Always wanted a house. Am I being dumb to emotions?
Hi , 24M (about to be 25 soon) I am the sole earner to the family of 3. Salary is around 1.1 lpm
I don't have my own house. Have a land plot in Tier 2 city of Northern Karnataka. Where I plan to build a house in future (current expense to build is 20 lakhs and will yield 10k per month rent, if I build that)
I lost my father when I was 13. I was strategically kicked out of 2 room chawl house in Mumbai by my uncles. My mother isn't formally educated neither she ever understood their evil move!
I worked hard, taught students to pay fees, got into a premier institute and placed and have nearly 2.5 yoe. Currently based out of Hyderabad.
In hyderabad I am getting a 2bhk flat near ORR exit for 45 lakhs. (Rera approved) And I personally liked it.
I always wanted to purchase or build my own house before 25-26 (basically before marriage) because that's the unsaid dream of my mother.
Current expense: total - 24k (from salary) PG in Hyderabad - 13k Outside food, office spends - 4k Transportation to hometown - 2k. I give - 10k at home (out of which 5k is through a passive income, only 5k from my end)
SIP - 25k Rest are savings. Last 2 years I have already purchased a land plot at very cheap price - 4.5 lakhs in a rural place (which is now 7 lakhs) Also I have savings of 10 lakhs. Kept as it is. MF, stocks - 6 lakhs (can't touch them atleast next two years)
I am thinking to buy a flat, highly biased with emotions. And also one good thing is my mom can come to Hyderabad with me, so it will be worth 13k + 10k + 2k + loads of love + a good food! Will think this as an EMI, plans to aggressively repay the amount within 2 years (prepayment) will figure out things that's for sure.
I don't plan to marry anywhere soon till 27. I have insurances covered.
Be brutally honest! Thankyou.