Smart tips to buy your dream home at a young age
By now, you’ve probably been at the receiving end of advice from friends, family, and co-workers, umpteen times, encouraging you to buy a home of your own. Gone are the days when there was an unwritten rule that you can start planning to buy a home only after you are married and have kids. Countless youngsters feel it is better to start early when it comes to, possibly the biggest investment of their life. Some of the best flats for sale are in Trivandrum. So, why not?
Buying a home early gives you stability and security. You can also take pride in having a place to call your own. You get to spend a major part of your working life free of rent misery and it gives great returns as an appreciating asset. You can also make it a great source of additional income if you plan to rent it out. With Cordial Homes, the best home builders in Trivandrum, you can rest assured that your investments are safe and in return, they will give you a world class apartment with all that is promised to you.
So determine your budget first. Online calculators help to get an estimate of how much one can afford, but it’s important to take into account your monthly expenses and long-term financial goals. That being said, buying a home is a big decision but achievable by smart planning and preparation.
Research on Your Dream Home
All of us dream of owning a house. It is no secret that villas in general are priced higher compared to apartments. Villas are also costlier than apartments in terms of maintenance cost. This is mainly because the number of units in a villa complex is lower as compared to an apartment complex and hence the overhead costs gets divided amongst lesser number of people in a villa complex. Also, many of the amenities in a villa need to be self managed by the owners.
When it comes to an apartment, you have slightly more flexibility as you can choose the community and location that you are buying into. Next is to decide how many bedrooms do you want? What amenities are you willing to pay for – car parking, swimming pool, club house? Where will it be situated – in the heart of the city or in the outskirts? Owing to its affordability, a budget flat in Trivandrum like Cordial Layam, from one of the best builders – Cordial Homes, would find takers more easily, irrespective of its location.
The cost of owning a house varies based on all factors mentioned above. Knowing these details means you will know exactly how much to save. However, it’s crucial to set a budget that’s in line with your current repayment capacity.
Savings to cover for Down-Payment
Financial discipline is the foundation to making the dream of owning a house affordable and realistic. You need to pay the down-payment on a house from your own pocket. This can be anywhere between 10% and 25% of the property’s market value. If a 2BHK apartment costs around Rs. 90 lakh at Cordial Homes, then the down-payment will be between Rs. 10 lakh and Rs 15 lakh. It is important to have a stable source of income and a good credit record for ongoing expenses like loan payments, property taxes and maintenance.
In order to meet these expenses, you probably would just need to trim your lifestyle to avoid wasteful spending like dining out, unnecessary shopping, lavish entertainment, fancy vacations etc. You should also categorise your expenses and determine how you’re spending your money and then make a budget. For example, if you’re currently eating out 10 times a month, cut it down to 5 or 6 and save some money. The same goes for skipping expensive gym subscriptions and choosing to work out from home, go for a jog or walk or even go cycling.
Apart from the down-payment, there are other out-of-pocket costs involved. For instance, stamp duty (from 5% to 7% of the property value), registration cost (at least 1%), memorandum of title deed charges (0.1% of the loan amount), interior decoration, electricity connection, water supply, and so on and so forth. There are also brokerage fees, legal fees, home insurance, etc. too. While it might be difficult to accurately factor in all the non-loan charges, try to have at least an estimate, and strategize accordingly.
The interior finishing and furnishing expenses could be planned based on the square feet area. The going rates could vary anything from 1500 to 4000 per square feet and in fact there is no limit to how high it can go.
And finally buying a home in Trivandrum can take time, so it’s important to be patient and not rush into a purchase. By following these tips, you can increase your chances of buying your dream home at a young age.
Why choose Cordial Layam?
A multitude of reasons make buying a flat at Cordial Layam the ideal choice. Cordial Layam ticks many boxes for you, to buy a flat in Trivandrum. The address of Cordial Layam which is Sasthamangalam, speaks loudly of its connectivity to the rest of the city. The Central Railway Station and Bus Station are less than 5 kms away from this upcoming project. Also, the city’s leading malls – the Lulu Mall and the Mall of Travancore are less than 15 kilometres away. All major schools and colleges are a stone’s throw away from Cordial Layam. So are places of interest such as the Napier Museum and Kanakakunnu Palace amongst many others.
Cordial Layam, gives you the best homes and pampers you with all the modern amenities that you have always longed for. A party area at the terrace alongside a barbeque zone makes sure that the perfect ambience is created for you to unwind and relax. The jogging track, swimming pool, yoga and meditation area and the gym takes care of all of your fitness goals leaving you with no excuses to skip your workout sessions. Children too can have their share of fun by playing in the recreational zone or having a gala time at the Home Theatre with their friends.
Other amenities include an impressive lobby entry to your apartment, an AC multipurpose hall, generator back-up and a sewage treatment facility. They make Cordial Layam a notch above the others and it is something only the best home builder in Trivandrum – Cordial Homes can provide you.
Buying a home isn’t an easy task, but delaying the plan may not be profitable either. Yes, your income will increase in future, but so will your expenses owing to more financial commitments. So, be informed, and learn to manage your money well. You might have to make certain sacrifices too, but then it will all pay off when you get those coveted keys to your own apartment!