5 Tips for Shifting into a Bigger Home

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Sep 13, 2020

(4 min read)

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Homeownership rates have increased considerably over the last few decades in India. In fact, in 1961, the percentage of people living in a rented house was 61%. In 2017, just 30% of Indians lived in a rented accommodation, according to a survey by India Mortgage Guarantee Corporation (IMGC), in association with Kantar IMRB. The rest live in self-owned homes or those owned by their parents.

Many people still live in houses that are not too spacious. And, if you are living in a joint family, you might feel the need to have a bigger home even more. This lack of space is even more evident with the homes of people in metropolitan cities. During the lockdown, many families spent most of their time at home. People worked from home, and even kids had their online schooling from home. And this trend of working from home is likely to continue in the future. So, the need for a larger home can be expected to be pressing among many families. If you have also identified such a need for your family, here are some tips that can help you:

1. Know How Much Space You Need

Writing down your requirements beforehand is a good idea. If you are planning to start a family, you might need more room for children. With senior citizens at home, you might want to have some extra space, so that people of different generations can have their private spaces within the same home. If someone is expected to work from home even in the future, you might need to plan for that as well. Once you jot down all your requirements that the current home is not able to fulfil, you will be able to identify the exact additional space you need.

2. Get the Right Home Loan

The easy availability of home loans is one of the most popular aids for Indians to buy a house. Some reputed financial institutions like ICICI HFC provide home loans of up to ₹5 crores. The best approach is to use a home loan calculator to get a clear picture of the tenure required, and the applicable interest rates and EMIs. For home loan eligibility, maintaining a good credit score is important. It is recommended to have a CIBIL credit score of at least 750.

3. Additional Space to Look After

When you plan to shift to a bigger home, you also need to consider that the additional rooms or space will require proper maintenance. You will need to plan for investing in furniture and furnishings to make the most of the additional space. Regular cleaning and upkeep will also add to the daily household chores.

4. Larger House Means Higher Utility Bills

You can make financing a bigger house easier by qualifying the eligibility criteria for a home loan at affordable interest rates. However, the associated costs do not end here. When you plan to shift to a bigger home, you also need to consider higher maintenance charges and electricity bills. Even the property tax applicable will be more.

5. Resale Value

Buying a home is probably the largest investment you will make into any asset. So, it’s important to consider whether this will give you or children good returns in the future. Location is among the most significant criteria that impacts the resale value of a house and the maximum returns are typically generated when you purchase in a locality that has prospects of being fully developed in the near future.

Moving into a larger house feels amazing; more so if you can get a good deal with ICICI HFC home loans. Before you do so, make sure you plan well so that the shift is smooth and seamless.

Information @ Finger Tips

Information @ Finger Tips

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