@henry_ 26 M and work as a software developer earning about 1.6L per month. I live in Hyderabad, with my parents, my Uncle & my Aunt. (Long story short, my father took the responsibility of taking care of my Uncle & Aunt, hence we live together. Me & my parents live in ground floor. My Uncle & my Aunt live in the first floor). My father earns about 30-40K per month. My uncle earns a bit sufficient to feed themselves and pay the bills and thats about it. Our current house (1000 sqft) is congested & full of repairs. Since I am earning a decent bit now, we want to upgrade our lifestyle. I sat down with my parents yesterday to understand how they would like my future plans to be.
My father wants me to do these within the next 5 years:
- Buy a property for us to move to.
- Reconstruct current house to an Apartment and give for rents. While construction, we have to find a rental place for my Uncle & Aunt.
My mother wants me to do these:
- Buy a property within a year and give for rent.
- Wait until ancestral land is sold (when this would happen is uncertain) and use those gained funds to reconstruct our current house. While construction, we have to find a rental place for my Uncle & Aunt. After construction, my Uncle & Aunt will live in ground floor, me & parents live in first & second floors and remaining floors (if possible to construct) can be given for rent.
My initial plan:
- Buy commercial property for rental income.
- Me & my parents move to a rental place. Also find rental place for my Uncle & Aunt. Then, reconstruct current house to an Apartment and give for rents.
- After 2 years, purchase an independent house/villa where me & my parents will move to.
Some common things that we agree on:
- Purchase property within 3-4 years.
I am looking for guidance & wisdom. Are there any flaws in my plan? Should I reconsider anything? Are there any better alternatives?
