What should be the Right Price for your Home to ensure your Affordability?

By : 360 Realtors

14 May, 2018

People are concerned about the value of money they pay for their homes. Often, you would want to know how affordable is your home, or how much money is affordable to you to buy a house. In case you are looking for an affordable house, you can have a look at the upcoming residential complex in the key cities. The government has come up with the affordable housing schemes, which enable the residents to buy properties at reasonable costs. The demand for residential property in the country has been on the rise. Besides, people are migrating to the key cities, as they can have an access to the extensive employment opportunities in these areas.

Each person has a different concept of their dream home. However, you should be concerned about your money factor and decide how much you are going to invest. First of all, while investing in real estate, you need to decide what exactly you need. You may need larger bedrooms, landscaped gardens, play areas for your kids and other amenities in your home. All these factors determine the cost of your home. You may be planning to get a home loan in order to make the purchase. In any case, you need to get the home customized, according to your needs. It is necessary to strike the right balance between the features in your home and the price you are paying for it. The millennials are looking for quality homes, that come with a wide range of amenities for them. Income levels among these people are rising and they are enjoying the benefit of housing finance companies. This has shaped the aspirations of the customers to a great extent.

 Well, the property prices in the big cities are on the rise and buying your home can turn out to be an expensive matter. However, you now have various banking facilities to assist you buy the home. In general, banks lend out around 80% to 85% of the total value of the property at the beginning. As a result, the homeowners need to pay a large amount of down-payment at the outset. In most of the cases, people end up spending a large amount of their savings in buying these apartments. A survey reveals that the Indian homeowners spend more than 50% of their savings in making this down payment. It is necessary to have a better control over your funds and check out the other financing facilities, when you invest in real estate.

According to another statistic, the saving rate on an annual basis has been assumed to be 25% and it has been revealed that homeowners in Mumbai need 12 years to get the necessary capital. However, in Chennai and Delhi, the time necessarily comes to seven years. Therefore, the homebuyers need to look out for affordable homes in these cities and make their investment accordingly. In case you are planning to get an affordable home in one of the top cities of the country, you can have a look at the ready to move homes and make your purchase in real estate.