Why buying a house in India is not a good idea?
Investing in house is a one time activity more often than not. It is the most emotional investment, especially for an Indian family. But, is it a good idea to invest in a house?
If you look at the way brokers are handling the customers nowadays, the customer service barely exists. The brokers and realtors are only worried about their profit and the customers have been left heart-broken on most of the occasions.
However, reforms like RERA and GST have turned the tables. The unorganized players will need to mend their ways or close the shop forever. They will need to bring discipline and cannot just make infinite profits without meeting the demands of customers. But the questions still persists, is it really worth investing in a house?
Owning a house in India nowadays won’t make you feel secured anymore. Instead, it will make you even more nervous. Most of the people are working in private sector and all of us know that the doors of these organizations can close for even the best of the employees at any given time. There is always a seed of fear inside you, if you are under the debt of EMI’s. You cannot ignore even a small thing which happens with you inside your workplace. You are always under stress and fail to live the life you dreamed of.
But why take so much of stress? We are actually putting an extra burden on ourselves without calculating all the liabilities associated with buying a house. It is shocking to know that the monthly installment (if you own a house) is 3.5 of monthly rental of the same house. Normally, a person will need to pay these Emi’s for a span of 20-30 years, which actually eliminates the concept of owning a house, because of the uncertainties associated with an individual’s life.
So, it is better to calculate what amount you are going to pay if you buy a house, because you may be paying a lot more in 20 years than what you need to pay in the entire life.