Our Take on Budget 2013

The allocation of Rs 2000 crore for housing in the urban areas appears to be on the lower side considering that the estimated shortage of housing units is placed at more than 18 million units.

According to David Walker, Executive Director, SARE Home, "The announcement of National Housing Bank (NHB) setting up a Urban Housing Fund, tax sops for first housing loan of Rs 25 lakh and provision of an additional Rs 1 lakh rebate in addition to the existing Rs 1.5 lakh rebate will help to revive the demand for housing stock.

The allocation of Rs 2000 crore for housing in the urban areas appears to be on the lower side considering that the estimated shortage of housing units is placed at more than 18 million units. Provision of Rs 6,000 crores in the rural areas would certainly result in more permanent constructions.

The budget move to levy 1% TDS on properties above Rs 50 lakh would prove to be a major burden for both developers as well as customers especially in the metropolitan cities like Delhi and Mumbai and their outskirts as even small apartments in these areas cost more. High interest rates and soaring land prices have been the major resistance factors in reviving the demand for housing stock and the budget could have announced a few long term steps aimed at improving the supply of land and reducing interest rates."

What newly weds need to look for while buying a house

It is quite common to see a newlywed buying a house since it is usually the first decision on the financial aspect that both partners will take together. Searching for a new home has a lot of aspects associated with it. The earning potential of the married couple, their financial  stability and situation along with their future family plans are crucial when deciding to buy a new home.

A systematic plan has to be laid before venturing out to look for a new home. Valuable advice and tips regarding buying a house will be available when you take some effort to contact the professionals of this field. There are some important considerations and salient features to be looked for in the process. So, take interest in going through the below factors before making the final decision. After all it’s a big decision for all of us!

* Setting an affordable budget for home buying is a factor that plays a crucial role. It depends on related factors such as home loan approval, savings, financial situation, debts, income tax and many other points. The price range that is ideal for both the members have to be considered and chosen. The availability of cash to do the down payment also matters when laying your budget for house purchase.

* The launch of a new home search has to be done after getting all your finances in the best possible order. The financial viability can be affected by various aspects such as credit report errors, income tax returns and so on. Discrepancies in all matters have to be erased before home search activities.

* Making the right choice of the house and location is of prime importance. Home interiors can be done based on your preferences but once a house is chosen to be bought, the location cannot be changed as and when we require. Think many times before selecting the house.

* Hire professionals to get the house inspected for aspects such as the integrity of the structure, security of the location, environment and surrounding, worthiness of the project and related factors.

Having all your priorities met as per your preferences, go ahead and buy your own home with lots of confidence and happiness. The joy of living in your own house can boost you to perform extremely well in many aspects of life. Get that dream house and start your new life in a brand new atmosphere.

What IIT and MBA grads need to look for while buying a house

Homes are the pillars on which families are built. It is the dream and ambition of every professional to build or buy a really comfortable and beautiful home. It is always good to inquire about things before venturing on something big like building or buying a home. Finding the suitable locale is the primary thing when it comes to choosing houses and it differs from person to person. Some prefer houses that are situated in a serene and isolated location which could be just outside a busy city which could prove to be safe haven from the hustle and bustle of the city.

Homes like these can be a perfect setting for anyone but access to the city is a question to ponder over. Big cities can be difficult to navigate because of the traffic and distance involved. Getting to places in time can be a real burden. This is the reason why others choose to live inside the city limits. Living in the heart of the city has its own perks as there is easy access to every place in the city. Schools, hospitals, banks and other day to day businesses when they are close to the residence is a real benefit.

Another vital part of buying a house is the budget. By setting a minimum and a maximum limit for how much you are willing to spend for your dream home makes your choices narrower enabling you to get a clear picture of where you are going to stay. There are residential apartments available for every budget and depending on its location there are villas for a song. In the case of high rise residential apartments one can opt for the lower stories you can save money and if you want a splendid view from your living room you can throw in some more cash opt for the higher stories available.

Apartments can save you the time and labor on furnishing your new house. Safety factor too is an important point to consider with the unbelievable rise in crime in recent times. There are apartments with state of the art built in security and you can be rest assured you and your family live in a safe- house. Buying a house has numerous advantages against building one on your own with which also comes with numerous amenities you would love to have and that’s all there is to it.

What to consider when buying a New House?

Are you a young professional or an NRI who wants to invest in real estate in a developing area? Or is it your first home? With the real estate boom going on, ensuring that you buy the dream home at the right time at the right price is not an easy task. And before getting into action, you will have to do the required research of the areas thoroughly. While doing the research it is significant to consider if the purchase is purely an investment or do you plan to stay in the house for a long time? Making up your mind on the purpose of buying the property would ease the whole process to some extent. However, here are some key points that demands attention prior to deciding on the area. 

Budget 

Apart from many considerations, you should first fix your budget while buying. Fix a starting range and the upper limit beyond which you do not want to stretch. It is also wise to consider the loan factor along with the percentage of loan. Remember that there is always an added expenditure apart from the property price like the brokerage fee, registration cost, and so on. We will have to be prepared for those expenditures as well. 

When opting for a high rise apartment, the cost might increase with every floor you go up. For instance, a house on the 9th floor is pricier than a home on the third floor for obvious reasons like it is less affected by pollution and noise. And this is true especially in the cities. Not to forget the view that one gets with the height is also amazing. 

Some premium builders will charge more for their brand name and you will have to know which brand names are worth the money. For instance, there are builders who are known for the quality of the construction work that they provide. In such cases, it is worth the extra money as you can be rest assured that the building is there to stay, without hassles of cracks and leaks in a few years. Also maintenance costs would be comparatively lesser thus making it a better investment in the long run. With credible builders you are sure to get the best in terms of quality. For anybody an investment in property is decisive and we should definitely opt for renowned builders ensuring a purchase worth the money spent along with a sense of security. 

If you are buying a brand new home, then you will also have to plan for the interior designing, pay extra as property tax, VAT, service tax among other expenditures. With new homes, you have the flexibility to decorate and design the way you want to make it your own and with that comes cost as well. 

Facilities 

After deciding on budget, next come the facilities accessible for the money invested. Novel apartments include residential facilities like playground, parking, clubhouse, security, etc. While you consider outside facilities think of a few factors like the proximity of corporate hubs so that you don’t have to travel too far to your place of work. The locality should have good schools so that your kids or your future kids can get the best education as well. With improved lifestyle, it becomes necessary that the area of choice is close to multiplexes, clubs, lounge bars and airports. If you have an active social life then you need to consider these things as you don’t want to travel too far in the ever increasing traffic to reach your destinations. 

In all, if you are a serious buyer who has all the information and aggressively search in the targeted area with all your requirements in mind, you will be able to land on the right property. Your dream home will no longer be a dream but will be a reality very soon!