My parents did not have their own home. We were living in a rented house. Every year our landlord increased the rent. Then we were left with two options either to vacate the house or pay more rent. This made a huge financial burden on us.
As the inflation increased, giving more for the house rent became a big problem for us.
When I graduated from school, I started to work. Whatever I earned I deposited it in the bank. After two years the sum became $10,000 which was enough to buy a home.
We then contacted a real estate agent. He showed us some houses but they all were out of our price range. We took loan from the bank and decided to buy a flat in a four story building. The paper work for home buying is costly as we had to give 10% for registry.
We bought our flat in 2007 and are free from paying the monthly rent. Now I am giving monthly EMI (equal monthly installments) on the loan which will be completed in 2011.
My flat is on 2nd floor. It is 500 square feet and has three bedrooms, one kitchen, two bathrooms, one patio, and one balcony.
There is one swimming pool, one garden, one playground, and one disco club for whole building.
Now we are financially stronger than we were before as we don't need to pay any rent other than the loan's EMI payments. Whatever we are giving now in the form of EMI payments is for our own property, whereas the rent was actually wasting our money.
Then suddenly I thought that instead of depositing money in the banks I should invest it in buying homes.
Such investment gives you high return on your money which is sure and secure. So I got my real estate agent license and now my profession is a real estate agent. This has helped me earn even more money.
I am so happy to have learned all this from buying my first home!
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