In the present social scenario, owning a house is considered to be an important status symbol. But, it is not just a financial milestone, owning a house can be a great investment and offer structural sustainability, when needed. Perhaps, this is why more people incline toward buying than renting. Renting has its advantages but there is nothing like the feel of your own home. How do you know when you are ready? Real estate experts give five questions to consider before making the transition.
1. Do you want to control your surrounding?
As much as we try to find a rented property best-suited to our needs, it is likely that there is something more that we want. It could be that we want a swimming pool for your kids or perhaps we want to remodel the kitchen. In fact, some homeowners ask their tenants not to bring guests over, not add or remove any fixtures, and complain for just about any noise. If you are among the many frustrated with this meddling, experts say that it is a definite sign to change. Upcoming affordable housing projects across Delhi/NCR allow you to design your space as you want. In addition, many of these projects offer facilities and services that you would not find in rented spaces.
2. Are you interested in a specific part of the city/country?
This is an important question to consider. Most rented houses, although they are affordable, are located in corners lacking essential facilities. This is a fine solution for single individuals but if you have a family, this could mean continuous difficulties. In some cases, you may like a particular neighbourhood, but there are no renting options available. Affordable housing projects are your answer. These projects are spread across the city and available at prices that you can afford. In addition, investing in an affordable house gives you the necessary footing within the neighbourhood of your choice.
3. Are you coming across good deals?
In the current scenario, it is likely that you are coming across good deals on home projects in Gurgaon and neighbouring areas. The new government policies are working wonders for the real estate sector and you can continue to expect good deals for a while. But what happens now? Are you going to stop about the what-ifs and take the first step? Experts advise that if you are finding a good offer, you should at least consider the property. Check it out, compare the prices in the market, research a little and then decide what you would want to do. The affordable housing projects are very popular in the market especially because more financing institutions have come up to support them. This might be your chance.
4. Do you have enough savings for a down payment?
Most of us work hard to increase our savings. But after a while, the savings sits in our bank accounts without getting us benefits. If you like a property and find that you have enough savings for a down payment, decide to act. Experts claim that people work a lot to save the down payment amount but when it is time, they hesitate. They aim to find something bigger, better for the same value. It is unwise to let that capital lose its value when you can exchange it for a worthwhile investment. Remember, a property is of consolidated value.
5. Are you considering having a family?
This is a clear sign for a transition. More people in the family means more space, more bedrooms, and more storage. On the contrary, you may find that your rented house is too spacious and you don’t need that space anymore. Buying a new space, according to your family’s current or projected size could be worthwhile. Affordable homes are giving an opportunity for small and large families to have their perfect space.
