Why You Should Not Defer Your Home-Buying Plans Any Further

There could have been so many reasons based on which Sudha Tiwari's parents would say no to her marrying her long-time friend and now love interest, Subodh Sinha.  For starters, they are not from the same caste — while Sudha, 31, is a Brahmin, Subodh, 34, is a Kayastha. Then there was a huge gap in the incomes of the two. Sudha earned more than Subodh. Even if we are not vocal about it, it is widely perceived that the groom must be better placed financially than the bride for them to be a "perfect match".  Sudha thought of the argument she would make when she attempts to convince her parents about the alliance — that Subodh has been a bright student all his academic life; that Subodh is a self-made man has bright future prospects; that Subodh comes from an affluent family and it would be great to be related to them. However, Sudha failed to get her parents' ascent. The refusal, however, had nothing to do with the things that Sudha thought would act against the match. Apparently, Subodh did not own a house in the city where he worked, and the parents could not bear the thought of their daughter living in a rented accommodation after marriage.  But, they can use their savings to book a flat now, was Sudha's argument. This would mean both of them would be treading a tightrope right in the beginning of their marital life, quickly came the counter-argument. Considering his age, Subodh must have done something about "settling down" in this city long back, the parents added. Well, who could have argued with that? Heartbroken as she was, Sudha, who knew her parents' assessment was accurate, had to put her plans of marrying Subodh on hold, at least for now. She could not think of upsetting her parents.

Subodh was aghast when he heard of this. Before this, he had absolutely no idea that house ownership can have such an impact on his personal life. Not many of us did, but it is not just cost savings or the tax benefits that come along with property ownership. Property ownership also places you on a different footing in the social order.

Also read: Things That May Derail Your Home-Buying Plans At The Last Minute

Harsh Roongta, founder, ApnaPaisa.com, narrows it down beautifully.

“Any financial model completely ignores the softer and emotional aspects that too have a financial impact … The cost of defying a widely-held social convention is a recurring cost,” Roongta writes in an article for Business Standard, in which he argues how buying a home wins hands down against renting in today's scenario.

You would often see that people find it hard to take you seriously if you have reached an age at which you are expected to be working but you are not. Similarly, they would have difficulties in accepting you as "settled" in case you fail to buy a property while you are in your 30s.

"The EMI (equated monthly installment) burden might be curbing my financial freedom to a great extent but when my parents brag about me, it all seems worth it. They bore all their friends with my success stories – how I managed to purchase a house in the big city while I was only 27," says Manoj Sinha, a Noida-based information technology professional. Sinha owns a 2BHK property in Noida Extension which he bought for Rs 30 lakh with a bank's assistance. Most people would tag Sinha as "settled" and "financially prudent". The fact that this man will spend a large part of his working life repaying the bank loan is not held against it. On the contrary, it may just work in his favour, as far as the social perception goes.

Next time you put on hold you property purchase plans thinking you have yet to prepare yourself for taking this big financial liability, do factor in that the cost of not owning a property might be too expensive for you to afford.

Also read: Tips To A Joyful Online Home-Buying Experience