Matrimony in India usually entails significant financial and logistical choices, such as where the new couple will reside and extend their lineage. Every couple wants to make sure that their decision to buy and own a new house doesn’t affect their long-term financial plans as newlyweds. In other words, looking for a dream home involves several concerns and expectations, all of which impact the final buy.
Most importantly, determining the financial impact before investing money in a new house is critical for the family’s long-term financial security. A discussion by Forbes Real Estate Council revealed that there are numerous concerns and expectations from newlyweds when they intend to buy their first homes:
Figuring out what is more viable at the moment as a newlywed, as in whether to invest in a medium or high-priced residential building, as well as what will benefit them in the future. Honestly, a new house requires the same level of thought, consideration and preparation as your wedding.
Make sure that your plans have enough flexibility. Moreover, consider any unforeseeable events that might derail the plans, such as children, in-laws, etc.
Usually, both the partners are seen to own one or more properties before getting married. It reflects your lifestyle and goals. Hence, make sure that you look into the options properly and then choose a property that fits your lifestyle and needs, not the other way around.
Now, if you only expect to stay in the house for a few years, then substantial upgrades may not be worth the money. As newlyweds, you should therefore decide about how long you plan to stay in the house.
It pays well to plan. There may come a time in the incubating period when you want or need to relocate while the mortgage on your existing house is still owed. You can utilise your first house as an income-producing investment in such a scenario, as it may influence the budget for the second home.
Couples must be on the same page, not just about the style of the property but also about the mortgage payment. Because determining a repayable mortgage involves collaboration between the two parties.
It is all too tempting for newlyweds to idealise their first house purchase. But it’s also crucial to pay special attention to its location, commute, long-term appropriateness (if you plan to have children) and the expense and stress of projected improvements. While it may not be your permanent home, be sure it will meet your needs as you embark on your happily ever after.
It is always wiser to consult a branded real estate developer with a wide portfolio to find your dream home/realty investment in desired locations, all at the most affordable rates.