Getting married is the beginning of a long journey of togetherness, one that brings responsibilities and a complete change in lifestyle. One of the most important aspects of a happy marriage is financial stability and smart planning. A couple will always aspire to have a dream home- an address they can call their own. But home buying can be a stressful process – emotionally and economically. While some prefer to stay on rent, others plan to buy their own home.
Both options come with advantages and disadvantages, and it is more of eliminating the unfavorable option that eventually guides the decision. Here are 5 essential factors every newlywed should consider before planning their home
If you are comfortably placed to pay EMIs every month, then buying a home is definitely the preferred option. If the rent you can pay is much lesser than the EMI for an equivalent home buy, it might be wiser to move in as tenants. The dilemma arises when rent paid comes close to EMI for your dream home. While it might seem easy to buy a home and pay EMIs than rent, one must be aware of additional expenses for the same. Whether its interiors, or down payment of a part of the sale price which bank needs you to pay, or registration costs that banks usually don’t bear, your bank account might take unexpected additional hits.
Location of the home is probably the most crucial factor. Whether you are living in a safe locality, or proximity to work, or how far would you need to travel to a hospital, shopping area, children’s park, schools etc. needs to be carefully considered before buying or moving into a new home. Your neighborhood plays an important role in ensuring your peace of mind and a happy livelihood.
3. Size of the home:
You clearly do not want to move to a 2 bedroom apartment when there would be more than 2 families staying for most times. While such circumstances are hard to predict, you should try and consider all possible scenarios wrt family or extended family who live with you. Family planning, your social life & budget are three important aspects which affect the size of home you’d eventually live in.
Interiors need to be smart, which means you need to have some basic home automation in place, not because its fashion, but because it has become a necessity in this fast-paced lifestyle. It always makes sense not to take any cost cutting in interiors, and really go for the best within your budget. It can be a continuous process and need not empty your pockets instantly. Many options like renting furniture online have come up for couples who like to experiment without spending too much money. In only up to 5K INR each month, you can furnish your home exactly how you’d like to.
5. Domestic Help:
Once you move into a new home, if you need domestic help, it is imperative to do a background check from not only neighbors but also from other homes where the person is working. Documents have to be verified by the police. Steps like these help keep your homes safe from any untowardly incidents. The fast paced city life where more often than not, both spouses are working, a tiny thing as good domestic help can make a huge difference to your daily life.
Last but not the least, one needs to understand that home is a place you want to come back to. You need to design your home in a way that compliments your creativity and mental peace.