Invest In India

Property prices have gone through the roof in the last few years. It is becoming increasingly difficult to afford a home, especially in the cities of India. Do low cost homes exist in today’s times? How can one find them?

Finding a home that fits into your modest budget may look like a dream, but it may not be impossible. Here are a few options worth looking at:

City outskirts

Most people wish to live within the city limits, so as to be closer to their place of work or school. Another reason is that day-to-day living and chores like grocery shopping and banking become easier with facilities close at hand. If you are willing to increase your commute time, a home on the outskirts of the city will cost you much less than one situated within it. Not only are prices outside the city limits lower, but these properties also appreciate in value, and are good capital investments.

Second hand purchases

A second-hand home will probably be cheaper than a flat in a new housing complex in the same neighborhood.

Early birds

If you are looking for a brand new apartment and can wait to take possession of your home, it would be a good idea to purchase the apartment before the project begins or is in its initial phase. The cost of homes is lower at this stage. Finding a reliable property developer is essential here.

Seller’s angle

If the current owner of the property is in immediate need of funds or otherwise has to dispose of the property urgently, you may be able to strike a better bargain with the seller. If the seller is in a hurry to sell the home, s/he may settle for an amount below the quoted price.

Refurbishing the home

You could begin with a property that would need repairs on purchase. A property that has been damaged or is not well kept sells for lower prices. However it is important to factor in the additional cost that you would have to incur immediately after purchase. If the overall deal works out cheaper than the cost of a similar property in good condition, it would be a good buy.

Build your own home

Acquiring a plot of land and building your own home is another option. This project also gives you flexibility on your finances. You could start with building the basic structure and add new dimensions when you have surplus funds. Of course this is a more tedious process than buying a ready-made home.

Owning a home is a dream shared by nearly everyone. Many people sink their life’s savings into purchasing a place of their own. Is this because of practical considerations, or do emotions come into play where a home is concerned? Does it make better financial sense to rent a place to live in, or to possess a property that you can ill afford?