Kids At Home? Some Important Decisions You Must Make
For couples with children, their decision to stay on rent or buy a home depends largely on the children's age, activity and schooling. In newly popular localities in Bengaluru such as Sarjapura, almost 30 schools cropped up as soon as investment patterns visibly changed from traditional localities of the city to more reasonably priced, new homes along Sarjapura Road. Pradhikaran in Nigdi, that comes under the Pimpri Chinchwad Municipal Corporation is also one of the choicest picks in Pune. A number of reputed schools, right from play ways to professional degree colleges are here and it makes parents opt for places such as this.
Parents most often are always on the lookout for such homes where children feel happy and safe. Shaleena Nair, an IT professional with UBS and mother of two says, “We decided to stay on rent only because the environment here is good. There are many parks, hospitals, day care facilities as well as schools. We cannot afford to buy here but renting here is one of the best decisions we have taken.”
Mayank Dasgupta, a real estate professional for the last seven years, also shares a similar story. “I bought a small house many years back but given that I was looking at the returns perspective over anything else, that house today doesn't serve for end-use. It will fetch me great returns when I sell it though.”
C Niraj and Alka Anbumani, parents of a five-year-old boy say that they preferred staying back with their parents till their son was ready for schooling. “We bought our house when our son was six years old. We had enough time to research about good schools and conducive neighbourhood that would keep our son engaged.”
“We had some very wonderful options available when Alka was expecting but real estate is not an easy decision so we waited till we knew what we really wanted,” adds Niraj.
Most parents you come across will have similar stories to share. So, how should you plan a real estate purchase while your children are still young? Here are some tips:
Rent or buy?
Like the Nairs, most young couples are just pepping up their investment. A utilitarian home is more important when children are young or school-going. Spacious property, open areas like parks, good schools around should be your priority when choosing your abode. If you can afford to buy, that is great. However, spacious homes command a larger sum, which you may or may not be in a position to shell out at this moment of time. So why not rent?
Buying a home too small?
Wait! You are not empty nesters already. When children are young, you may choose to tuck them in the same bed as you but with time, you would definitely have to give them their own space ─ for studies, for play etc. Therefore, if you are planning to buy a house now, make sure it is big enough for all your needs. In the meantime, your family size may increase, too. Consider all of this before you settle for the right home.
Upgrade or downsize your home
From time to time, we understand you cannot upgrade your home. But you can definitely alter certain spaces to suit your need. If need be, you should also downsize. Take for example, Divya and Kundan Bhargava's case. With all three children married and settled in different parts of the country, their five-room villa in Chennai's Neelankarai invited more pest than people. “We decided to move into a smaller house. Our children come visiting once in a while but on very rare occasions have we all met at the same time. Or when we all do meet, we go for a vacation spot,” says Kundan.
“Managing a big home was getting really unruly. When the three kids were younger, even the 5BHK was somehow smaller for us and the extended family that lived with us,” says Divya. They now have a 3BHK in Ashok Nagar, a fine locality for senior citizens.