Thursday, June 07, 2007

Dilemma of buying a house.

To have a house of one's own is everyone's dream... Mine as well.... Along with that come a lot of complications..... What size, location, funds, shifting, looking after? I am in total dilemma... I have always stayed in our own house ever since I can remember...

When I started working and had to move to a different city, I started staying in a rented house... In the beginning, the idea used to detest me a lot... I never liked staying in a rented house but there was no choice.... I always got this suggestion from well-wishers around me that I should buy a house of my own on EMI(expected monthly installments). The idea was to save the income tax and in the end, I will have a house of my own.... Very well said...

Here comes the problem associated with it. The amount of EMI is much more than the rent that I am paying currently. Bank refuses to give me so much loan on my current salary.. From where do I get another person and show his salary combined with mine! I dont have enough funds to make a downpayment... Normally the loan is for twenty years... The moment I hear this, I get de-motivated... Who has seen twenty years... I shall be paying a certain amount of EMI for the next years whether I have the money or not... Otherwise there is a penalty.... What if I dont work after few years.. Who will pay the EMI then??? There are other hassles associated with selling the house....

There is an option of putting the house on rent and pay the EMI.... But I dont like this idea... I am quite skeptical about how the tenants will keep the house since I am quite a cleanliness freak.... I like my house to be spic and span always....

Another thought is where do I buy the house?? In which city, which locality? If I change my job and move to a different city, then what will happen to the house that I buy in this city... Who will take care of it... Leaving an empty house is not safe.... I dont know where will I lead my retired life... So I really dont know where do I buy the house...

Phew!! One has to look into so many conditions before buying a house... I definitely want a house of my own and it is one of my dream... How will that be possible, I am still trying to figure out!!!

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