How to find a right home for your budget

How to find a right home for your budget
So you’ve finally resolved to go ahead and buy a house. It may or may not be your dream home but you still want to ensure it meets all your expectations, including your budget.
If this is your first house
If you’re buying a house for the first time, most of us tend to get carried away in all the excitement and land up spending a whole lot more than we had imagined and were ready for. What is most crucial while buying a house for the first time is to bear in mind that this might not be the only house you buy, or your ultimate dream house, for that matter. This is just a stepping stone to something better awaiting you down the line, so be realistic about your expectations. Make a list of what purpose your house would solve for you and prioritize and see where you can compromise, so you don’t have to burn a hole in your pocket.
Keep options open
Don’t be closed about the type of house you’re looking for. You might be looking for say a 2BHK house, but you might find a great studio or 1 BHK which could still work well for you. Alternatively, you might be looking for a house in the heart of the city, but you might find a much bigger place in the suburbs with all the necessary convenience. So keep your mind open as you never know what doors would open for you, literally.
Existing vs New house
While most people tend to prefer a new construction, which hasn’t been lived in over an existing house, most new homes land up costing you upto 20% more than an existing house. Hence, you would not only be saving money, but also ensuring you get a bigger chunk of your “dream home” by buying an existing house.
Gauging the neighborhood
Everyone wants a house in the most upmarket part of town. However, it most likely does not fit into the budget just yet. A smart investment is one in which you’re able to identify neighborhoods which have transition potential in the near future. These are typically neighborhoods which might be not so perfect now, but in a few years, you’d be sitting on a pile of wealth, which you can then use to build that dream house.
Learn to separate the “must-haves” and the “good to haves”. Cater to the essentials first before seeing how much budget you have left for the good-to-haves. For example, a must have could be a 2BHK apartment. A good to have could be a balcony. This way, you will not land up compromising on the important things.