How to Purchase a Home within Your Budget

For most people, buying a house is the most expensive purchase of their life. With the high raising property prices and high interest rates, it is becoming difficult for the middle class population to buy a house. You know you have found the right house when you have all your homely requirements within your budget. It seems difficult but, it’s not impossible. But, in order to make it possible, you will definitely have to narrow down your search and make some sacrifices at some point. Consider the following points that could help you.

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Prefer an old construction house

New construction houses cost up to 20% more than an equivalent older construction house. Buying an old construction house with lesser features than what the market is providing now can add up to big savings. But, you also need to take care that you do not buy such an old constructed house that you need lots of further expenses to maintain it in the future.

Renovation

Rather than buying a house that has all the luxurious amenities built-in, you can buy a simpler house and do things to add up to its value. This way you can save the high amounts charged for those facilities and add things at lesser price that are as per your preferences. If you do not have as much cash in hand for now, you can even keep fixing up things as and when required and are appropriate to be done, rather than getting everything done at one go.

Opt for a different location

You know what and how much you can afford. You have a budget in hand. But, you also want to live in the best parts of the town. It is not necessary that you get a house at your price in the location you prefer. So, you need to be open to few other options for location when it comes to your budget. You can adapt to a location that you do not prefer as much but, you can’t live in a house that you can’t afford.

Know your priorities

You should make a list of what you really must have and what are the things you can do without. For example, if you are a couple looking to grow a family in the future, a two bedroom house is a must for you since your kids to-be at some point in life will need a separate room; unless you prefer shifting to another house in the next few years. But, if you think that you must have a three bedroom house, keeping in mind that you may have guests coming in for a few days and you can make them stay in the guest room. Then, this is not as necessary, unless it fits your budget comfortably. Otherwise this would just add to the price unnecessarily for a temporary comfort for few days of the year, and this is not worthwhile. Similarly, having a kitchen is a must-have. But, having a modular kitchen that does not fit in your budget, just because every other person has it, is not necessary.

Keep in mind a list of things you can have an alternative for. Prefer going in for cheaper options, but also take care that they will not cause any financial harm or further expenses to you later on. Plan out your budget and keep your priorities in mind. This will help you stay out of extra unnecessary expenses. If you are looking for a property in Bangalore, Adisesh Green City provides you with beautiful affordable flats, villas and plots.

SUMMARY

Balancing your choice of buying a new house with your budget is one of the biggest annoyances that you can have. You need to make some sacrifices in terms of construction, location and priorities in order to suffice both the requirements.

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