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What factors should I consider while buying a second home?

Just make sure that the cost of the upgrade fits your budget, advises Dhirendra Kumar

I am 43 years old and salaried. I want to buy a second home for upgrading my accommodation. How much should I spend on it without compromising on other goals like retirement, child's education and marriage? Also, is it right time to buy a property?
- Deepak Kumar

This question is not pertaining to whether this is the right time to buy a property. You are basically trying to upgrade your home. You want to upgrade to a bigger and better accommodation. So, I would say that this is not a property investment for you. You should look at it in terms of the upgrade cost and the recoverable price of the house you are currently living in. Just see if you can really afford the difference without much difficulty.

And it is fine to borrow money for that purpose. But only if you are assured of your job or you are reasonably confident that your career will keep progressing nicely. So, just see if it fits your budget and keep it completely independent of your other goals.

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