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When Should You Buy A Home? 10 Point Checklist For Your Timeline

Chapter #4 of Digital Loan Series by WhatsLoan

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Looks like you are searching for the best time to own your home?

You must have heard “Age is just a number”. Right! But not so right.

Right because it is never too late to start anything.

Too much cliche? Nah!

For anyone, owning a home is a major goal of the life. You’re lucky if you’ve inherited a home but here we’re saying about purchasing a house and making it a home with your hard-earned money.

Too much cliche? Nah!

Are you on the same page with us, if we say:

  • Your age is limited
  • Your work age is limited
  • Buying a house needs money
  • Your earning span for the money is limited (if you don’t earn passive income)
  • Your monthly income flow may be limited

But even with all such limitations people do buy a house and turn it into a home. How do they do so?

They foresee their future, fix a goal and plan their timeline.

In this Chapter #4 of the Home Loan Series | WhatsLoan, we are guiding you through the right planning and the right age to buy a house.

Are you in your twenties, or thirties, or late forties, or closer to your retirement age, or retired?

As we said, age is just a number, we still want to ask you few questions that will help you decide yourself if you’re at the right time to buy your own house.

10 Point Checklist For The Right Age To Buy A House

If your answer is YES to even 8 of these, you can and you must consider buying a house.

  1. Are you currently staying in a rented home?
  2. Are you paying more than 35% of your salary as your home rent?
  3. Do you have a steady income flow?
  4. Is your bureau score more than 600?
  5. Do you have sufficient saving for the down payment for your house?
  6. Do you have the emergency fund to cover up your family expenses for at least 6 months?
  7. Do you have the bandwidth to pay a good amount of EMI apart from your family expenses?
  8. Do you plan to stay in the home at least three to five years to cover up your initial investments?
  9. Have you figured out the best location to buy your home whose value will appreciate with time?
  10. Is the current real estate market scenario favorable to buy a house? (favorable if renting is going higher and property prices are going lower)

Nice! If you have answered YES to 80% of these questions, you are at the right age to buy a house. Now, we don’t say whether you shall buy at 25, or 35, or 45 but we do recommend that you should buy if you have marked positive to most of the above checklist points.

You will find a lot many experienced people advising the young ones to buy the house early. Actually buying early is always good but you can afford to buy early, only if you meet certain requirements that should go well with your other planning (higher education, marriage, other debts, family finance, children care, retirement saving, travel expenses and all).

Now let’s look at why at all should you buy a house when the people are speaking a lot about a minimalistic lifestyle when people prefer saving and spending on travel to have experience full life as compared to staying at a single place and settling down.

It all boils down to “How do you see your future to be?”

What exactly will give you more happiness? Travel, or settling down?

What would you prefer? An investment that appreciates, or an investment that depreciates?

Anything comes for its own price, right?

But how will you bring that extra required amount of money after you are done with your basic expenses? By earning more? But, what if your salary is fixed and your expense allocation is fixed as well?

When you have limitations on your earning capacity, you can only make things happen by saving your money. You can’t be rich by earning more money, but you can definitely get richer by saving more money.

Now, if saving money is in the question, how shall you minimize your expenses?

One of the good fractional parts of your salary goes in paying for your rent (if you do stay in a rented home).

If you can invest that much amount to build a concrete investment that will keep appreciating with time, you will have sufficient money to do anything that you wish to do in life.

Money spent on rent is gone forever and you don’t even get the tax benefits to help you in other financial aspects.

If you buy a home, you can potentially turn it into an equity investment against which you can borrow any time.

Should you buy as early as possible?


Not necessarily, but if you can, the investment will be worth the time.

Next, you will ask what is the right age to buy a house?

Dear! There is no right age but there is definitely a right planning.

With right planning including your future vision, your priorities, your financial commitments, your fixed bills, and your investment strategy, you can buy as early, or as late when you think is the right time for you.

Below you will find few helpful resources that will walk you through the facts and requirements of borrowing money from the banks to buy a house. Each week we publish a chapter that makes you aware of everything in your house buying journey.

Helpful resources:

By the way, do you know that we have built a Digital Loan Key, a unique financial identifier, that can retrieve your legacy documents (such as your Aadhaar card, pan card, bureau score, 10th mark sheets, birth certificate) online and enables you to get it verified within minutes and share with the lenders in one click.

The mission of this Digital Loan Series is to educate you and make you ready for the loan anytime!

If you happen to read this article, we assume you are somewhere in between of thinking for borrowing/purchasing a house. We recommend you to follow the series, or if you have any immediate query, reach out to us at social@whatsloan.com.

We also recommend you to share this with your people, your network, and younger ones so that they can be loan ready for the right time!