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.
As soon as you enter a space, walls define its boundary, volume, style, and experience. Interior wall designs are crucial in determining the mood and aesthetic appeal of an interior space. To create a one-of-a-kind space for occupants and guests, the interplay of interior wall designs and their volume is key. To evoke a feeling […]
Marble house designs in the Indian context constantly change and upgrade with time but never go out of style. Marble a timeless and versatile material, finds its application in various settings ranging from flooring to ornamentation. If you are looking for marble house ideas to add a touch of quality and luxury to your home, […]
In small bathroom layouts, every square inch counts. Without a thoughtful plan, a small space can quickly become cluttered, making it feel even more cramped. The right bathroom layout not only enhances functionality in interiors but also creates a sense of openness. Think about it—how frustrating is it to move around a bathroom where the […]
Do you enjoy keeping games, books, and ornaments in your hallway? This carefully chosen collection of living room storage ideas will complement your interior decor and be suitable for Indian homes. These are chosen from a shortlist of different product designers’ living room storage designs on Archioo. The following living room storage concepts have been […]
Creating a TV unit design in bedroom requires the right balance of functionality, optimization, and aesthetics to enhance the space. Apart from cots and wardrobes, TV units in a bedroom play a pivotal role in captivating an individual’s attention. Keeping in mind, the design theme and concept of your home, the TV unit design in […]
Are you worried about the small space left in your kitchen? In parallel kitchen design, the layout divides the kitchen into two parallel counters. Including the parallel kitchen design, the work sequence includes store, wash, prepare, cook, serve, eat, and be followed by clear and wash up. From the sequences, we learn that three appliances […]
The living room is the heart of the home, a space where conversations flow, memories are made, and comfort takes center stage. But what anchors this space, creating balance and style? The tables you choose—whether a sleek console table by the wall, a statement-making centerpiece, or a charming side table—have the power to elevate your […]
When it comes to improving the look and feel of a home, the choices we make about interior décor can have a profound impact. While furniture, lighting, and fabrics all play a significant role, one often overlooked yet incredibly powerful tool for sprucing up your home’s interior is art—specifically paintings or prints. Not only do […]
Grout is a fundamental element in any surface that has a tile; over time, grout tends to build up dirt and stains. If not cleaned well, dirty grouting tends to develop unappealing, unpleasant areas. This is most true in high-traffic areas such as bathrooms and kitchens. This guide covers steps on how one can clean […]
With ongoing design trends, modern master bedroom design ideas are gaining attraction among Indian homeowners. What are modern master bedroom design ideas? Focusing on the largest bedroom of the house, this trend exudes luxury, comfort, and relaxation in distinctive materials, smooth finishes, attractive decors, and more. Additionally, modern master bedroom design ideas have also been […]