While dealing with the aftermath of the great slowdown, everybody seems to be asking this question – “is it the right time for me to buy my dream home?”
The answer, is not that simple nor too complicated. Your home loan is a life long investment which can gurantee you higher returns in future. Although it is a huge financial decision to make, you can always seek help from the bank if you are facing any issues as a borrower. But there are a certain benefits you can think of looking into if you plan not to buy your home this year:
Interest rate cycle:
With the inflation looming in the air, it is always advised to feel the pulse of the economy before you go ahead and make huge savings or get into a debt. Keep an eye in your cash flows and anticipate that you may not have a job tomorrow. This way you will know better to opt for a debt or not.
Savings:
This is the key to help you get rid off your loan. The more you save, the faster you can get over your debt. Try to redirect your savings towards investments that help you generate surplus cash and even provide you with tax benefits.
Cost of your property:
You need to realize, properties are assets which appreciate overtime. So do not make hasty conclusions about selling off your property after which you may realize that you took the wrong decision especially if the property is located around the city.