Thursday, February 17, 2011

Buying Property

I took a big decision, though late, with the able and never ending support of my parents, decision to purchase a property. Not exactly the way I wanted but of course it was the best possible alternative in my measly budget. It is well said, better late than never.
The property rates never come down, at least not in Gujarat. This is the place where property is advertised like mutual funds and projected as investment options. Nobody speaks about the quality of living being offered in the property which is developed. It is advertised as a piece of investment, which is assured of appreciation in prices.
I took a decision to jump in the band wagon and also invest in property, not with the intention that it would appreciate and I would sell of with huge margins, but with a simple intention of getting a roof over my head. Now, I must go through the grind of home loans, monthly installments, floating and fixed interest rates, tax rebates etc etc.
So, now i will no longer have to cough up monthly rent to my land lord, but keep on paying monthly installment to the bank, to get a piece of roof over my head. A space in apartment, where you neither own the roof nor are in possession of the land. Strange type of ownership !