Tag: Real Estate

10 Home Improvements Worth Saving Money For

https://www.pexels.com/photo/brown-and-gray-house-surrounded-by-green-leaf-trees-under-yellow-sky-513790/

 

We all know that homes can be expensive. Not only do they cost a lot to buy, but they will always find a way to suck up your money on maintenance and spruces. And it’s unlikely to change. So, it’s always good to get in the frame of mind of having money available to invest in your home. It’s not easy, but it can definitely be worth it. You should also have some kind of backup financial plan in place too, should you ever need it. But, enough about the formalities, it’s time to think about that soon-to-be stunning home of yours.

When you want your house to look its best, you can often set your set a bit of a home maintenance to-do list. And most of the time, that list grows longer by the day. Although you could get around to fixing up and improving almost every part of your house, it’s important to realize that it will take time. And money! So, instead of on focusing on a huge list of all the things that you want to upgrade, you’re going to want to hone in on the most important. By pulling together a smaller list, you’ll be able to make a big difference with smaller efforts. So, let these home improvements give you food for thought for your savings list.

Your Dream Kitchen

When you ask anyone what their favorite room in the house is, they often all say the kitchen. There’s just something about it that we all love. Whether it’s because it is the heart of the home, or somewhere that we spend a lot of time, everyone wants a kitchen that they love. So, when you feel like passionate about a room, and you spend a lot of time in it, definitely add it to the top of your list. Although it’s tempting to remortgage or get a large loan for renovations, it may feel more rewarding to wait it out and save instead.

A Stunning Outside Space

Your home improvements definitely don’t need to be limited to the inside of your home. Because sometimes, it’s the changes that you make outside that can make all of the difference. If you like to spend a lot of time in the garden, you may dream of having a space that you can really enjoy. So, it might be time to take a look at some landscaping ideas and figure out how much you need to save.

A Comfier Bed

What could be better than a good night’s sleep? If you find that the bed you have just isn’t cutting it, you should definitely think about putting some money away and making an upgrade. Having a comfortable bed and mattress is essential if you want to sleep well. So it’s definitely worth the investment. Never underestimate the power of a good night’s sleep!

https://www.pexels.com/photo/architecture-bed-bedroom-ceiling-271743/

Smarter Systems

Next up, you may also want to think about some of the essential systems that you have in your home. It may be the case that when you’re renting, you don’t have to fork out for new things when they break, but when you own your own home, you get to upgrade to the best by choice. Sometimes, a new water or heating system or smarter electrics can really make a difference to your standard of living.

Updating The Decor

Then there’s the simple yet oh so effective idea of updating your decor. When it comes to your home, you may feel that some of the rooms are outdated. But, if you’re able to add a lick of paint and replace the flooring, you may find that you’re much happier with the home that you have created.

Adding In More Bathrooms

Or, you may want to put some money away for more bathrooms. If you only have a master, or one and a half baths, you may want to think about the ways that you can change that. Because sometimes, only one loo won’t do. It can not only improve your standard of living to have more bathrooms at home but also the value of your house too. So an en suite here and a new suite there could make all the difference.

Creating A Show-Stopping Space

Sometimes, the way that you can be the most excited about saving for an addition to your home is to go with something different and creative. If you love to read, adding a library room in your house could be the perfect idea for you. Or, maybe it would be a theater or a gym? Regardless of what the room will be, adding in something that boosts your lifestyle is always a great idea. You work hard, so why not?

https://www.pexels.com/photo/architecture-bed-chairs-daylight-487279/

Home Emergencies

On to more practical ideas, you may also want to consider having security when it comes to home emergencies. Although it’s a nice idea to have savings for spruces, sometimes you will need that money for emergency situations. When your boiler breaks or your electrics need re-writing, solutions like Personal Money Store are one option, but having savings behind you always helps. Because we all know the unexpected can happen, so it’s best to be prepared.

Expansion Plans

Another key practicality to consider if the size of your home or the space that you have it – especially in comparisons to the size of your family. If you’re looking to expand your family anytime soon, you may want to extend your home too. When you love your home, you don’t always want to move, so you should think about having a pot of money for when the time comes.

Conversion Plans

Finally, an alternative to that would be to think about a conversion. If you have no room to extend your property outwards, you may want to think about doing it inwards. If you have an unconverted basement or attic space, it could be a great idea to convert either or both into a new living space. But to do that, you will need to save up a little money or find a financial source suitable to your needs.

 

 

 

 

Confused Between Renting & Buying? Here’s the Right Option

Rent or buy? – The question has troubled most of us at some point of our lives. It’s a tough question to answer since both renting and buying have their own advantages and disadvantages. Moreover, the choice between renting and buying depends on various variables such as your income and expenses, family profile, income stability and growth, financial outlook, future needs and plans, etc. Which city you are in also impacts the choice for renting or buying. Here team of NewsPatrolling.com did a survey and on the basis of collected facts sharing some key things to consider prior to making the decision for renting or buying.

Down payment vs. security deposit: When buying a home, you need to pay 10 to 20 percent of the property cost as down payment, while the remaining amount will be covered by your home loan. For example, if the property cost of a 2BHK apartment is 50 lakh, you will have to arrange around 10 lakh for down payment. You need to have adequate funds to arrange this large amount. Also, it would not be wise to empty out your entire bank balance for the down payment. You need to have at least 5 to 10 lakh left in your bank account after paying the down payment. On the other hand, if you choose to rent, you will have to pay anywhere between 1 to 2 lakh as security deposit for a 2BHK flat. However, the deposit amount will essentially be unproductive since you will not be getting any interest on it.

 

Income stability & growth: How secure do you think your job or profession is? If your income is stable and growth opportunities exist, you could consider buying over renting. If not, then it would be better to go for renting. When you buy a home and take a home loan, you have to pay Home Loan EMI every month. This is not a problem when your income is stable, but if anything goes wrong, things can get difficult. On the other hand, renting would not create such problems since you can always shift to a cheaper accommodation if you are facing financial issues.

 

Family profile: How many members are currently there in the family? Are you planning to start a family? More members would mean more expenses and it could affect your monthly budget. Choose to buy a home when you are sure that you will not be overburdened by new additions in the family. You need to be able to maintain your quality of life rather than just surviving through the Home Loan EMIs. A home loan is usually for 15 to 20 years, so it would not be a good idea to keep struggling for such long. Considering all other things equal, renting turns out to be cheaper in the short to medium term.

 

Future possibilities: Does your job or business require you to be on the move constantly? If so, then you could choose renting over buying. If not, then you can choose buying over renting, since it will be profitable in the long run. The rent you pay is basically an expense, but when you buy a home, it is an investment since the value of the property is consistently increasing. This would be applicable when you have finalized to settle down in a particular city.

 

New EPFO rules favor buying: EPFO (Employees’ Provident Fund Organization) subscribers can now withdraw up to 90% of their savings in EPF accounts to fund the purchase or construction of their house/flat or for buying land. Also, monthly PF (Provident Fund) contributions can be used for repayment of home loans. These new EPFO rules have tilted the balance in favor of buying a home. If you are an EPFO subscriber and if you have a substantial amount in your EPF account, you could consider buying over renting.

 

Continual reduction in home loan interest rates is also encouraging people to buy rather than rent. Home Loan interest rates used to hover around 10 to 11 percent in 2012-2013, but now they have come down substantially to around 8.5% in 2017. However, the choice between renting and buying will still depend on various variables described above and your specific needs. You need to keep these factors in mind prior to finalizing your decision for renting or buying.