Having a own sweet home is a personal dream project for almost everyone. It needs to be managed very carefully. But unfortunately many new home owners get into financial trouble because they had underestimated the actual cost of home ownership.

It’s easy to calculate regular EMI payment which is priory taken into consideration. The builders, real estate agents, bankers  convince by saying that owning a home is cheaper than renting and it sounds like a great deal, until one realize that it’s more than just the EMI payment that needs to be considered while planning a own home.

After the civil construction is over, the furnishing cost gets in which is at a high now a days. During furnishing own home, one might not compromise or may be emotionally compelled for certain interior cost for the sake of ones ownership excitement and status. One also needs to consider the expenses made on ceremonies and rituals during inauguration

Apart from the regular EMI cost ,one need to pay for property taxes and municipal taxes, utility charges, repairs and maintenance, insurance etc.

Unfortunately most people are almost bankrupt after they buy their house and may even don’t have enough for their basic expenses and medical expenses.

At last and not the least if one is very unfortunate, he or she might even get over burdened with reconstruction cost due natural calamity or furniture damages due to termites or cost of maintaining major water and electric supply leakages after the expiry of agreement of maintenance by builders.

It is always good to have an asset but if the cost of maintaining the asset is not feasible or might interrupt basic living standards or emergency funding than one should still wait for the right time and opportunity and stay at a good rented property.

Therefore it becomes important to plan and consider all the pre and post home ownership cost which suggest that one require a proper financial planning prior to owning a sweet home as per ones budget and need.