Tips to buy a house
Acquiring great marks at the university, landing a well-paid job, finding a suitable life partner- these are quintessential needs of an average Indian person. What completes this quest is buying a home that you can call yours. Although, to make a smart decision, you must do a thorough analysis of various factors before taking a call.
So, there are several tips that could guide you through the process of home buying. Some important things to keep in mind before you begin are:
If you are wondering what time is a good time to buy a house, then the answer is now! Now is the best time to invest in a property. Why? Because the real estate prices of Bangalore are rapidly rising with each passing day and it’s best to invest in a profitable property/land now before it soars higher than your budget.
This is the factor that will indicate how you have fared with regards to your savings. Not just for an estimation, deciding your budget will also help you understand other aspects of deciding on a property to buy such as:
– about 20% of the total cost will have to paid upfront from your pocket
– banks, especially public sector ones provide you with loans up to 80% of the cost (or price. Price = Cost+ Profit)
– banks also provide loans keeping in mind that the EMIs don’t cross more than 50% of your monthly salary
What makes for a great location to invest in is how accessible and profitable a certain area is, in terms of commute and connectivity. Bangalore is growing exponentially on all sides, so choosing an area to buy a house can get a little confusing. North Bangalore is especially reigning in the real estate department. A few site visits and regularly browsing through the real estate section of the newspaper could do you a whole lot of good.
However, if you narrow down your search based on these four things, then the process should get a lot simpler:
– the project’s proximity to your/partner’s workplace
– availability of roads that connect to the rest of the city
– availability of public domains such as malls, hospitals, schools & restaurants
– proximity to the airport and public transport
– the overall environment of the location- your possible neighbourhood
Another deciding factor before you draw to a close, is that you must ask yourself what is that your apartment/house should offer you? It could be the amenities, services, the layout of the property itself, the ventilation system, etc. So, when you go hunting, you can streamline your search simply by running it under a short checklist that you’ve mentally prepared. Knowing what you want your apartment to offer you is one of the simplest ways to choose a house.
Apart from the above-mentioned factors, you must realize that your home is going to be a projection of your personality. Which implies that the choice you make is likely to last you for a long time, so it’s highly recommended that you read up more about real estate trends, analyze different property units and then make an informed decision.