Buying a House

[00:00:03] Hey everyone, this is Voice with Warikoo, my, or Ankur Warikoo.

[00:00:07] In this English podcast series, I cover a lot of things in this English podcast series.

[00:00:11] Career, relationships, personal finance, success, failure, and frankly, something else that comes in the world.

[00:00:19] Every week on Thursday, on your favorite podcast platform, a new episode on your favorite podcast platform.

[00:00:25] Voice with Warikoo.

[00:00:29] The question is not whether you should buy or rent a house.

[00:00:34] That's foolish. Everyone should own a house.

[00:00:37] Every person should have a house. Of course.

[00:00:41] The right question is, what is the right time to buy a house?

[00:00:46] The right question to ask is, when is the right time to buy a house?

[00:00:50] We bought our house when I was 40 years old.

[00:00:53] And frankly, it's one of the best investments we've made in our lives.

[00:00:57] We bought a house when we turned 40.

[00:01:00] And there's a reason that I'm very happy that we didn't buy our house quickly.

[00:01:05] So I'm glad why we didn't buy our house earlier than when we bought it.

[00:01:11] Number one, we could afford most of it with our own money.

[00:01:14] So we bought our house when we bought our 40-year-old,

[00:01:17] we could afford more cash down.

[00:01:21] So we have to pay a loan.

[00:01:23] Number two, it is the ideal size for today and also the future.

[00:01:27] So the big house is enough for today and for the coming days.

[00:01:32] From a size perspective.

[00:01:34] Number three, it's in a society that makes us feel welcomed and secured.

[00:01:37] And it's wonderful for our kids.

[00:01:39] So it's in a society that is gated, safe, secure.

[00:01:44] And it's very good for our children.

[00:01:46] Number four, it's in a city where we wish to live in now and most likely the future.

[00:01:51] That it's in a city that is in Delhi Faridabad,

[00:01:54] where we want to live right now and most likely we'll be staying in the future.

[00:01:59] And then number five, it's super close to both our parents.

[00:02:02] That it's very close to our parents.

[00:02:05] It's the only house we own and most likely we'll own.

[00:02:09] So this is our house and perhaps this is our house.

[00:02:14] Did we buy a house before this?

[00:02:16] Yes.

[00:02:17] But most likely it's not a dream house.

[00:02:19] It's perhaps small.

[00:02:20] It's not so good in society.

[00:02:22] It's perhaps far from family.

[00:02:24] Could we have bought the house earlier?

[00:02:26] Yes, we could have.

[00:02:26] But most likely it wouldn't have been this dream house.

[00:02:29] It would have been perhaps smaller or maybe not in as good a society

[00:02:32] or maybe far away from family.

[00:02:35] The most important thing is that in our 20s and 30s,

[00:02:39] because of our home, there was no expense to my home.

[00:02:43] So I had some professional risks.

[00:02:46] I had to start a startup.

[00:02:48] I had to start a startup and then started something else.

[00:02:51] And thankfully, that risk has been worked for me.

[00:02:54] Most importantly, I wasn't tied to any financial obligation during my 20s or my 30s,

[00:03:00] which allowed me to take professional risks.

[00:03:02] And those risks then thankfully panned out for me.

[00:03:06] Now every person's journey is different.

[00:03:08] And it doesn't matter.

[00:03:09] My mother bought our house when he was 50 years old.

[00:03:12] We bought it when we were 40.

[00:03:14] Maybe our children will never buy a house.

[00:03:17] Everyone's journey is different.

[00:03:18] As it should be.

[00:03:19] My parents, they bought their house at 50.

[00:03:21] We bought it at 40.

[00:03:23] Our kids may never buy one.

[00:03:25] It's important that you take any decision,

[00:03:28] the first, second, third order consequence,

[00:03:32] will be able to understand.

[00:03:33] What's important to realize is that

[00:03:35] whatever decision you make,

[00:03:36] you are able to recognize

[00:03:39] the first, second, third order consequences

[00:03:41] of your decisions.

[00:03:43] Because when you buy a home,

[00:03:45] what else does that mean?

[00:03:47] It may make you immobile

[00:03:49] in your early professional career.

[00:03:52] The house may start feeling smaller

[00:03:54] when you have a family.

[00:03:55] You may outgrow your neighbors or your society.

[00:03:58] It may come with a massive loan

[00:04:00] that takes away a large share of your salary.

[00:04:02] It perhaps binds you to a job

[00:04:04] even when you wish to take a break

[00:04:06] or start on your own.

[00:04:07] So if you buy a home,

[00:04:09] with that,

[00:04:11] which decisions in your life

[00:04:42] that you will decide to be a home,

[00:04:43] you will decide to get out of the house.

[00:04:43] when you want to leave it or start a business.

[00:04:48] So buying a house early in your career will give you a sense of security,

[00:04:53] but just check if it takes away your independence as well.

[00:04:57] So if you buy a house in life,

[00:05:00] it will get a sense of security.

[00:05:03] Just check that it will not be free from you.

[00:05:07] All the best.

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[00:05:21] Every Thursday, a new episode on your favorite podcast platform.