The millennial workforce is progressing not only in their careers but also in terms of their goals in life. Many are shifting to Bangalore for their career and hoping for a better future. The mindset has shifted from renting homes, and they now want to invest in 1BHK /2BHK homes in the city or even independent houses. There is a shift in how the new-age resident sees the rental market in Bangalore. They know its value and that there is scope in investing in a house and either staying in them or listing it as a house for rent in Whitefield or any other locality in which they have purchased it.
Several factors go into buying a property. It is not only a significant investment but also a long-term commitment. Certain specifications go into buying a house in a metropolitan city like Bangalore. The following section of the article will mention a few tips for finding the best property to invest in.
5 THINGS TO KEEP IN MIND WHILE LOOKING TO BUY A HOME IN BANGALORE:
As an alternative to seeking a house for rent, individuals can look at a long-term investment in a house in Bangalore with the help of the following tips:
Budget: It becomes essential to assess one's financials and understand if one can pay the loans and other costs of buying a 1BHK or an independent home. In Bangalore, investing in a home is a feasible alternative to getting a house for rent. The various expenses in purchasing a home are purchase value, land tax, parking space, registration charges, and documentation charges. Taking a loan will help with the funds, but the buyer must assess the risks associated with it. Apartments in Sarjapura start at INR 35 Lakhs, while localities like Cunningham Road, BTM Layout, Old Airport Road and Palace Road have 1BHK to 3BHKs starting at INR 1 crore.
Type of home: The next thing to consider is the type of home that not only fits the budget but also is the abode that the buyer has always dreamt of. The most common category of houses available for sale in Bangalore is apartments. The 1BHK/2BHK/3BHK are for millennial buyers who prefer convenience but want a sense of community to purchase an apartment. Buyers wishing for a luxurious private space can look for villas in gated communities.
Locality: The next question that arises is what locality to buy the perfect house. There are many beautiful localities in Bangalore where the millennial buyer can purchase a forever home. Whitefield, Sarjapur, Frazer Town, Magadi Town, Yelahanka, Horamavu, JP Nagar and Koramangala are significant localities to buy a home.
Amenities: It becomes essential for the buyer to discuss with the builder about the available amenities in the apartment/ gated community for them to use. Amenities like grocery stores/supermarkets, gyms and sports centres, swimming pools etc., are a bonus for the residents. The builder would have promised multiple things in their advertisement, which could be real or just a marketing gimmick. The buyer must confirm if it is indeed what is being offered.
Legalities and documents: Buying a home involves crucial procedures like documentation and keeping the right records. Before purchasing a house, ensure the flat/ villa has all the necessary paperwork and government approvals, such as project clearance and approvals from BMRDA (Bangalore Metropolitan Region Development Authority) and BBMP (Bruhat Bengaluru Mahanagara Palike).