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Affordable Housing Property tax Real Estate Smart Residential Living

I Earn ₹50,000 pm, Should I Buy A Budget Home Now?

Feb 26,2020 / By / No Comment
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If you’re like most people, investing in a house is undeniably a dream. It is thus no doubt that owning a home from your hard-earned money is the most extraordinary asset that you can have. However, investing in a house is time-consuming and money consuming. Thus, buying a budget home can unquestionably do you good. Nonetheless, the most fundamental component of purchasing a budget home is to do extensive and in-depth research. Before you impulsively plan to sign on the house agreement documents, understanding your budget is quite indispensable. Buying a home based on your monthly salary, i.e., Rs.50,000 unquestionably depends on your overall fiscal health. The following are some tips that can help you understand if buying a house with your salary is the right decision for you.

 

  1. Analyze the house-hold income after eliminating the tax

In India, tax undeniably takes away a fair amount of money from our income. Thus, ensure analyzing your overall income after eliminating the tax to get a vague idea of the amount you can invest for the house. There are several calculating apps online for understanding how much money you will be left with after paying the appropriate tax.

  1. Analyze your monthly expenses.

Household, Personal loans, and bills are a few of the most vital aspects of your living. It is best advised to take out time to jot down your monthly expenses such as insurance, bills, utilities, etc. Moreover, if you’re a family man, there are several other necessities and expenses, such as tuition fees of your children and groceries for cooking. Therefore, eliminating these expenses will help you analyze your expendable income. Making use of financial tracking apps can give you the maximal benefit of making a reliable and money-conserving investment.

  1. Understand your budget

Purchasing a house under your budget of Rs 50,000 pm is possible, provided, you understand all your expenses and necessities. Make the required adjustments and cut down your unnecessary expenses so that you can increase your savings. Thus, this way, you’ll be making an economically wise decision.

  1. Analyze your debts

It is best advised to either pay off your entire debts from earlier or to minimize them to a potential extent. According to experts, getting approved for a home loan and handling your mortgage payments becomes much easier if you pay off your debts. What’s more beneficial, you ask? Well, the most appealing element about paying off your debts is that it can enhance your credit score. The credit score is unquestionably one of the determining factors of purchasing a house. Therefore, minimize your debts and other expenses to have the best chance of getting a personal loan.

  1. Do not be impulsive

We all know how exciting and overwhelming it is to buy a house. However, it is not the right step to impulsively buy a house without doing the necessary research. It is best advised to save up some money so that your deposit can be paid conveniently. Although, a deposit might seem like a hefty amount of cash, saving up and planning your income usage strategically will help enhance your chances of getting a home loan, and paying the deposit.

  1. Have a realistic plan

There is no doubt that a fancy, large, and comfortable house can have your attention in minutes. However, this does not mean that you can impulsively choose a home that will take away years and years of your life to pay back the debts. Thus, ensure choosing an affordable home. Analyze additional expenses such as the maintenance cost, homeowner association fees, tax, etc. Moreover, it is best advised to consult banks to understand if you’re eligible for a loan.

  1. Have options

Most of us make the mistake of investing in the very first home that we see. How is this disadvantageous, you ask? Well, having options will give you the benefit of analyzing if you’ll be making a wise investment. Checking similar houses can help you potentially bargain your way of making a smart and reasonable investment for yourself. Therefore, take out some time to properly analyze and search for houses.

  1. Make use of a home inspector

Hiring a home inspector is the most primary yet imperative element of understanding any potential threats that you might need to deal with in the future. Thus, make sure to hire a reliable home inspector to detect any potential damage and other issues that this house might cost you.

 

To sum up,

The journey of buying a house is unquestionably exciting and infuriating. Nonetheless, don’t rush into making such a big decision. Take your time to analyze your financial health and choose a home accordingly. CommonFloor is a leading online portal offering groundbreaking services in the real estate industry for simplifying your property decisions. They are a distinctive company offering a multitude of remarkable services for sellers, real estate professionals, and home seekers.

 

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Buying property Real Estate Smart Residential Living

To Invest or Not to Invest – Why Millennials are shying away from the Real Estate market

Feb 26,2020 / By / No Comment
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One of the biggest beneficiaries of years of economic growth has been the real estate sector. The largest investment an average household or individual usually makes is buying a real estate property. Be it for buying a house to live in, or simply buying a property for its investment value, countless loans are taken annually for buying real estate. However, recent surveys have indicated that young individuals in the age group of 18 to 30 years are less likely to invest in real estate. This demographic group, which today constitutes a majority of India’s population and is highly aspirational, is by and large reluctant to take on the burden of home loans too early in their lives. The nature of this trend and its various causes are what this blog article intends to discuss.

Recent Trends:

According to Commonfloor Consumer Sentiment Survey 2020, 27% of home buyers belong to the 18 to 30 years age group, while the age groups 30-40 years and 40 and above years have relatively higher shares at 36% and 37% respectively. Although 20% is still a significant share of buyers, it mostly includes older individuals within that age bracket. Young professionals are by and large reluctant to buy real estate properties.

This 20% share is still higher than in earlier decades, according to this survey. The overall demographic trends in property buying since the 1990s can be summarized as follows:

  1. The largest share of home buyers belonged to the 45-55 years age group in the 1990s.

  2. This came down to the 35-45 years age group in the 2000s due to easier home loan rules and procedures, plus other benefits.

  3. The share of the younger age group of 25-35 years also kept increasing, until about 2015-16.

After a period of a surge, young working individuals of the 25 to 35 years age bracket have gone slow on availing home loans in recent years.

Why is this happening?

So why is the most aspirational demographic group reluctant about real estate investment? Studies have revealed various reasons, which can be explained as follows.

1.  Preference for rented housing than a purchased house:

More and more working millennials in large cities prefer to stay in rented apartments than buying their own houses. The reasons behind this are not hard to comprehend if we consider the following points.

  • The average monthly house rent in cities like Mumbai, Pune, Chennai, Hyderabad, and Bangalore is much lower than the average EMI one has to pay on availing a home loan (less than 50%, according to research).

  • The nature of jobs is such that young individuals rarely stay put in one city for more than a few years. Thus, buying a house hardly makes sense.

  • Co-living spaces, or sharing a living space with other individuals of a similar age group, is popular, as sharing of amenities like electricity, Wi-Fi, water, etc. leads to reduced cost of living.

2.  Different investment priorities:

Millennials love to invest in their life goals, but they are cautious about investing in something like real estate too early in their career. Instead, they would prefer to spend on things more fulfilling in the short term, such as trips or exploring their passions. Other forms of investment, such as mutual funds, are also becoming more prevalent.

This trend is due to millennials shifting away from traditional life goals like marrying or having children before a certain age. Owning a house at an early phase in one’s career is thus not a priority.

3.  Complex home loan procedure:

Not only the EMI burden, but even the loan process itself can be a significant deterrence for millennials. Young individuals accustomed to accessing services through apps and a few clicks are understandably left confused by the paperwork and complicated procedure of availing a home loan.

 

What are some possible solutions?

The interest of this young aspirational group in real estate investments can be kindled, provided the circumstances are conducive. In case the following developments can be ensured, the share of the younger age group among home buyers can certainly see a rise.

  1. There must be greater parity between the average rates of house rent and home loan EMI. If there is not much difference between the two, millennials may prefer to buy their own houses.

  2. Greater monetary incentives can be offered for availing home loans by young individuals, such as reduced interest rates, or tax benefits for first-time purchasers.

  3. Easing the procedure of giving loans or of buying and selling property. Much of the paperwork can be minimized if smart technology is applied.

So can the confidence of our working millennials in real estate investment be boosted? The short answer is this – yes, provided the circumstances are made favorable through incentives and simplifying of the procedures. Given how crucial the real estate sector is to economic growth, it only makes sense that the age group which constitutes our demographic dividend participates further in it.

For any help regarding properties search, listing, or management, you can consult India’s leading real estate online platform, CommonFloor. They are the most reliable real estate portal offering guidance regarding multiple aspects such as home reviews, verified listings, accurate photos, and consumer analytics. Download the CommonFloor app to get the best solutions for your residential questions.

 

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New Home Design Hacks That Will Blow Your Mind, Not Your Wallet

Feb 26,2020 / By / No Comment
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With a weekend or holidays coming up, there’s no better way to spend the leisure time than showing your old house some extra love and care to give it a brand new look. Though a bit of DIY may be overwhelming, it doesn’t have to be. With the minimum effort, these 5 DIY house hacks can help you have the most astounding results. Sounds good enough to be true? Read on for yourself and see.

  1. Switch old drawers to stylish shelves

If you want to save money and the world (at least a tiny bit), then the key to success is upcycling. If you have an old set of drawers that you will not need anymore or just don’t have the space for them, then you can put them on the wall as an artistic, makeshift shelf.

Shelves with old wood effects will be perfect, but you can produce an authentic, deteriorated look at a fraction of the price with a little paint and lotion (more on that later). Instead, charity shops can be your best friend to pick up vintage furniture that may not be suitable for their original purpose, but that is ideal for an upcycling project.

  1. Artificially distress furniture with lotion

Distressed furnishings used to be something you would never want. It’s a warning that your furniture was aged, battered, and repaired in desperate need. But as with most trends in home design, an antique is the latest, and getting distressed furniture is now very much in vogue.

You could buy an old piece of furniture from your furniture store of selection, or buy a piece of chemically distressed furniture, but there is a much cheaper and quicker way to get your furniture to have that elegant look. There is a whole range of options to convert your furniture to get that look, including using steel, wool, sandpaper, and candle wax with a variety of different paint styles used in the coating.

  1. Get creative with hidden electronic fittings

Most households will now have a few routers spread around to meet the increasing requirements of the internet that a house full of computer crazy little demons will have. Particularly if any of the kids have found Minecraft, or if you are in the habit of getting a bit crazy with shopping online on your iPad when you’re sitting down with a cup of tea.

A fake row of books combined with a wooden crate can clean up a nifty DIY router. Grab some old books that you are never going to be reading, or dive into the discount bin in the charity shop. Take 4 or 5 hardcover books, then cut out the spine pages. Take the back and the front of the two books you want to start and end your fake stack, and glue the spines and cover the front with a tiny wooden case, the kind you might see in a fresh fruit stall or garden center. If you don’t want to use a case, you can glue the spines into a bit of cardboard and just place the router behind it instead of putting it in the box. That should hold everything together.

  1. Remove carpet indentations with ice cubes

If you have a mark on your carpet created by a couch, a television set, a bed, or even just a groove worn by pacing or opening and closing a screen, this is a nice trick. Placing an ice cube on your carpet will clean out any awkward marks. Get your furniture off the path first, then simply place an ice cube on the mark if it’s a huge line-like open door mark or a seat drag.

Allow the cube to melt overnight so that the fibers are plumped up by the water. Protect the carpet with a blanket and use a fork to fluff gently any stray fibers that have remained flat. In the case of recurring dents, you may have to repeat it.

  1. Keep Rupert off the floor using Velcro

Sure, maybe he’s not named Rupert, but somewhere around the house, we all have teddies, whether they belong for little ones or they are a childhood friend you just can’t let go of. Keep them clean and off the concrete, and at the same time fix the clutter problem by securing them with a velcro stripe to the wall.

Not only does this DIY trick keep the space looking tidy, but it’s also perfect for a children’s room as a fun way for them to highlight their cuddly friends while keeping the floor clean. Even if they don’t use it, when you are vacuuming or cleaning up for a play date, you’ll have a nice place to put the teddies. You can opt for Velcro to keep off a number of other things from the floor as well.

CommonFloor.com is passionate about streamlining property decisions and provides a comprehensive online property investment ecosystem to home seekers, sellers, and real estate professionals. This ecosystem incorporates innovative ways at one stop: extensive search options for rent and purchasing property, easy to use analytics, and house and locality feedback. They provide an extensive real estate directory across all the major cities in India.

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Growing your family? Read what’s best for your kids when moving to a New Home.

Feb 26,2020 / By / No Comment
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People have been migrating more towards cities and towns. This has led to a boom in the real estate market. Numerous apartments and office spaces have started building up in the cities. If you have kids or are expecting kids, it is time to move into a new spacious home. Since the number of family members is increasing, it is necessary to consider a better home in terms of area as it will give space to relax and breathe to all the family members. Large spaces and a separate room dedicated to the kids will help them develop responsibility and protect their privacy.

But, before making any decision, make sure to consider all the vital factors that might affect your kids while moving to a new place, a new home.

A new space, A new beginning

Before deciding to move into a new home, it is necessary to consider your kid’s decision. Talk with them and understand if they would be comfortable with the change. If they are skeptical, explain the positive aspects and make them understand the benefits they shall get.

Kids of different age groups respond differently to changing homes. While some children may look forward to the change, some kids may not like the idea of new space and surroundings.

A study states that kids below the age of five are able to adjust to new homes and surroundings better than children of other age groups. It is advisable not to move homes when the child is between 5-15 years of age. If your child falls between this age gap, make sure to make them acquainted with the new space and give priority to their opinions and comfort.

Frequently moving to new homes is found to adversely affect the health of some children. Hence, ensure that you choose the best place and avoid frequent shifting. Before moving into the new location, take your kids to that place, and ensure that they find the home and the surroundings comfortable.

Factors to consider while moving into a new home

If your family is expanding in terms of numbers and you are looking to move into a new location and new home, here are a few things to keep in mind for the betterment of your kids:

  1. Location: One of the main things to consider while moving into a new home is the location. Ensure that the area is suitable for your kids, and your kids have access to all the facilities.

  1. Safety and security: The main concern of parents today is the safety of their kids. With increasing violence and anti-social elements in the society, the safety concerns are increasing. A safe and decent location will help the kids and parents to focus on growth and happiness.

  1. Amenities: The society or the surrounding places must satisfy all the basic needs of the residents. When it comes to kids, the location must have a good school, day-care centers, hospitals, playing arenas, and extra-curricular classes.

  1. Kid-friendly apartments: The apartments must have a good security system, play area, parks, and kid-friendly staff, which will help the kids grow and learn.

  1. Individual space: If you are looking to move into a new space, make sure to give a separate room to your kids. This will help them maintain their privacy and create a sense of confidence.

  1. People of the same age group: Before moving into a new location, make sure that there are many kids of the same age group as your kids. This will promote positive peer interaction and help your child gain friends.

  1. Healthy environment: The atmosphere must be positive in order to help the kid experience a healthy and happy childhood. The home and the location in which it is present must be kid-centric.

 

Not all kids love moving to a new space. It is the duty of the parents to make them understand the benefits of moving into a new, spacious place. Parents must make the kids familiar with the surroundings and understand their point of view. Consider all the major factors that may affect the physical and mental health of your kid and make a decision wisely.

Age affects the impact of moving into a new home immensely. Infants and toddlers do not feel any negative impact if taken care of their physical and mental health properly. Irrespective of age, they may feel a slightly negative impact, which can be countered with open-talks and understanding. The main goal is to ensure that your child gets a happy new place!

CommonFloor has made the dream of a new happy place possible for your kids. It is India’s leading real estate online platform to buy, rent, or sell a house. Get all your residential needs covered across numerous major cities with this single platform.

 

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