How should I proceed with my current earnings so that I can live a comfortable life in Bangalore?
-
I was recently hunting for flats for Rent and I experienced something which confused me The rent for a 3 BHK in decent apartments is 30k+. if you want to buy that flat right now it is 1.2 crores. I am a software developer with 3 years of experience, i feel i can never purchase the flat if i keep doing job. If people like me , who are more then 90% of the junta in bangalore can't purchase this kind of flat then who actually does because number of such constructions is huge and the amount is even more huge and it is increasing in double pace then our salary. What should we do ? Edit:- Current work exp = 3 years Marital status :- Single , plan to get married in couple of years Current income :- 13 lacks fix + 10% bonus You can consider the average increment in our industry on year to year basis
-
Answer:
Change your target of life. Target to live comfortable and save some money for future. In the end you will be justified by yourself more by answering how you lived rather than what all properties you earned. I am not against buying properties. But wait until the right time you can invest comfortably into it. Otherwise it will be a big burden rather than an asset.
Crowly Mathew at Quora Visit the source
Other answers
Do a simple math. If you can't afford it now don't buy it. Buy only when you can afford it. Even if it takes another 10 to 15 years. After marriage, if your wife is working, both of you will be tempted to buy based on the double income. Resist it. Assuming if even one's salary goes of entirely for loan payment it is still risky. Imagine if one of you is laid off. You will be in soup. So even with double income be careful. Buy only when you can afford it. Or buy what you can afford. Simple. Commonsense. It will help us saving lot of headaches later. But many of us dont follow this (including yours truly).
Sivakumar Muthusamy
As others, I would also ask the same question...is it mandatory to buy a flat? Cant you rent until you reach a stage when you can purchase it? Yes, the inflation would still be there but I guess by then you will prepare yourself for that. Just because you see lot of working class people buying luxury flats before they reach 30 it doesn't mean you should join the rat race. I personally came across at least 4-5 people who have made big investments and trying very hard to be cool about it...as they know as the month starts a big share of their salary vanishes in seconds. And they have to be extra careful about their other moves. Mostly compromising many other wishes. It wouldn't be the case with everyone but at least half of them are in a soup. Coming to the soaring rents, the solution is to find a place away from the city central region and I am very sure you can find decent, calm and well maintained communities with lower rents. Its just that you have to compensate with travel time. But its worth it...as you will be away from pollution, traffic chaos and messy roads. Save your earnings and plan for other investments which will bring you good returns without you worrying much about it. This will not only keep you calm but will also give you a chance to enjoy many other things in life.
Jyostna Kamarsu Gutta
There are two things you can do - Limit your wishes - You can rent a 3BHK in Bangalore from 15K-16K to even 50K. Depends on the lifestyle you wish to have. If you cannot manage, try having a 2BHK or 1 BHK instead. Increase your salary - I am assuming that a guy with 3 years of workex in IT earns between 12-15 LPA. I maybe wrong. But at your salary buying even a 50 lakh house is a big expense. So try to get a job which pays higher salary. The bad news is that very few companies pay 20 lakh or more at your level.
Anonymous
Why is it important to purchase a flat? You could keep renting till you reach a stage when you can purchase it. Also, there are flats that start at lower prices than what you mention - granted, some areas are overly inflated, but there are several good areas where decent size 3bhks are available at 70 lakhs or so. And if size is not important there are 3bhks in the 40s as well. Also, there are a lot more people in Bangalore than you could imagine who can afford to purchase the flat outright, and an even much larger number who can buy it through a mortgage (possibly even you in the near future). And if you think you have it hard, consider other countries where student loans are so overwhelming that it takes several years after graduating to pay them off before being able to think about buying property.
Anonymous
You can live a comfortable life in Bangalore or anywhere else for a lifetime WITHOUT BUYING A HOME. The Swiss have one of the largest per capita income but only 38% own their own homes. Also Germans. http://qz.com/167887/germany-has-one-of-the-worlds-lowest-homeownership-rates/
Tushar A. Katira
Money Saved is Money Earned. I am too Senior Software Engineer in Pune but my salary is half of yours . I also have 3+ years of experience in IT. I believe in Long Term goal rather than short term. Here are my few strategies for Secured Future . Invest in SIP(Systematic Investment Plan) - Invest around 30K if you want to buy flat in next 10 Years your Dream Home :P Have LIC dat too Term Insurance rather than Endorsement Plan(because Endorsement Plan will lead you only 6% of Tax Saving) Go for Health Insurance. Have an secured savings for emergencies such as job change,etc Invest in PPF - If you invest 1.5 lakhs per year than after 15 Years you will surely get 44 lakhs for sure as per interest 8.7. (Right now its 8.1 ) - This maturity amount will absorb financial shock as children's education( for marriage -you need to invest one more PPF account).This is an traditional way of saving. There are many other options like FD,RD. just google it you will find the answers:P Hope this helps....
Ravi Shankar
Related Q & A:
- How I can get a cheap train ticket from Munich to Saarbrucken for September? How much is it you think?Best solution by Yahoo! Answers
- How I can live and work in Prague in Czech Republic? and czech study school for foreigner?Best solution by Yahoo! Answers
- How can I ask my mom if I can have a boyfriend?Best solution by Yahoo! Answers
- How old do I have to be before I can have a bike license?Best solution by Yahoo! Answers
- Does anyone know how I can get a scholarship to study abroad?Best solution by usnews.com
Just Added Q & A:
- How many active mobile subscribers are there in China?Best solution by Quora
- How to find the right vacation?Best solution by bookit.com
- How To Make Your Own Primer?Best solution by thekrazycouponlady.com
- How do you get the domain & range?Best solution by ChaCha
- How do you open pop up blockers?Best solution by Yahoo! Answers
For every problem there is a solution! Proved by Solucija.
-
Got an issue and looking for advice?
-
Ask Solucija to search every corner of the Web for help.
-
Get workable solutions and helpful tips in a moment.
Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.