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.
This edition, TAD Architecture Magazine celebrates the powerful women of India. “Breaking the Boundaries”—a phrase often used to celebrate women’s achievements in their respective fields. But were there ever boundaries to break? The answer is Yes. The most commonly spoken one remains gender inequality—an issue addressed year after year, yet still far from being fully […]
In Indian bedrooms, cupboards are one of the most important pieces of furniture besides the bed. Cupboard design for small bedroom can be a daunting task. In cupboards, clothes and all the daily required items are stocked. But the question is, how to fit a cupboard in the small bedroom? What design measures are to […]
Furnishing your space in the urban environment poses its own set of challenges. As apartments shrink and the demand for versatility increases, selecting the appropriate sofa will always be a significant choice that affects both comfort and function. Young professionals especially struggle to find furniture that is appropriate for their small living spaces while still […]
The living room in your home is not just a space—it’s a reflection of your style, comfort, and personality. Whether you wish to have a modern makeover, a cozy retreat, or a bold statement, a change in interiors can transform the living room. From color palette and furniture layout to lighting and architectural features, this […]
Loops by LJ is an Indian brand specializing in contemporary, handcrafted rugs and textile art. The brand, founded by Latika Jagwani, aims to create unconventional statement pieces that redefine home decor, blending traditional craftsmanship with modern design. Every piece tells a story, making it more than just decor, it’s a conversation starter. Each rug is […]
The kitchen pantry design is just as important as the main kitchen design, ensuring that every daily essential item is easily accessible and visible. Given the abundance of diversity in Indian cuisine and our culture of storing a precisely designed pantry becomes essential. But when not provided a designated space it gets challenging to accumulate […]
Contemporary interior decor is more than just a trend, wherein it’s a way of creating spaces that feel fresh, stylish, and effortlessly functional. Clean lines, open layouts, and a balance between simplicity and warmth define this modern aesthetic. Unlike rigid minimalism, contemporary design welcomes personality through textures, colors, and statement pieces. It blends sophistication with […]
The cupboard design for bedrooms is evolving in the Indian market, with readily available options and designers offering customization. A cupboard is a must-have element in any bedroom, and its size, shape, and design add significant value to the overall design of the room. Furthermore, this list of cupboard designs for bedrooms explores Indian examples, […]
Wall texture design significantly influences the appearance and ambiance of any space, whether it be a cozy home, an elegant hospitality venue, or a busy commercial environment. The right texture can create warmth in a living room or introduce sophistication to a restaurant, enhancing both style and functionality. This exploration highlights the transformative power of […]
Got a small space and big dreams for your living room? You’re not alone. Many face the challenge of finding living room furniture that fits tight spots but still oozes style. It’s like trying to squeeze into jeans from high school—tough, but not impossible. Here’s a cool fact: you can have chic and functional spaces […]