By Mr. Atul J.Trivedi , Rashmi Sri Sairam Property Developers
Home loans
rates have been slashed to 8%. If such an announcement in the paper prompts you
to buy a house, count yourself among those who act in haste and repent in
leisure. Why do people become impractical while buying property?
Is it prudent
to buy a house just because there are home loans available? In most of the
cases, we see people buying huge houses irrespective of the fact whether it
meets their budget requirement or not.
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| Mr.Atul J.Trivedi , Rashmi Sri Sairam Property Developers |
If
you have a decent income with some money set aside for monthly equated installments,
then it’s wise to go for house that is well within your financial reach. It’s
obviously the size of the apartment that determines the price of the property.
A big and fancy house will undoubtedly be the cynosure of all eyes except
probably its occupants if they have gone beyond their budget to invest in such
a property. Buying a house is a huge investment and in most of cases it’s a
long term financial burden, if you are going by the EMI way. So, isn’t it wise
to analyze your financial picture and settle down for a house that you would be
comfortable in.
Invest wisely
Think
long term while make property related decisions. The property you buy will
invariably go to your children or your near and dear ones. So invest wisely,
buy a house that meets your budget and your needs. A huge house may not only
create a deep dent in your pocket but may become a liability for your children.
Instead invest in a compact size house/apartment. This will not only help in
reducing your financial burden but is easy to maintain and hassle free.
Size of compact house
A compact house
doesn’t necessarily imply tiny or cramped spaces. The size of the house should
be decided by you in terms of how many bedrooms and bathrooms you need, size of
the kitchen and drawing room etc. Open floor plans are known to be ideal for such
homes. Another space-saving tactic is to forgo formal spaces such as separate
dining room in favor of an eating corner that opens easily to the kitchen. A
multi-utility space like a kitchen island is an emerging space saving option
that can be used to chop vegetables or eat breakfast.
Benefits of investing in compact
houses
A
compact house true to its name fits your family requirements to the maximum
extent as you will seldom find unnecessary spaces being unutilized in such
houses. Every inch of space is planned and constructed in such a way that there
is absolutely no scope for costly surplus square footage. Since a small home is
usually more affordable because of lesser costs for land, material and labor,
you will surely be left with some surplus money to splurge on high-quality
windows, flooring and home décor items.
Big
dreams in compact houses can definitely become a possibility as these houses
are affordable and low on maintenance. Small can indeed be comfortable and
beautiful!
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