Vision of Life; by Sanjay: What is the Right Time to Buy My Home!

“Faith is trusting in the unseen God, knowing that He will come through at the right time.” … Gift Gugu Mona

“If you are not aware of the right time and right direction even the sunrise looks like sunset.” … Amit Kalantri

Well, these quotes may give you feel that this sharing is about philosophy (it is but in different aspect) as right time is something we all crave for & then ironically, I am a fan (die-hard fan, follower everything) of Zen philosophy where there is no such thing as wrong time as in nature everything happens in whatsoever way happens at right time only! But then why everybody keeps speaking about the right time is a big question, as have a look at these conversations, is this not the right time to buy gold or this is the right time to buy a car or now is the right time to marry for you & many such, sound families? Our life is revolving around this right time thing as often one’s success he may not credit to the right time but any failure one always blames to this right time, is what we all witness (and we also contribute to it) all the time! So, how the real estate industry i.e., home buying, which is the biggest buy or thing happening to any human (apart from marriage) can keep away from this right time syndrome & this is why the quotes about right time! Now coming back to the subject of rightness, as I was working on a series of right things in the real estate i.e., right home, right location & the next topic on my mind was right planning of a home but in between I came across one interesting question & that made me to change my sequence of the episodes m just the way current trend in Hollywood is! Confused, you must me but that’s how most movie watches becomes when they have to watch a prequel to sequels means part of movie before the first part has been introduced for e.g., after Bahubali part one movie (Well, plz don’t ask what is this) came Bahubali part two but now imagine if third movie is about a story which happened before Bahubali one started, that’s is a prequel! Same way this sharing you can consider as a prequel of Right Home sharing as the question was asked to me by a friend who is a successful fitness trainer with his wife also having a decent job & both aged nearing forty! He asked, is it a right time to buy a flat (read as a home) for him, as presently he stays in a rental flat in Kothrud (a western suburb of central Pune) & buying a flat nearby for which he has to take loan of at least Rs 70 lakhs & that means his rest all working life (twenty odd years) will end up paying EMI only. Instead, at present if he continues to stay in a rental home & keep aside the savings which was meant to be to pay as EMI & later some ten years go to buy a flat, won't it be a right time then?

His question was logical (the present generation is logical, when its about their interests) & logic is the second thing I respect most after someone’s trust in me, so the question made me think that my first sharing actually should be “What is the Right Time to Buy a Home”, as that is what starts rest all things about deciding a Right Home, right? What I told him, will share that first then will take on the topic at a general scale as first every one’s right time can be different depending up on his or her vision towards their respective future is what my personal opinion! So, I said Dost, decide what makes you comfortable as no wrong is living in a rental home but, many people feel its like living under a hanging sword as the landlord may raise rent or may decide to sell his flat at any time post your eleven months live license is a fact. Then shifting as well as being able to get a flat in the same locality to adjust your as well family’s routine in a new place is a big hassle but if you are going to get assured of the same place (rental home) for ten years then no harm. As if that’s case then one more thing, whatever ren you pay is going to be increased steadily & not sudden because presently (and in near future) considering the rampant re-developments in & around central Pune , rental flats are in huge demand because of shifting of re-development existing residents & they can may much higher than real needy rental people as for them it’s the builder who is paying rent & for the builders its part of his project expense which he is going to recover from his flat sale so he won't mind & the real rental tenant in the process has t end up to compete with higher rent rates which is a loss for him! And this trend will increase for next five years as every alternate society is under redevelopment whereas rental flats are not available in that quantity so rentals will be on a higher side for sure!

And even if you are able to bare that rent then the savings you will be keeping aside will be in FD or Mutual funds & about later aspect I am not expert so I won't comment but FD rates are going to go down while the property rates even if keeps increasing in moderate way (just like any other commodity) still that’s more than the interest rates, whenever you will decide to buy a home in developed suburb like the one you are staying right now, the savings & rate that time won't match is my logic! But then what you say is also correct that is it worth to buy now & keep paying EMI forever, so, what I will suggest is keep staying in rental home for next five years & buy a flat in half price of what you are getting around at a location where you will get such but developed one (read episode 2, right location, lol) & ready possession only. This will work in three ways, one your EMI burden will be half, this ready possession flat you can give on rent which will make EMI burden to near quarter & five years down the line when you are sure of your course of career as well your child’s career too, then if you decide to settle at some location, sale the flat you own which will definitely fetch you more than what you have invested & that will make your then loan amount nearly half of what you will have to avail today so the EMI will be bearable & that’s all! This is what I say is the right time for you to buy a Home now also & then also, all that matters is what life you want to live, as that only decides a right time for you to buy a home!

Here many (most) readers will say, “aa gaya apani jaatpar” (it’s just a saying i.e., showing true colours of a builder, nothing to do with caste system) as means you are asking to buy a home now also & later also, that’s what a builder will always say! Well, if you feel so, then I am sorry, you haven’t understood what I said to conclude the chat with my fitness trainer friend, I said, its you who will decide what is the right time for you to buy a home as nobody else can define it for you. All I can do is, to tell you pros & cons of your decision to decide a right time because no more owning a home is a necessity which it was earlies for your social needs as well it should not be a liability (read as EMI burden) for you but it must make you feel comfortable by mind & that’s something is directly linked with your finances as well lifestyle, so the right time also you only can decide to buy that home! And if you apply this logic to every individual person or family which wants to buy a home then you will find different times considering the stage of life, they are in to buy their own home as right time & nothing wrong as there can be different homes also & each of that home can be right at the different timeline as even a rental home is to be owned by someone right?

And it's just matter of time in central or say developed part of Pune buying a home can be an investment for rentals the way it’s been in cities like New York or London, thanks to ever decreasing interest rates on FDs’ of nationalized bank as I won't comment on private banks, its again individual’s choice as well I am civil engineer & not a finance guy! Now, coming to the larger spectrum of right time of buying a home then one very basic fact remains, if you have already decided to settle in Pune as your career destiny then earlier the better as Pune’s land is limited so as your earning years but if you are not sure about where to settle yet & are ready to sail in “uncharted waters” (thanks to my latest watch Little Mermaid of Disney for this verb) for a while then o harm in delaying your decision of buying a home for living & you can always buy a home for investment till then if you are not comfortable with any other avenue for your savings!

Coming to right time for buying a commercial property, here I can give my own example as some eighteen years back when I started my own business then I wasn’t sure how it will grow (read as survive) & this happens with any entrepreneur so I chose to operate from a rental premise but when it was time to decide I didn’t wasted much a following to “Leap of Faith” (thanks, this one is from Spider Man in the Spider verse) I find my right time & bought my office premise though it was a costly deal then but in the time which followed it happened to be right decision because later when I had money there was no space available at the locations where I was comfortable to have my work place that’s why I hit the right time for my office space deal! What I will share with office space buyers, wait just to understand your needs as then only will be the right time for your buying office space. But if you intend to buy a commercial space for a shop i.e., across the counter trade & are clear about the location as well purpose of the shop then sooner the better will be your right time as rentals will be only delaying your chances of owning your own shop at right location, is my advice!

To conclude I will say, the right time to buy your home is something directly related to your own comfort level which nobody else can define for you but if you apply the right logic then you can decide the right time to buy a home for you & that is the key to your mental peace forever, for sure!

Plz check youtube link below for more sharing about the subject...

https://www.youtube.com/watch?v=4MvtE0oodZ8&t=13s

Sanjay Deshpande

smd156812@gmail.com

Sanjeevani Dev.

Please view my sharing about finding a Right Home/ Office in Pune, at YouTube link below & share if liked...

https://youtu.be/27j3I3rwGPQ?si=-ODYBxVI2Dl_C345

Please do visit my blog links below to read about real estate & home buying!

https://visonoflife.blogspot.com/2023/01/defining-good-home-real-estate-in-2023.html

http://jivnachadrushtikon.blogspot.com/2023/02/blog-post.html

Creating Togetherness; team Sanjeevani Way (Click link below)

https://www.flickr.com/photos/65629150@N06/albums/72157627904681345

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