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The Single Woman’s Guide to Buying a first Home in India

Posted by Balaji on November 24, 2020
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A growing number of Indian women are breaking barriers, by making a living on their own and leading independent lives. For these women, this dramatic change in their lifestyle has led to renewed priorities. A record number of single Indian women who are financially independent are now buying a home of their own. It has been reported that one-fifth of India’s home buyers are single women today.

Experts say that women are now about 30 percent of property buyers in urban areas. This number would only grow upwards in a couple of years. In addition to this, single homeowners stand to gain maximum tax break as compared to married couples.  However, single women who take the risk to purchase their first home need to be cautious of certain key aspects to make it a secure and profitable deal.

The Budget:

If you’re a first time home buyer, freezing on a budget is necessary. It can be a daunting decision to purchase a home, which makes it essential to evaluate all the costs and then make the move. Since you are the sole earner, you need to carefully calculate the amount of down payment you can pay on a monthly basis from your savings and the EMI you can easily pay. It would be a good idea to search for your home loan eligibility with various banks to be sure of the EMI number, to avoid any disappointments later.

The Home Type & Size:

The next thing you need to choose after you set the budget is the type of house, i.e. a high-rise apartment, a villa, or row house to suit your needs. Consideration of the house size is equally significant. Given the current scenario, A 1 BHK may be a great choice, but later you will prefer to live with your parents or have a family and then a larger apartment would be needed. So with an eye on the future, take this decision.

Start Researching:

You should start researching your house after deciding on the budget and type of house. You should also try to gather information about the neighborhood while exploring the property. It is the key to buying a property.  You can also look for nearby basic infrastructure facilities such as hospitals, malls, markets, and public transport. In course of your research, you should also take the RERA registration number of the Flat/House you wish to buy and get all the details from the RERA website. This way you can be convinced when buying a home.

Safety & Security:

If you are going to live alone in your new home, it would be a smart idea to invest in a secure neighborhood and a gated community. Check for reports of crime and the rate of crime in the region in which you intend to invest and look for security features within the premises of society. You should not make any compromises when it comes to security.

Resale Benefit:

Buying a home is a long-term investment.  If you want to sell the house in the future when you move to another town for better career prospects or for a bigger house. So, evaluate the rate of return you can get from the property.   Before you make this big investment, take an idea from the past, present and expected rate of appreciation.

Take these tips into consideration when you decide to invest in your first home. If you are looking for a safe and secure investment in Bangalore, then Coldwell Banker can be an ideal option. Our agents will assist you through the process, making it a breeze for you to buy your first home.

 

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