Just because everyone Stresses on how important it is to own a home in Mumbai, doesn't mean that you go ahead and book the first suitable flat you sight. You need to be sure you are buying your home for the right reasons. Here are some reasons you should delay home-buying:Haste makes waste
It is a known thing that big decisions made in a hurry always land one in trouble. In this case, you may end up saddled with a huge loan that might put you in a financial crisis; or a house that you don't really like, but bought it because you thought the price wasn't too bad or you may find that because of your investment you are unable to enjoy other things in life.
Tip: Wait till you research properly; recheck your financial portfolio and look at future gains
Rates may drop
In the present market scenario, there's a strong speculation going on that the rates may drop in the next six to eight months. Rumours have it that some developers are finding it difficult to repay loans, as there are almost negligible sales taking place. So, if there's no immediate hurry, no crisis, then wait and watch and see if there is a marginal decrease in the rates.
Tip: Track the market trends and then make your decision
Lure of tax redemption
Many youngsters believe that to escape tax, investing in a home is the best option. However, they don't realise that buying a home means making a huge investment. An investment of this size means that almost 70 per cent of your salary will contribute towards the EMI and you'll have to survive hand-to-mouth. Also, you won't get the chance to invest in any other saving instruments.
Tip: Meet up with a tax planner and chalk out how much you can invest in what, then make your decision
Rent might be a good option
Settling down in this city doesn't mean owning a home. With the prices sky-high, you may want to stick with staying on lease. Take into account all kinds of hassles you can stay away from doing up the house, home maintenance and repaying a home loan.
Tip: Plan by when you will be ready to buy a house and extend the lease till then
Not enough funds for a good down payment
Even if you think you are ready to make your dream a reality, check your bank balance and do some calculations. Be sure you have enough money to make a handsome down payment. The result of this will be a lesser loan and lesser interest to repay.
Tip: Check with your parents, friends, maybe your employers if they can lend you the cash with no/lower rate of interest
