BQ Big Decisions: When Will You Be Ready To Buy Your First Home?
Buying a house is often an emotional decision, and it has the potential to turn your financial plans upside down.
BloombergQuint’s Big Decisions podcast gets you the insights you need to make big money decisions with confidence.
The pandemic-induced economic slowdown notwithstanding, sales of residential property are rising.
Some have speculated that this could be because people are looking to upgrade, having realised that they will be spending more hours at home in the near future. Others suggest this is because of historically low interest rates on home loans and deals being cut by real estate developers that are desperate to get rid of mounting inventory.
The conditions are favourable at present for the purchase of houses for self occupation, said Harshvardhan Roongta, certified financial planner and co-founder of Roongta Securities. But from a purely financial planning standpoint, buying a house does not make sense, especially in a city like Mumbai.
But Roongta acknowledged that the heart wants what the heart wants. And often, buying a house is an emotional decision rather than a financial one. On this BQ Big Decisions podcast, BloombergQuint asked what a potential homebuyer has to bear in mind while planning when to buy a house.
Listen in to find out...