Everything about the house you have chosen to buy is exactly how you had thought your dream abode should be. It would offers you all the modern luxuries. For your daily health regime there is a gymnasium in the society; a swimming pool for your children who are learning how to swim; and a location that is apt for you and your family. Your children’s school, your and your wife’s offices all are pretty much in proximity. Moreover, the locality also offers you what most developers terms as a thriving social infrastructure. Everything is just ideal, and you are ready to do all it takes to make the purchase possible even if it exceeds your budget.
Your earlier plan was to keep your down-payment and home loan ratio at 40:60. But, the expensive unit you want to buy would force you to keep it at 20:80.
It was easy getting a house of your choice financed; you are a well-paid senior executive, after all. With your wife as a co-applicant, your home loan eligibility also allowed you to borrow more. Even if it costs you more, you invested in a ready-to-move-in unit; no more rents to pay. However, the EMI (equated monthly instalment) would not be the only financial burden once you move to your new home.
In our zeal to have for ourselves the best piece of construction, we often overlook the day-to-day running costs of a home. You live in a city which faces extreme weather conditions and to help you cope with them there are three air-conditioners and a heating system installed in your house. Even if polluting the environment does not look like your immediate concern, you might be surprised at the amount of money you will now have to pay as your monthly electricity bill. The bill would shoot surprisingly up if the construction is leaky and easily allows heat in and out of the unit. The beautiful material that appealed to your eyes may have cost the developer cheaper. Unfortunately, developers are not under any legal obligation to answers queries pertaining the quality of the material unless specific questions are asked to them.
There would be maintenance charges, too. These will have to be paid for all the services that made the property even more lucrative. No matter how hard you try, you fail to make time for exercising. In fact, the idea of having a gym or a swimming pool at your disposal has turned you lazier. Still, there is a price to pay for having such facilities at your disposal.
We have to realise that a home is not just something we live in, it is also something we live with. It can be easy to buy a house than costs us more than our budget allows. While it may not appear so in the beginning, but it would be far more difficult to run such a house. The running expenses are going to be a long-term concern and should figures way up in your priority list when you begin your home search.
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