How to Buy a House On A Budget
 

5 Tips to Find a House on a Budget

05-Mar-2020
 

Owning a house is most likely the biggest and most significant investment that you will ever make in your lifetime. So you should first understand your specific needs and then start searching for a matching property rather than blindly making a purchase. If you are from a middle-class background or buying a house for the first time you may want to invest in low budget properties. Are you someone who is confused about how to find a house on a budget?

Here are 5 tips to find a property that fits your budget.

  • Understand your needs
  • Decide your budget limit
  • Study the market rates
  • Be flexible about facilities
  • Under-construction projects

Now we can discuss how you can follow these aspects to find a budget home which is ideal for you and your family.

Understand your needs

A prospective home buyer should identify his/her requirements based on various factors like the number of family members, location and conveyance facilities, amenities you are looking for, the purpose of buying a house, etc. For instance, you are planning to buy the house as an investment, it is ideal to buy a house located in a well-developed locality near IT parks, hospitals and other major institutions. A centrally located property can fetch you a decent rental income. But on the other hand, if you are planning to stay in the new house, you might want to choose a calm and peaceful residential locality away from the hustle and bustle. Also, decide whether you wish to buy a villa or an independent house.

Decide your budget limit

Buying a house often means making a lot of compromises in your overall expenses. Before moving ahead to search for houses for sale, you must first analyse your financial status and decide your capable budget limit. Once you zero in on your requirements such as amenities, number of rooms, location preference, type of property, etc you can work out a budget that you will be able to invest in the property.

If you are planning to take a home loan, approach a bank to check the best interest rates and your eligibility for the loan. Often people may end up buying a property which is way too expensive for them and will struggle throughout to pay off the debts. Start saving in advance so that you can atleast afford to pay the down payment. This will ensure that your borrowings are limited to a manageable scale.

Study the market rates

Real estate market is ever-changing and the rates keep fluctuating every other day. This is caused due to the changing government norms and the upcoming infrastructural developments. Most of the house or villas located within the city are priced on the higher side when compared to those located in the outskirts. The rates will depend on the locality, living area, amenities, quality of fittings, etc. Then you can start by identifying a few reliable builders and find out more about the properties offered by them in your preferred city. By comparing the rates and other features you can get a clear picture of the prevailing property rates in the specific area.

Be flexible about facilities

We know that you don’t wish to compromise on certain amenities that you love, but if you choose a house with ultra-luxury amenities the price is likely to go beyond your budget. So be flexible with your choices and choose a house with the most necessary amenities such as play area, security services, waste disposal facilities, car parking, etc. Many builders are now offering beautiful gated community villas with all necessary amenities at affordable prices. Also, location is another factor that determines the price of a house. Look at places a bit away from the core of the city, where rates are still manageable. Compromise on factors that are not important to you at the present moment like a garage space or an extra bedroom. It will make a world of difference in your journey to find a home on a budget.

Under-construction projects

Nowadays, under-construction projects are in high demand among homebuyers as they are available at a much affordable price when compared to ready-to-move-in houses. If you are ready to wait for a few months before moving into the new house, then you can consider buying an under-construction villa project. Buying an ongoing project will also enable you to choose a spacious home at a lesser budget without compromising on the features. Gated villa projects are more popular as they are secure and offer a wholesome lifestyle to the residents with many common amenities. Most of the villas are located in calm and tranquil residential areas which ensures a healthy living environment.

We hope that this ‘checklist to buy a budget house’ was helpful. By doing good research keeping these factors in mind will assist you in finding a decent home that meets your budget requirements.

Many builders or owners may try to deceive you by offering properties at cheap price compromising on the quality of construction and durability of materials. Be extra careful when it comes to choosing a reliable builder or real estate agent as they are many frauds that are happening in the real estate business.

If you are willing to invest in a new villa in Kerala, choose from the various affordable villa projects offered by Victoria Realtors, one of the leading and most trusted villa developers in South India.

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