When is the best time to buy a home?

by - 5/04/2022

 For majority of the people in this world, owning a home is a dream come true. Be it any strata of the society, almost everyone wants to buy or build their dream home. The rich aims for the bigger and swankier while the low to middle class aims to have a nice roof above their head; which they can call their home. No matter what the economic capability is, buying a home is a tedious task and requires a lot of money, in which financing is involved. That can be quite tricky and these days, the young and savvy generation are doing their math and opting for renting, instead of buying. Because some of them are digital nomads, who can't decide which city to settle in; while some are too smart to calculate that renting would be cheaper than paying the hefty EMIs. No matter what, buying your home is a matter of pride.

The first step in buying your dream home is taking the plunge.  Because no matter what strata of financial background we belong to, the property we dream of acquiring is usually more than our reach. Therefore it's usually a long process trying to figure out whether you are in the position to buy or should you continue to rent, and if you are planning to buy, how much do you need to start saving in order to pay the down payment.

During this process, you may need to be open minded about your budget. Often it happens that you have something is mind but you end up liking something more expensive. For example, you are in the market to buy a two bedroom apartment, but when you start looking, you fall in love with a three bedroom flat and all your budgeting goes for a toss. In such cases, something that helps estimating affordability, saves the day.

Owning a property is always like a safety net. No matter what the money moguls say about calculating whether paying rent is more profitable in certain scenarios (when investing the down payment gives you more return). Because a home is not like a dress, you just can't buy it from the mall the moment you want to; and this pandemic has really made us realise what Home Sweet Home actually means.

So when does one usually start looking to buy a property?

*The commonest reason is when you decide on settling down, whether alone or with someone. Usually when you live in a place long enough to fall in love with it, you start looking for reasons to settle down there. And if there is a partner you would like to start your life with, or you are planning to start a family, you always need a safe place for shelter.

* When you outgrow your current home. As family grows, so does the requirement for a bigger space. From a unit of three (couple plus pet) to having your first child, or going from two to three kids, the need for bigger space gradually increases. Earlier a three bedroom apartment may suffice , but now you may need a townhouse. This is also a major reason why families move from the city to the countryside. Moving to the country means more space and lesser cost of living; ideal for a growing family.

 This pandemic has definitely taught us the importance of a working space at home. So no matter how big (or small) your family is, a personal space is so important for growth. A dedicated home office means more productivity and less stress. Infact, people have started looking for bigger spaces since working from home became such a norm during this pandemic.

* A vacation home: Well, this one is really a dream of mine. To own a property at a beachside where I could unwind with my family during holidays. This is excellent from an investment point of view too, as the property is put up for rent for the rest of the year. Of course, like any other asset, there are maintenance charges, but eventually it pays in the long run.

*Solely for investment. When you have saved quite a bit of your earnings, you have spent in the stock market, you are not looking for a home upgrade but want to multiply your savings, buying a property is an excellent option. Even when you have to finance the rest of the amount after down payment, the property pays for itself in the form of monthly rent.

I along with my husband bought our first home 5 years back. Although it's a spacious three bedroom apartment in the heart of the National Capital Region, with every source of transport and facility nearby, we have outgrown our current home. However we refuse to move because we Indians are obsessed with living in the city centre in spite of lesser space and double cost of living!

What's your take on property investment? How many homes do you own? Or do you prefer renting? Share your valuable feedback in the comments!

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  1. Buying a home was a major milestone in my life. Thank you for this informative post.

  2. Great helpful information is not an easy step but once accomplish is such a blessing to get your home.

  3. Yes, vacation home is an investment but these reason you stated above are surely to be taken in to consideration before buying a home. I know this well because I bought my house last year.

  4. Buying a home is a really big decision! Wonderful Post! Have a great day!
    Rampdiary | Fineartandyou | Beautyandfashionfreaks 

  5. Purchasing a home is a major financial decision with an emotional component, and these are excellent pointers to keep in mind.

  6. Your posts are always so interesting and useful too!
    Kisses, Paola.


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  7. It depends whether to rent or buy a home upon ur pocket size. Congratulations to u for owning a 3bhk home in NCR. It’s a big accomplishment

  8. Having a home that you can call your own, is a dream that most people have. There is no right time to buy a home, apart from the financial considerations. But the sooner, the better, as you do not want the end up seeing a major part of your earnings draining away as house rent. Sandy N Vyjay

  9. Bedabrata Chakraborty22 May 2022 at 16:15

    I have bought apartments in multiple cities. It is a momentary high is what I feel. Home is very your heart is.

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