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.
Looking for IKEA-style furniture with different vibes, price ranges, or convenience? These 13 alternative stores offer modern, functional, and budget-friendly pieces perfect for any space. Store Style Focus Price Range (USD) Product Types Shopping Experience Amazon All styles (varied brands) $20 – $2,000+ Full home range + accessories Fast delivery, massive selection Walmart Traditional, modern […]
Kitchen remodels carry a unique kind of pressure. It’s the most-used room in the home and the one most likely to test your patience during construction. Even a small project can bring hidden costs, layout limitations, or weeks of inconvenience. That’s why planning goes far beyond tile samples and appliance catalogs. Before knocking down walls […]
Timeless elegance of wood In the world of architecture, wood possesses an unparalleled beauty that speaks to the heart. Its rich hues and natural textures invite warmth into any space, fostering a unique blend of comfort and elegance. Wood isn’t just a building material; it carries with it stories of time, craftsmanship, and nature. As […]
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 […]
When it comes to enhancing the kitchen window over the sink, various design ideas are possible to decorate Indian homes. From rooted in tradition to Western-style modular kitchens offer both functionality and attractive aesthetics. Apart from the sleek profile and raised breakfast counter, the kitchen window over sink is another spot to add appeal and […]
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 […]
Pillar design is a cornerstone of architectural elegance, seamlessly blending structural support with aesthetic appeal. Our blog, “50 Best Pillar Design Inspirations,” celebrates this essential element, showcasing a variety of styles from classical Doric and Ionic to contemporary and avant-garde innovations. Whether you’re an architect, interior designer, or a design enthusiast, these pillar design inspirations […]
The integration of screening evergreen trees serves as an artful blend of practicality and natural beauty. These screening evergreen trees, with their lush foliage and diverse benefits, play a crucial role in enhancing privacy. It also blocks unwanted views, and contributes to the overall well-being of homeowners. From the majestic Jamun trees to the versatile […]
Gate Design is an important feature of any home. Numerous scopes for experimentation open up when delving into the design possibilities. Materials like wood and black steel are popular options in Indian homes. At the same time, designers also experiment with a combination of materials that suits their aesthetic. Buying mass-produced Sydney automated gates has […]