Let’s Start to Plan Home Buying Strategy

Buying a home is a major decision that needs proper planning and execution. For a first time buyer, the process may look immense and complicated. However, if you have your priorities and plans in place, buying a house can be a cakewalk. Developing a strategy for buying a house is a stage by stage process. Though we can compartmentalize each phase of the purchase planning, these stages are in fact mutually inclusive. Let us examine how to go about planning for your home buying, taking tips from the experts at Sulekha Properties.

Budget considerations and sources of finance

One of the first things that a home buyer needs to decide is how much they can spend on a home. This will be the foundation on which all other stages of the purchase planning will rest. When you consider the budget, it should include all costs and prices related to buying a home like down payment, taxes, service charges, etc. It should also include any repairs or renovations that may be required for an older property.

Once the prospective buyer has set a goal in terms of the expenditure, the next step is to plan the sources of finance. Home loans, savings, and other sources that can provide funds for purchase must be clearly marked with the percentage of contribution from each source. Another aspect of planning the financial side of the purchase is the time period taken to arrange the funds. For some buyers, it may take years to save a considerable amount every month to buy a house. Have clear targets in terms of monthly or annual savings.

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Type of house and facilities

Your budget will decide what type of residential property you can have. Likewise, the house you choose or want can influence your budget plans. Whichever way it works, make sure that you are choosing a house that meets your requirements and expectations.

Location

When you consider the location where you want to buy a property, do not stick to any particular place. For example, you may be looking for house for sale in Coimbatore. If you cannot find any suitable property, do not just end the search there. It is possible that there are many other properties in the nearby areas that meet your needs. Always be open to search in areas beyond your first choice.

How to go about

You may want to have a clear planning about how to start the actual process of buying. If you are confident enough about your understanding of the real estate market or the purchase procedures, you can start on your own. Otherwise, consider the services of a real estate agent who can chart a better plan for you right from the start.

What will be the drawbacks in low budget houses in Bangalore?

Living in a low-budget house in Bangalore is good way to start your investments in the city. However, if you are looking for a long-term return from the low-budget homes, or planning to live in it yourself in the future, they lose their charm.

Here are 5 drawbacks witnessed in the low-budget houses in Bangalore.

  1. Low cost, but high maintenance

Low-cost houses are invariably the ones that will be made using low-cost materials—concrete, bricks, paints, steel and wood. Once complete, they do look alluring to prospective buyers, but do suffer from troubles. The expense that goes in their maintenance is hefty.

  1. Require 5-yearly assessment

The local developmental authorities have strict guidelines on low-cost housing societies. They have to be assessed for quality of construction, stability and service every 5 years. In case the project fails to deliver as promised, it might be scrapped or laid out on a redevelopment plan after 5 years.

  1. Home warranties may not be applicable

Taking a step ahead from the 5 year assessment, low-cost house for sale may not be covered in the Home Warrant schemes. It could be an additional overhead on the buyer if there is a maintenance issue related to wall cracks, plumbing and flawed flooring.

  1. Limited large house options

Single independent houses for sale in Bangalore for 30 Lakhs might seem an alluring offer, but it wouldn’t be as big as you want a villa, bungalow or row house to be. In fact, independent houses in this range feature at most 2 BHK with small storage and a terrace. Maximum size of the house will be between 650 and 1100 square feet.

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  1. Far-flung localities

In Bangalore, top low-cost houses are available in localities like Hongasandra, Kambipura, Amruthahalli Bommanahalli, Narayanapura-Hennur Road, Bagalur Road and Varthur; which don’t exactly fall under the city centre limits.

The real estate market in Bangalore has come a long way and the lands on the outskirts of this city like are showing rapid development now, say property experts at Property.Sulekha.com.

There is a gradual increase in the property price in the city of Bangalore for the past few years, due to the mushrooming of IT companies here and the resulted real estate boom.