2BHK, 3 BHK, 4BHK or more: which one is better? Making the right decision with clarity!

While deciding the property you want to buy a 2BHK or 3BHK, sometimes we grapple with the incorrect assumptions, and get swayed away without giving adequate thought to our long-term needs and repercussions.

This article is for people who want to buy their dream home, and are confused about which one to go for. Two things they sometimes fail to consider consciously is: their finances and their family requirements.

In this article, consideration has been placed on two important elements:

1. Financial capability- whether or not one is comfortably place, CURRENTLY as well in the FUTURE

2. Family need on SPACE- particularly in the FUTURE. i.e. whether or NOT more space, more rooms, more balconies, more utilities etc. will be needed by the family members in future

Clearly, the second question is more important, because if you are FINACIALLY comfortable in FUTURE, you can take decisions more comfortably. Else, you end up picking a tight-rope walk!

‘Future Space Needs’ vs. ‘Future Financial Comfort’ grid

Let’s understand the 4 quadrants of the grid:

Quadrant I- Future need for MORE Space, Future Income prospects are comfortable

• Suggestion- Go for BIGGER 3BHK or more rooms with added utilities/luxuries
• Choose more square foot area to cater to future family needs
• Simply put, if your family is growing, and you can afford having a bigger home, GO FOR IT
• It is not every day that you buy a home, and with children growing, needing more privacy, becoming independent, and eventually getting married, you surely need enough rooms to accommodate them and their nuclear families
• You could choose between 2,3,4 or even 5 BHK homes ranging from 1600 SFT to over 4000 SFT depending on the affordability factor

Quadrant II- Future Need for MORE Space, Future Income prospects uncertain

• Suggestion- Go for smaller 2/ 2.5 /3 BHK. NO balconies, lesser SFT area
• Go with what your current financial situation permits you, and NOT stretch incase future does NOT seem bright on finances
• When the finances are NOT in your favour, stay within your means
• Even if the family needs are likely to grow, with children staying back, and adding to the family, stay wise!
• You must NOT let a GROWING FAMILY REQURIEMENT be the reason for trying to eat more than you can chew!
• It is prudent to curtail on your desires, and save on added burden of home-loan repayment
• It is better to own a smaller 2 or 2.5 BHK home rather than defaulting on payments
• Most of the defaulters of bank loans for their homes fall in this category

Quadrant III- No need for more space, Future Income is comfortable

• Suggestion- Choose COMFORTABLE 2BHK or 3BHK with more utilities, bigger rooms, balconies etc.
• This simply means that if your family size will reduce, the children will eventually move away. Plus, you know that you do NOT need to have 4 or 5 bedrooms that lie unoccupied
• Instead have spaces that you will be able to use as your age progresses
• It’s better to have lesser bedrooms, but more spacious rooms for yourselves
• Having one odd guest room is just fine
• You could even choose to have more and bigger balconies, bathrooms etc.
• Your bedroom, living, dining, and kitchen could be bigger and more luxurious
• Perhaps have an additional Puja or exercise/Yoga room/meditation room to make life comfortable

Quadrant IV- No need for more space, Future Income prospects unsure

• Suggestion- Choose 2BHK with smaller SFT area
• When you do not need space for future family needs, then you are in a safe zone
• There are home buyers who even choose very small areas less than 800 sft when they know that they DO NOT need extra space, and that finances are also unsure
• For instance, a family where the children will eventually study and move out of the house, and only the parents (home buyers/couple) will be left alone
• For the sake of having a guest room people stretch beyond their means, and regret it later

To quote Sophia Amoruso, “There is no dignity quite so impressive, and no independence quite so important, as living within your means.”

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To know more about “4 things to know about home loan application process”. Click here!