2020 was a year of major transition, nearly three-quarters of millennials living in metros went back to live with their parents. The reason, to save up on rental expenses and to be in a home that belonged to them. In an interesting survey which was shared in Financial Express, it said, 75% of millennials want to own a home in the next three years. The jury’s verdict is out, the math of owning a home versus renting a home is getting heavily skewed towards the former.
The reasons to own a home are well known, the introduction of affordable homes by reputed builders, government schemes like PMAY and home loans with lower interest rates from banking and financial institutions. And not to forget, the feeling of absolute ownership. If the world is conspiring for us to purchase a home, do we go for it without further ado? The answer is yes!
The events that lead up to purchasing an apartment are tougher than you think, it is a lifelong commitment. Researching and purchasing Bangalore Apartments will leave anyone in a tizzy, that’s where we come in. To make it easier for you.
We interviewed homeowners, real-estate agents, builders and finance managers to better understand the Bangalore Apartments market. We dug in their collective experience in how to buy an apartment in Bangalore. Our team worked on buying a flat in Bangalore checklist to help make the process of apartment hunting easy even for a newbie.
As a rule of thumb, the first step towards purchasing an apartment is to have a grasp on the budget. For starters, follow the 28% rule i.e. 28% of your total income should be allocated for the mortgage. Loan eligibility can be calculated with the help of a home loan calculator. This exercise will give you a fair idea of your Bangalore Apartment budget.
Inform your friends, relatives, and work-mates that you’re looking to purchase an apartment. This move works well if you know someone who is staying in a locality that you are interested in. The residents usually get first-hand information about the sale of property in society, and it works to your advantage.
Deciding on the location of your Bangalore Apartment should be priority number one. Vicinity to school or workplace, ease of travel to business centres and healthcare centres or access to public transport and parks? Think well and decide on what should take the top order. Another area of research can be developing areas in the outskirts of the city. Reputed builders construct new apartments when they are aware of area developmental projects undertaken by the government. Yelahanka, Hebbal, Whitefield etc. are some of the lucrative areas where business zones have been developed by the government.
Put your excel skills to use while doing the Bangalore Apartment hunting. You can start by Location, Builders, Age of the construction, Budget, Travel time, Maintenance charges, etc. The more organised you are, the easier the decision-making process will be. You can share the sheet with your family members to get a stronger grasp on the purchase decision.
Kickstart the apartment hunt search on real-estate websites. Magicbricks, Commonfloor, Housing, etc. there are many players online and they give you a fair idea of the property rates, locality, amenities and upcoming projects. Before you hit the offline market, do a thorough study online.
Once you’ve decided on the locality and the builder, it’s time to do a physical visit. Meet real-estate agents to get an idea of the property rates and overall amenities provided by the society/builder. The more people you meet who are in the business, the better understanding you’ll have.
This applies to the ones who are going for a resale property. The age of the building denotes the condition of the construction. Older buildings if not maintained well have a lower resale value. Get an architect or a structural engineer to take a look at the building and share their report. This exercise may seem expensive in the beginning, but it’ll go a long way in ensuring higher returns on your investment.
In any growing metropolis, there is a huge demand for homes and with it, you have operators who cannot be trusted. These operators construct low-quality buildings and sell it for less, making it lucrative for first-time home buyers. They do not take proper government approvals or homes are built on disputed land. A good lawyer will ensure that the legal paperwork is on point, and some also provide services to do a background check on the builders, etc. They work for your benefit so that no issue will arise once you’ve purchased the property.
You’ve found your dream apartment; it fits in your budget and you’ve calculated the cost to the last rupee. What many of us don’t tend to calculate are the maintenance charges to be paid to the society. These charges don’t fall under the mortgage, and it is essential to understand what facilities and services are included. Talk to the existing members residing in the complex to get an idea of how the existing system works.
With the pandemic happening one thing has become apparent, the vicinity of essential shops and healthcare centres. The closer or more accessible they are, the better it is for you and your family. Ideally, they should be located within 1km of your residence or even lesser. This way you can ensure that essentials can be accessed comfortably even in the absence of a vehicle.
We understand apartment hunting is not an easy process and more so if you’re a first-time buyer. Apart from the checklist we’ve shared, we suggest you speak to someone within your network who has recently purchased a home. Their experience and pointers may prove quite handy when you’re in the house-hunting process. Also, listen to your gut instinct and make a calculated decision.
To get more information on the Bangalore Apartment hunting process, drop us a mail at [email protected]. Our representatives will reach out to you soon! Happy Apartment Hunting!