Why not having a home helps to go around the world - OneWayTicket

Why not having a home helps to go around the world

Priya Ramani - Thursday, April 03, 2008 6:13 PM

Here's a post from the husband...It's due to be published in The Hindustan Times this weekend

You know the look.

The eyebrows arch ever so slightly. The lips curve downward for an instant. The head nods.

It's the look that says: I heard you, and though I said "wow", I actually think you're an idiot.

I'm 42, I've been working 18 years, and that's the look I get when I tell people I don't own a home. If it were up to me, I would never buy one (sorry parents, in-laws and other family, but that's the truth).

The wife and I could afford a flat, if we scrimped and saved, if we took a house loan - and repaid the loan by middle age.

It makes sense, doesn't it?

A home, an asset that only appreciates in value, and stability.

The problem is, I have an addiction.

It began with a childhood in the Deccan, that rocky heart of the peninsula where the summers seem eternal. I have vague to non-existant memories of my neighbourhoods and my friends.

Here's what I do remember: Raichur, Bellary, Bidar, Gulbarga; gili-danda - fashioning perfectly balanced gilis - or lagori, a game of seven piled stones that had to be demolished with a ball by the opposing team; paya, soupy trotters, for breakfast and gagging on force-fed palak for dinner; aimless wandering through dusty roads, stopped frequently by a skittish, leashed pet sheep (called Curly by me and my similarily unimaginative brother), bhanamati, the dark, black magic of the summertime, watching the spirits enter and leave bodies with startling regularity; ghostly medieval tombs; caravanserais; forts and lost cities.

As a young man, my memories changed: frantically turning my motorcycle around to chase ambulances (in the days before cellphones) as a crime reporter; riots; love; buses; chicken shorba without the chicken at the end of the month; elections. Then, the American Midwest: sleeping under oak trees; marveling at the fat squirrels; 99-cent burgers on bankrupt nights; driving on the wrong side of interstate highways; the girls and their smiles; being a teacher; being a student again; being dumped; being sad; being confused.

Then Bombay. Then Delhi. Then Vietnam. Then True Love. Then Mumbai.

Since I and the wife have no home, we have no choice but to keep moving. This week, we are moving into a new home: the landlord decided to double our rent. Yes, yes, I know. If we had a home of our own ...

But since we have no home, we have no debt. Since we have no debt and no assets of the sort middle-class India treasures, we are sinking our money into a round-the-world trip. As you read this, we will be on a trans-oceanic flight, our new temporary home locked, our inner minds expanding again to new experiences that will soon become new memories.

A nomad is his memories. And if those memories are nomadic, they become addictions - and addictions, to the addict, are reality.

I like my reality.

Samar Halarnkar

 

 

 

 

 

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From Bharat

April 4, 2008 12:29 PM
A housing loan takes EMIs to get repaid. And that's money. More importanty, that a fraction of your monhtly income. The worth of this money to you depends on what fraction it is of your disposable income. The bigger fraction it is, the more your opportunity cost is in terms of lifestyle. The rent goes out of your pocket too, if you don't own a house. But there is a catch here. The rent that goes out tends to be much higher than the EMI that goes out for equivalently priced houses. This is because the demand for "own" house tends to be more than the demand for "rented" house. This demand stems from the bounded rationality of people that they have to "own" a house no matter what. To me the worth of a house is the net present value of the present and future rents it helps me save minus maintenance costs minus depreciation minus cost of capital. If the worth of the land appreciates in a way that is incosistent with this, we are talking of the greater fool theory. Assuming ther are enough greater fools, it makes sense to own a house (or better land) from an investment perspective. But, unless I sell the house I bought and cash in the investment, whether I paid rent or EMI is not something that would disturb my peace on my deathbed.

From Niloufer

April 7, 2008 11:26 AM
Your logic is wrong and somewhere in a small South American bar after several rounds of drinks perhaps you will realise it. And if you do, please do let us know on your blog. You can have a house and a round the word trip and be debt free. Yes dear, on the present income. Am looking forward very much to your trip :).

From Shiva S

May 13, 2008 3:30 PM
Hi Niloufer, I guess you are right! One may buy a house on EMI, pay it off and still make it for a world tour. But what I don't understand is why does one have to buy a house? Why can't we just live on rent? If one can live without buying a car why can't one live without buying a house? You might line up a number of reasons supporting your claim but my point is 'can't a person simply to live as a tenant all his life'?

From Rohit

May 26, 2008 7:01 PM
Whatever people have to say, I'm still impressed by both of you...What you people are doing needs courage and not many people have that... Cheers...

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