Interesting Conversation About Buying a House
Today morning when I was walking with my wife, we had an exciting conversation about Buying a House. Actually, it started with the fact that too many new houses are being constructed at my place, so I said the same thing to my wife: let's start planning to buy a new home where we stay. To be honest, prices out here are not that costly and if I have to buy a 2 BHK house, 50 Lakhs is what we need. And to construct a house you might need 60-70 Lakhs of money including construction and land.
The prices are high but not that high as compared to other places in Bangalore, where the prices can easily go to 1 CR. Now back to the conversation, when I said the same thing to my wife. She said let's not park our money in buying the house now, it's better to buy land now as an investment and keep it for the future. Let's travel the world now rather than spending a lot of money at home. To be honest I have asked her to know her financial mindset.
It's good to know she thinks like me sometimes and I too feel that it's better to spend your money on some investment or spend to travel the world and create memories instead of parking your money on a big investment like a house. And then the conversation shifted to travelling places. But if we look around here, people are spending like anything to buy a new house and then using it for staying and renting. But the thing is they have to spend a fortune on it. If you have prior investment, then it's good but buying it on loan doesn't make sense at all.
I do not have any money to construct or buy a house and thus I have to wait until I get some money to pay the down payment or a good sum to construct the house, till then the rented house is the way to go.
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