October 3, 2016

How To Buy A House That Is Out Of Budget

Every middle class man has a dream — a loving and caring wife, a car and a home to call his own. The dream house invariably takes the longest time to come true. Often, the ideal one is out of budget. But do you know, there are many ways to own a home?

How To Buy A House That Is Out Of Budget

There are five ways to acquire a priceless home & apartments in Bangalore which revolve around the following parameters:

  1. Budget
  2. Timeline
  3. Neighborhood
  4. Housing Type
  5. Developer

In a city where time and money are important, you must know when the time is right to buy a house. Bangalore is poised to become saturated like Mumbai and New Delhi in terms of housing projects. So it makes sense to make a head start. The earlier you embark on your mission home, the better it is. If you are 25 years old, you have the energy to work hard and earn enough to pay off loans. The current high prices can correct, but they will never come down. Hence, time is of essence.

You need to make a budget and stick to, till you get the ownership of your dream house in your name. Your savings and spending habits determine how much you can put into your home budget.

  1. Nearly 20 per cent of the entire amount (cost of house) has to be paid upfront. It can be in cash or check.
  2. A loan can be taken from bank. But banks give only 80 per cent or less after determining your financial capability and income.
  3. Private banks give better options for EMIs.

Neighborhood Matters

We all look for fabulous neighborhoods to live in. Some locations are more in demand. In the last few decades, Bangalore’s locations have expanded. The outskirts of the city are also considered as part of the metropolis. A piece of advice here is not to choose an area only because it is close to your current workplace. You never know when you will move to a new job or even start on your own. Read online blogs, Friday section of TOI and real estate forums to get an idea of good blocks and projects to invest in.

Developers and Projects

Some neighborhoods are saturated. Hence, many developers have started projects on the outskirts of the city. They also make arrangements for potential buyers for site visits. Even if this facility is not available, you can drive down and see a few properties. Speak to people already living there. Avoid developers who delay projects and have a bad reputation with legal issues and bad quality construction.

Housing Type

 Apartments are most popular and there are many builders with multiple projects catering to the demands of all buyers with 2-3 BHK flats. The only disadvantage is that space is limited and there is no control on the construction quality. Only the interiors can be done by the owner. But there are common amenities and services and a sense of community.

Independent homes offer an ownership plot and you have the opportunity to build your house the way you like it. Right from the blueprint to the architecture, construction is under your control. Is there a disadvantage? You may not be able to rent it. But there is privacy and public utility nearby.

Villas are expensive and out-of-budget for many. But if you plan in advance, you can have a free hand to build it with a controlled budget.


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