What Home Unit Size Fits A Single Woman?
Ever since Abha Nigam started working from the age of 23, she has been diligently saving money to buy a house of her own without taking any help from her parents. Now 31, financially prudent Nigam has even calculated her home loan eligibility, the tax benefits she will be able to avail of as a woman home buyer, and umpteen other factors. However, there is one thing that she is confused about. What unit size would suit her the best? Should she opt for a studio apartment or invest in a 1BHK unit? Will this unit be enough to accommodate a family in future? Such questions often nag single, working women who have done all the hard work and are ready to make the biggest investment of their lives.
So, what are the factors that single women should keep in mind when picking the right unit size?
To begin with, think of the present. Most of us take the home-buying decision thinking of the future and in the process heavily burdens our present. While you may be able to afford a bigger unit based on your home loan eligibility, a more financially viable thing would be to keep the home loan amount as less as possible. Going for a cheaper 1BHK unit would be, for instance, better as you will have more money to make the down payment. If you have a bigger family in future, you could always sell this house or use it as a mortgage to buy a bigger unit.
By not spending all your money as EMIs (equated monthly instalments), you will also be able to save and pre-pay your loan. This means you will not have to spend the prime years of your life under the burden of a loan.
One often-ignored fact is that a bigger unit would also require better upkeep. Cleaning and maintaining a studio apartment would be less time-consuming and easy on the pocket as compared to a 2BHK. Paying a bomb for the house, many parts of which may be of no use to you, may not be a financially prudent proposition, especially if you are paying off a home loan.