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21 October 2011

Buy a Home like Ambanis!

Well not like but almost. The trend today is for purchasing a bigger home, and with that,  have increased your home loans along with your EMIs. With housing industry offering fully furnished flats also with latest amenities the buyers are spoilt for choice. There are homes that are fully furnished with modular kitchens along with security services 24 hours along with swimming pools, recreations parks, malls and theatres along with themed gardens. In fact there are special societies created for high class living where even the reception area looks like a reception area of a five star hotel, air conditioned and having attractive seating arrangement.
It is very affordable for today’s borrowers to buy a home with all amenities as developers are building such societies that have all facilities and amenities. With malls, schools and hospitals also in the society they are mini societies in development who do not require the outside world! Every one dreams of buying a flat in such an area and advertising and new constructions have created a demand for bigger homes.
Like some years back having a two bedroom hall kitchen flat was the biggest flat one would purchase, but today we have the separate children’s bedroom, play area for children, parent’s room, puja room, guest room, entertainment room and also the servant’s room. Bigger flats also have open terraces and kitchen garden facilities in the backyard. With both spouses working today there is a sudden increase in finances with the family and what was unaffordable few years back has now become the in thing and when people think of buying a first home it is understood that they will go in for  a bigger house and extend their limits further.
Here I am talking about life style which these developers are offering if you have the finances. You can get beautiful homes with so many amenities that you change your life style over night by staying in these societies. Do remember that only buying a house is not done and you have to keep paying the higher maintenance and also for ever increasing costs of the same. Everything comes with a price tag and nothing is free. The decision to buy a bigger home is good as property rates are increasing fast and you make even within a few years. We have seen properties purchased just few years back nearly double in five years time.
For a bigger flat you will need to go in for a larger home loan, which may not be a problem if both are working and you have your finances and investments in place. The only thing to remember is that you have to pay increased EMIs every month so calculate your finances with critical point of view. Be practical regarding your financial decisions as there is always an unknown factor and you have to keep aside some money for the unexpected. You can risk and also increase some amount of home loan keeping in mind your income growth over the years. Also keep a grace amount for market fluctuations in finance sectors like recently the Reserve Bank increased their prime lending rate and immediately the blow on home loan borrowers was felt by every one in terms of increased EMI amounts and increased loan repayment tenures.
People are opting for bigger homes as life style today is changing and what was luxury some years back is now a necessity. And of course you get a healthy and better living environment with some housing developers also promoting eco friendly homes. On the whole the concept of buying bigger homes is roaring and definately here to stay!

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