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Tips For ‘first time home buyers’ of a 3 BHK apartment in Hyderabad-part I

Buying a property for the first time means you need to get it right the first time! For a resident in Hyderabad, you need to make sure if this decision is good both for your family and financials in the long run.

The ‘balancing act’ of purchasing a 3 BHK apartment requires a good thought about some of the future requirements and factors in your life. We are emphasizing a 3 BHK apartment so that it caters to all the family members of a 4 member family to the best possible extent.

However, while we are talking about a 3BHK apartment, the final decision to buy an apartment could come down to not buying an apartment, or settling in for a smaller apartment, depending on the circumstances.

[Source:Photo by Alexandr Podvalny from Pexels]

Tips For first time home buyers

Let us get a glimpse of some of these factors, and figure out how to go about ‘planning’ and ‘thinking’ on buying your 3 BHK apartment!

1. Get the right information about localities and type of investment

Proper and beforehand research and information search helps make a decision on investment while buying your home in Hyderabad
You must know which locality is good for your work, business and family needs over a period of a decade and beyond
Also, check the information about social infrastructure for future needs of your family members including education, shopping, connectivity to various city hubs and medical facilities among other things

2. Plan your finances

Make sure to plan well on how you are buying: own money or borrowed money
If future income is safe and assured, then you can stretch your budget a little beyond the normal and go for a bigger, more spacious unit. Or, even choose high-specification home with superior build-quality, or a more desirable location/unit. For example, sometimes you buy a 2 BHK assuming your current requirements, and after 5 years or so, you are forced to sell it in favour of a 3 BHK. This way, you may lose your preferred location just because you did not buy a 3BHK apartment early-on
In case the finances are not very conducive, and other demands are likely to drain your financial resources in future, it is prudent not to risk too much, and play it safe by either not buying or buying within your means (budget)
A balanced approach has to be adopted depending on the stability of income and future needs of your family. This calls for wisdom and financial propriety
You can also figure out if you may rent it out or sell the property in future, and finances could be planned accordingly
Figure out if you need a home loan, are eligible for a home-loan, and how much of EMI you would like to set aside to procure your apartment without suffocating your family

one of the tips of first time home buyers - a Social infrastructure

3. Choosing the location, and neighbourhood based on your priorities

Location matters, especially, in the long-run. A good location need not be an expensive location. A good location is what brings you happiness, comfort and convenience
Some of the important questions you need to ask yourself: 1) Do you want location for immediate needs to be closer to place of work? 2) Will you prefer to continue living in the same location for eternity? 3) What’s important to you and your family: greenery, being closer to happening areas, eateries, educational institutions, peaceful environments and so on
Ask yourself the right questions that work well for you and your family. Your children’s age, their future needs need to be considered a top-priority while finalizing a location, size of unit, type of building, type of builder, build-quality, specifications, spaciousness, amenities etc.

4. Clarity of thought on self-use and renting

Renting or self-occupied apartment: this is a question that you need to answer before you buy your apartment
You also need to be sure if you are sure of settling down in a certain locality or city, or are buying a property for capital appreciation or rental alone
Return on Investment on your property can be both financial and emotional