Owning your own home is a sign that you have arrived. Traditionally, buying a house was considered a good investment as it took you off the rental market and also, real estate prices only went up. So home was considered an asset which always appreciates. Even now some people invest in houses, buying to sell later when the prices have appreciated or to get rental income. With new housing projects coming up, Residential projects in Ahmedabad, and other cities, the options are plenty.
But is a house an investment?
Let’s look at all factors which an individual must consider before making the decision of buying a house.
1. Cost of Purchase: Buying a house locks up a big chunk of your earnings. You have to take a loan, pay monthly EMIs, so any other big spending takes a back seat. Therefore, plan your finances accordingly before making the decision of purchase.
2. Additional costs: Not only do you have to pay for the house, but registration costs, brokerage, transfer fees, etc. add to your pay-out.
3. Interior decoration cost: It is not enough to have the four walls of the house. Interiors have to be made attractive with furniture, fittings, paint, upholstery, etc. If you live in the house, you would want the best, and this may call for the services of an interior designer. Even if the place is to be put on rent, some essential amenities must be provided.
4. Maintenance cost: The house you buy has to be maintained. Apart from paying maintenance fees to the society, there will be repairs or changes that will periodically be needed to be done. All this results in a regular outflow of funds.
5. Hamper’s movement: In today’s world where people are willing to relocate for better opportunities, a house you own becomes a liability when you need to move. Having to look for tenants is an additional effort. Even if you decide to lock up the house, maintenance and cleaning will need to be done which will call for visits from wherever you live.
So with new housing ventures, Residential projects in Ahmedabad, are providing people all around Ahmedabad a better opportunity of purchasing their own apartments.
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