_*Home, Life & Money*_

Home, lovely home 🙂
It's a wonderful feeling to be back at one's home after a long day at work :)
But, do we need to own that home?

May be, May be not 😑

• What happens to a 25 year old who buys a home with some kind of down payment (money from parents / borrowings from family / friends etc.) & the rest on monthly EMIs for 25 years?

• What happens to a 30 year old who buys a home with some kind of saved money from his income + borrowings from family / friends and the rest on monthly EMIs for 25 years?

• What happens to a 35 year old who is rolling in his career & buys a home with all his savings + some borrowings from family / friends & then, the rest on monthly EMIs for 25 years?

• What happens to a 40 year old getting into the prime of job / career / life, buys a home with a majority of his savings / liquidity / accumulated investments & then, the remaining on monthly EMIs for 20 / 25 years?

• What happens to a 45 year old who seriously contemplates whether to actually buy a home or not due to an affordability issue but then, jumps into owning one beautiful grand home (keeping up with the Joneses / peer pressure, family pressure etc.) with all that he has saved for everthing in his / her life, and the rest on monthly EMIs for 15 / 20 years?

• What happens to a 50 year old who is on the verge of major family / children life goals and then, jumps to own a home with digging most of life savings + maybe additional borrowings (to keep up with the neighbourhood), and the rest on monthly EMIs for 10 / 15 years?

• What happens to a 55 year old who has been sensible all the way along but due to the emotional baggage of 'not owning a home',  buys a home now, for enjoying a peaceful retirement, soon. Buys the home with mostly the left out savings + maybe a little short term borrowings from family /friends & or the rest on monthly EMIs for 5 / 10 years?

• What happens to a 60 year old who has just retired and now plans to buy a home of his / her choice to settle down in a home. Buys the home with accumulated savings + retirement proceeds and or maybe a little help from children?

At each life stage,  there is an imminent and affirmative reason to own a home. 

Noting wrong with it. Life goes haywire when, the decision to buy a home goes beyond ones own means & bounds. Annnnnnnd........ TROUBLE STARTS TO BUILD ON FINANCES. 

The "second home / land ownership".....another animal 🙂

By the way.......one needs to fill a home with all that is needed & not needed 😇😇😇

How does a home ownership stackup for oneself?

ASK QUESTIONS - ANSWER THEM HONESTLY

• A place that one owns? (what a lovely feeling)
• Home Equity / Long term investment? (the most misplaced thought)
• Tax breaks / advantages? (depends how one works it out and is it really so good)
• Is it part of an Asset Building process? (is it really an asset to build from age 25?)
• Cash Inflow / Outflow? (how much do I earn & how much do I need to pay for EMIs)
• Sustainability of EMI payments? (can i afford it for the long tenor)
• Liquidity? (can i continue to pay if something goes wrong with life / career / job, can't sell a room / portion of the house for any emergency needs etc.)
• Taxation muddles? (all the running taxes etc.)
• Maintenance Issues? (regular upkeep, remodelling, insurance etc.)
• Flexibility to move or can't move? (anchored to a place)
• Succession? (Am i leaving a burden on my successors)