MUMBAI: When town-based monetary planner Melvin Joseph, now fifty-two, started working 25 years in the past, he had decided that he could not buy assets. “Immediately after my wedding, I got transferred from my domestic town in Kerala to a hill station at the same time while working for an insurance enterprise. Since then, I have usually stayed on the lease as I knew I could be changing towns attributable to my painting profile,” says Joseph. In the beyond 25 years, he has shifted a couple of cities across Kerala and Tamil Nadu earlier than settling in Mumbai. Not proudly owning assets has, without a doubt, given him the liberty to discover his profession with no restrictions, says Joseph. “Had I bought a residence in Kerala 25 years ago, then my career would be limited, as I could be thinking about my real estate funding and would have been locked into an EMI [equated monthly installment],” he says.
Unlike Joseph, who turned into clean approximately his selection, the majority of salaried individuals, sooner or later or the alternative, ought to address this common catch-22 situation—to shop for a residence or lease one. Once you set your feelings aside, it gets less complicated to determine this. Here are a few key questions you need to ask yourself to make an informed selection on the property for self-occupancy:
PLAN TO LIVE IN THE CURRENT LOCATION FOREVER?
Today, most people tend to alternate cities for better opportunities. “Don’t purchase a house within the early part of your career in case you are likely to move cities or if there is no job certainty,” says Joseph. Real estate is an illiquid asset, and you also can’t predict the boom in it. Plans to promote and purchase properties in your comfort zone won’t work. “With the need for flexibility being paramount in careers and the requirement to reskill at a couple of ranges, the ability to rent and no longer having EMIs may be very positive,” says Vishal Dhawan, founding the father of Plan Ahead Wealth Advisors.
