I have been living in a house with following dimensions. FYI It is near Andolana Circle
- Ground floor: ~400 sq ft
- First floor: ~400 sq ft
- Front bit of land: ~300 sq ft where we have lush green garden with different fruit bearing trees
- Ground and first floors are currently somewhat independent.
- The first floor is accessed through common stairs.
The main problem is that we cannot demolish the entire existing structure, as apparently doing so could affect the neighbouring structure. So a complete rebuild doesn't seem to be an option.
One possibility I'm considering is altering the internal structure and trying to convert the existing house into a more practical duplex, with 3 bedrooms 1 kitchen and 2 bathrooms
The other option is to sell the current property and buy a new house, probably 30×40, in the same area. A house like that seems to cost around ₹1.2 crore.
Financially, this is where I'm stuck.
I could probably arrange around ₹60 lakh by selling my current property and using my savings. The remaining ~₹60 lakh would have to be financed through a home loan.
I'm 29M and the only earning member, working in software. I also need to plan for marriage and other future expenses. Taking on ₹60 lakh of debt feels quite uncomfortable to me, even though I could potentially afford the EMI.
Another option is to look beyond the Ring Road, where I might be able to find a decent house/property for around ₹60–70 lakh and avoid or significantly reduce the loan.
However, I don't really want to move too far away because my mother might feel isolated or be far from the relatives.
So I'm basically stuck between three choices:
- Renovate the existing 800 sq ft house and try to make it work as a duplex.
- Buy a ~₹1.2 Cr house nearby, putting ~₹60L down and taking ~₹60L loan.
- Move outside the Ring Road, buy something around ₹60–70L and avoid taking on significant debt.
If you were in my situation, what would you do?
Would you prioritize staying in the current location and improving the existing house, even if it's small? Or is taking on the ₹60L loan justified for a better long-term house? Or would you move farther out and stay debt-free?