a home is still a lifelong goal for many. From the aesthetics of a good home design to the notion of having a roof over your head, owning a house has become a coveted investment. Perhaps that is why buying a home is perceived as an achievement by many people. That could also be the main reason why many Millennials are choosing not to own a house: due to its high prices. However, with proper planning, the price of a house should not be a deterrent because at the end of the day, what you will own is a home:
A rise in income need not always translate to a proportional increase in disposable income. Unforeseen expenses occur all the time, and if you haven’t factored them in your financial plan while applying for the loan, it is only going to strain your ability to service the loan.Therefore,it would be a good ideato consult a reliable financial expertand develop a plan to repay the loan without giving up on important life goals. Some experts recommend that the debt-to-income ratio should be less than or equal to fifty percent, although in some cases, this ratio can be allowed to be higher.
Anyone who has ever decided to use a home loan has debated between comforts of living in an owned property via-à-vis the enormous debt that comes with acquiring it. To put this debate to rest, it would be a good idea to speak to people who have been in the same situation as you are. Especially those who are somewhat in the same financial position as you are will give you a realistic idea about the challenges to expect.
Even if you are someone unfamiliar with financial definitions and terms, spend some time learning about them. Thankfully, you don’t need to step out of the house for that since the internet is plush with such information. In fact, there are free resources that can help you compare mortgage rates, check credit score and even test your ability to borrow. Certain calculators online help aspiring homeowners get a good idea about the maximum loan financial institutions could sanction them after calculating their expenses and income. It also calculates the amount that the applicant would be repaying every month. Although every bank has its policies for home loans, such free applications can help get a basic idea of the challenges ahead.
It is tempting to sign the dotted line when you have finally spotted your dream home. However, buying a home requires a practical approach, not an emotional one. If purchasing this home means that you will face a severe strain on resources and won’t have anything in your emergency fund, then do not rush into this decision. It would be worth waiting for another opportunity.
Most homes blend into their street without trying. Their walls express practicality, restraint, or simply the default choice of a local contractor. But siding has never only been about protection from weather or decades of wear. Change the exterior, and the entire identity of a home shifts. A simple change of texture or color can […]
Timeless architectural features, such as courtyards, are always associated with bringing the naturally public forms to the world’s heart, building the most peaceful, secluded outdoor areas. These outdoor spaces maximize the living experience with their private space feature, which gives one the option for leisurely relaxation, recreation, or gardening. Furthermore, it has also been a […]
Looking to make a lasting first impression? Your main door design is more than a point of entry, it’s the gateway that reflects and enhances your home. In this blog, we dive into 50 stylish door design concepts that blend style with functionality, from innovative materials, classic styles, and intelligent lock systems that provide convenience, security, and refinement straight to your front door. 1. Fluted Wooden Doors A combination of smooth fluted surfaces and deep wood grain, this modern door brings subtle drama to the entrance. Upgraded with a clever lock, it combines modern security with classic style. 2. Geometric Patterns The geometric element of the safety grill and […]
The Indian farmhouse accommodation goes on to capitalize on a mature evolutionary synthesis of ancestral aesthetics and contemporary features. With this, the outside and the inside of farmhouses became places of comfort with nature. In this blog, we delve into 15 incredible farmhouse designs that entail a harmonious blending. While they exhibit different spaces in […]
Indian homes place equal importance on pooja room door designs as they do on main door designs. With diverse and unique ethnic backgrounds, every family strives to reflect their personalities and identities in their designs. These identities can encompass religious or spiritual interests, local contexts, or other personal elements. This series of blogs, featuring 50 […]
Wall Moulding Design is a great way to amp up your space and elevate the overall look of your home. There are a wide range of moulding designs that can add a distinct character to your space. Wall moulding design comes from different kinds of materials, such as PVC, plaster, wood, etc. The right choice […]
Interchangeably called vest parks and mini parks, Pocket Park Design is becoming a necessity in urban areas across the globe. With an area of one-fourth or less, they are a great way to restore nature and functionality in dense urban areas. On the other hand, a well-planned Pocket Park Design provides a space for people […]