Hi Friends, we recently shifted to coimbatore around ganapathy. we earlier lived in chennai. now due to corona lockdowns and medical issues for elders , we shifted. also shifted school from chennai to cbe. the house is the one which spouse bought before marriage and as per my arguments, we renovated (not fully but partially) it and we are here now. Now the thing is , while checking the building strength, could see that there wont be much issues fir further 5 years in building strength. Now, since we are here after long time, I asked my spouse, whether we will buy a new one, As the real estate is booming now. now the question is which would be the right place. we both are software professionals. so I prefer buying in and around saravanampatti. But his idea is instead of it, we can buy here in the same place, eventhough it will be 4-5L extra but it will worth it. Am worried as we always will be in pollution. but I agree that it s a posh area though. by looking at fellow friends my children are expecting to live in new house. But if we buy with that budget , we can buy land only and not house. so am confused now. there are booming places like kovil palayam and neelambur etc. but am not sure which one will be the right choice. also since he paid loan for this house, while he asked initially to buy new house, I neglected. first we shall live there, and from there on we can buy anything new to live further. we both dont have any knowledge in building construction, we have not overseen before. Now as our parents are old, we cant get much help from them. he is not ready to extend this house as well. Also as current house is infront of temple, and we are Christian - in that row no other houses. will they ask us to vacate? also the sound is also a reason am not complaining but by getting all the comments from neighbors that - you spent this much for this old house. you could have bought one new. earlier before we come to this house, one bag company was running. Now we shifted them to upstairs - as my spouse and fil not ready to vacate them. but they say so many reasons. Now this heavy machine sound , vibration makes me feel irritated day by day. He knew that. but says, without money i suffered lot. so i cannot vacate them. Actually we are not using money most of parts from this house we never used. for that past 15 years, there were no a single minute of maintenance. my sons are in 8th & 4th grade. is it good to invest in new home. Now I think that whether to buy or not. if yes , is it good to invest in the same ganapathy area or near IT park or somewhere in the outer. please guide me.
Is buying a new house an emotional or practical decision for you? In other words does the present house service your needs and you want to move mainly for a better quality of life -or is it hard to live in an old unupdated home? Is your present house fully paid off? If you are buying a plot and constructing you will need to find a reliable builder and someone will need to oversee the construction closely. Make sure you are able to do that before you commit to building. The advantage is you can get exactly what you want. I would sit down and make a spreadsheet with all your options and also discuss with your husband. It will be much easier when you are both on the same page.
Thank you for the inputs @MalStrom , yea practically it satisfies the needs. But not emotionally. Daily sleeping & staying with the commercial tenant is really hard ( its a bag company so very heavy machines they are using to stitch it and there are more than 6). It creates vibration and daily other related sounds as well. They denied to vacate when we asked during renovation. in the mid of Bathroom tiles getting earthworms sometimes. Daily maintenance is getting a big issue and giving bad vibes. Am not sure whether its a myth or real that we should not live opposite to that of temple. My neighbor is asking , don't you know we should not buy like this. which am not aware of as this was bought by my spouse before marriage to avoid tax. Now by seeing all other families and lifestyles , my children also expects that why are we not living in new home at all.. past 10 years we lived in rental old houses. Yes present house is fully paid off as it s medium amount of loan only. I knew that he / I cant oversee as per the need , even if we see, we dont have much knowledge of how things to be handled in constructions hence I suggested him to book a underconstruction site. Am also seeing in adds and other stuffs. for that he added, they wont give curing time or it wont be as good as how we in person build it. But due to earlier stage issues, my parents are little bit reluctant to suggest builders and add ideas or inputs because my spouse and parents dont have good terms. my in-laws we have to take care, they cant help in anyway. Also they gave a part of money initially while buying current home.
@dhivyacc 1. I wouldn't buy already constructed house for reasons your husband mentioned. It might be less work upfront but the quality of construction is bad and they usually sell for commission and cost is high too. 2.I would look for recommendation for builders from friends and family. You can get a estimate based on floor/square feet and other facilities. If you find someone reliable then I don't see any issue in doing this. 3.You save lot of money over long term when you construct on your own. But initial time and effort is little high. 4.One thing I realized from experience is as women we tend to compromise a lot and hence live with lot of resentment. If living under current condition is not acceptable for you then you should find alternative arrangement. I see two big disadvantages in your current living condition. You should take initiative to find better arrangement . 5.Sometimes husbands don't want to take new responsibility. So you can go ahead and get help from your parents and move forward. While discussing don't mention the parent part and just discuss the logistics of building the house with husband. Since you are new to place find someone who has done this recently . Make up your mind that will get zero support. Just plan the financial part with the husband other than things make your decision. If husband is not willing to take responsibility you cannot do much. 6.Cbe is booming so you don't have any fear about investing. One thing I would warn you is during Covid many construction workers left TN and hence there is scarcity of workers for construction company. So make sure the contractors you hire have enough man power. Ask them to show recently constructed projects. Talk to new owners to get an idea. 7.Also talk to bank regarding loan that way bank is also involved in this work. Bank releases money only based on construction phase .This is good so contracters won't extract money before hand. 8.It is doable. Just make up your mind and go for it.
Talk to bank and check how about getting loan No one can ask you to vacate unless there is road expansion plan for government. Since your house is in front of temple have you considered making it as a commercial complex with small shops . You might get good revenue
Started the discussion and he is bit supportive but not ready to construct immediately. My parents also mentioned like we cant involve 100% as there is no good relationship between my parents and spouse during early stage of married life. I will get my share of money from my parents and its kind of considerable amount. apart from that now since the current house is in prime location, he expects to buy in the same location itself. Again buying itself will take 15L per cent and more. but I feel its not necessary to invest that much. anyway we both gonna work in It and hence if it is in and around IT park, it would be fine and with less cost we can complete. I feel like we will get other commitments as well like children higher studies , as we both are nearing and after 40 we should not get into big loans... thats my opinions
Look at the long-term potential of the areas. You have a valid point: the up and coming areas will have more appreciation long-term than the established areas. But your current location will also have all the facilities ready right now. Also consider your daily commutes and the quality of kids schools. I would gladly trade hours of sitting in my vehicle for almost anything else. You will be able to relax and enjoy your life much better without a long commute.
If you want decent size home you need at least 3 cent which means with document you are looking at 50L. What is the cost of the land close to IT area ? What will be total rental income from your current property ? If you have money for land then you can get loan for construction . Calculate EMI and see with rental income how much more you need from your hand. Otherwise buy land now near IT area and convince husband later on. Once you buy you can start construction any time. Even you can save for a year and start construction later on . Take into consideration of increase in cost of cement and raw materials for construction. Other option would be to buy a old home and then do minor renovation . First you need to make up your mind on location and then aggressively scout for property.
yesterday we ve seen a place, there the land value is more than 10 L but the mediator mentioned like its his relative property and he is in need of money and so he is selling in urgency. they are giving it for 7L per cent. My spouse thinks that it s a good deal. but am afraid that it will not work out and there would be some possibility for other issues I suspect. likewise each place he says one good point and i feel that will not work out. If I say something, then it becomes issue. Right now am getting more confused and frustrated.
Don’t go simply by the realtor’s emotional stories. His job is to sell you the plot. Do your own research about whether the price is fair for the neighborhood and whether it is suitable for your needs. You can change everything about a piece of land except it’s location.
