Should I invest in an apartment now?


Ambassador of Buzz
Hi guys,

I'm 26.5 years old. I stay with my parents, brother, sis-is-law and nephew in our own house. In total, there are 6 members in our house. I work in a reputed MNC and my take home is around 75k per month. I have 24L of liquid cash.

I'm thinking of investing in an apartment now.

The reasons for thinking about getting an apartment now are:
1) In the future, I might have to stay away from my parents and brother's family. I have no such intention right now, but I feel it is better to be prepared.

2) It is nice to know that you have a house of your own to go to in case something bad happens.

3) I feel that the apartment cost might increase if I delay further. Even average builders are quoting 3500+ psf for pre-launch. I did some research and found that 3 years back class A builders like Mantri used to quote 3200 to 3400 psf for pre-launch, and average builders quoted less than 2500 psf. This may be due to increase in raw material cost and labour charges. If I continue to delay the purchase further, an apartment may become un-affordable in 2 to 3 years from now.

4) No problem of land sharks. Relatively safer compared to plots, although returns might be a tad lesser.

Now my questions are:
1) I'm thinking of 55L as the max budget for the apartment including registration. This is with the thinking that I can take a loan for 35L and manage 20L on my own. EMI would be manageable with 35k per month. I'll be left with around 40k per month as my take home. Is this manageable?

2) Should I wait till I get married? My parents have started looking a girl for me and the progress has been slow. Marriage might take 1 to 1.5 years from now.

3) I'm thinking of buying Provident Harmony in Thanisandra main road. It looks affordable and a 3BHK falls in my budget. But are they reliable? Their past record is nothing much to speak of considering that they have done only 1 more project in yalahanka. If I buy this, can I expect an appreciation since Sobha City and Bhartiya City are nearby, and Thanisandra and Hennur Main road have lot of great projects going on. What kind of rent can I expect? What kind of return can I expect if I plan to sell this later on?

4) Any more projects that I can consider in my budget?


Broken In
It is a right decision to buy a house ,in future if you face any problem means this might help you a lot but why don't you try to buy individual house


Cyborg Agent
I am always against apartments unless the people in your apartments cooperate in issues in future.

I lived in a apartment for more than 15 years and recently moved to own independent house only because some people
don't have unity on solving issues we have in apartment.Think also about future like water issues if any,watchmen,maintenance charges arguments etc.
These create lot of headaches.

If you are planning above 50L then i suggest invest in some gated community in outskirts where they build independent houses in community.
At least you will have a freedom to solve your own problem instead of depending on others.

2.Think about these question before you take loan
-Do you have any backup plan if you are not able to repay loan?
-Is your job secure for atleast next 5 years?Do you have required skills to stay on job for next few years?
Do you need any job movement?
-Did you do any financial planning for funds to kids education and home expenses?

This depends on if you have any commitment to your family for money like sis marriage,etc.
If not i think it doesn't matter with purchase of house.Its good for you family if you marry
working woman :)
Best of luck
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