Buying a More Affordable Bungalow

Categories: Property

Thesearch for a bungalow in India is exciting but it is a big deal, spending a lotof money, so you need to get it right. While some are lucky enough to look atany bungalows Kolkata not having a limit to what they can spend, most of ushave a certain income and so the mortgage repayments we can manage only go sofar. With the suggested mortgage amount being 25% of your monthly earnings thismeans after a 20% down payment, for some looking for a bungalow within budgetis harder. Here are some ideas to find options that are lower in cost so youhave a chance at becoming a property owner. 

Choosing an older property

Oneway to save money on the purchase price is to buy bungalows in Kolkata that areolder and in need of work. When homes need any kind of work it lowers theirprice, often the more work that needs doing the more you can save. If you arehandy yourself or have people you know who can do the work for less money, thenyou could easily buy something in your budget that when renovated would havebeen out of your reach if it had been in top condition originally. But caremust be taken that you know what needs doing. If you buy thinking it just needsa facelift, decoration, new floors and such, but in fact, it has more wrong,bad plumbing, a hole in the roof, then you can end you with a house you cannotfix or a house that is going to cost more than you thought to fix. 

Property with something rentableattached

Anotherway to save money on bungalows Kolkata is to choose a property that hassomething you can rent out, either attached or elsewhere on the property. Thatway you can earn an income from the property that can go towards your mortgagepayments and that can make it a lot easier to afford the bungalow and manageit. If you get the rental up and earn money first, it can then pay forrenovations and repairs on the main property. 

Choose a less desirable location

Anotherway to save on the price of the property is to look in locations that are lesspopular in the city. Now you do not have to buy in a place where the crime ishigh and you are scared to leave your bungalow. But in every city, there arevery popular areas to live in and less popular places, and the bungalows andproperties in the latter are priced lower. If you are willing to send yourchildren to decent schools but not the top schools, travel a bit further to getto work, then you could save money. 

Conclusion

Withsome research into the city, you can buy bungalows in Kolkata that are more affordable. You havemore choices than you realize if you think around the issue!