While things might look a little bleak right now, Pakistan’s GDP is expected to grow by 4% this year. This means that it is an excellent time to buy a house in a budget, and we’re here to help you. This blog gives an overview of the five things you must consider when purchasing an affordable home.
Buying a house is not an investment you make every day. Whether you’re thinking of buying an apartment or a villa, you must weigh your decision carefully because you’ll need to live with it for the rest of your life. However, we understand that the information you find around can sometimes be overwhelming and challenging to digest, this is why we have taken the time to pick out the key points you need to be looking for.
Let’s get started; here’s everything you need to consider when looking for affordable houses.
1. Sort Out Your Finances
Before you hop onto the house-buying journey, make sure you have a comprehensive financial plan to help you decide what is affordable. Making educated decisions will help you know what to cut back on to make the payments. Take everything into account, such as all expenses you spend on transportation, savings or deposits, tax payments, food, and utilities. If you think you’re struggling to make ends meet or have a high percentage of loans you need to pay off, it might be a good idea to step back before buying a property.
While there’s always room for flexibility, you should avoid housing options that go beyond the budget you can afford. Also, remember that while decreasing the amount you spend on eating out, or other luxury items is recommended, you shouldn’t have to completely change your lifestyle to buy a house and get into further debt.
2. Ponder Over What You Need
If you’re wondering how to buy a house on a budget, it might just be about making compromises. But first, let’s talk about what you think you need. Decide on bigger things first, such as the size of the house and the amenities it provides. Depending on your family members, you can choose to have a slightly smaller home with minimal amenities to cut down on the cost.
Amenities such as concierge services or appliances like built-in fridges and microwave ovens can put a dent in the total cost. Additionally, though it is fascinating to have a home already decorated by a professional interior designer, it will take costs up a notch. So dial down on the carpeted rooms and the color of the tiles in the bathrooms, and you’ll instantly notice a difference. When you’re looking for affordable houses, compromising and deciding what you actually need as opposed to what you want will be the difference.
3. Put Your Networking Skills to Use
The people you know can help you find the house in a budget that you’re looking for. It might be surprising, but you can find some great deals just by talking to a few people and using your networking skills. Some homeowners have already found homes that they might have missed otherwise.
Start by telling everyone that you are looking for a new place and let them know the specifics you need. Talk to people in your workplace, your friends, family, and even your neighbors! It must just turn out your coworker knows someone who wants to sell their property, and it fits what you require. Moreover, you might even end up getting the deal before it even hits the market because your friend might know the seller. Finally, networking can also help you bring the cost down a little, along with ensuring that the deal is safe.
4. Don’t Be Afraid To Shop Around
When you are thinking of purchasing a home on a tight budget, there are some compromises you’ll need to make. Cheaper housing options won’t be available in popular areas because they provide everything people are looking for. However, if you think your children can do without the park in the corner, several lesser known areas will have options that are within your budget.
The last place you should be looking at for an affordable home is one which is popular. Experts recommend that people looking to be affordable homeowners should be brave and pick underdeveloped areas where prices are low in the beginning. When you want a better deal, make up your mind and be ready to shop around. Look at several options, weigh the pros and cons, and only make the offer if you’re fully satisfied.
5. Think About Buying a Slightly Older Property
Finally, there are several benefits of buying a fixer-upper. If you make a conscious effort and carefully consider the advantages and disadvantages of buying an older property, you’ll probably have a great deal to go with. A house for sale like this will be available at a much lower price tag than one which has had recent renovations done. Remember, buying older properties doesn’t mean you start looking for historical places because these will definitely cost you more!
However, it is best to make sure there are no structural damages to the house or issues like mold because these are things that can make you shell out more than what you expected. In this regard, while it may seem overly expensive to get your house inspected by a professional, it’s the best decision you’ll make to avoid higher costs later.
Start your house hunt right away
Buying a home may seem daunting at first, especially if you’re looking for affordable options. But the truth is that if you are meticulous and consider your options carefully, it can help you get a house in a budget.
Use the tips and tricks we have mentioned here, and don’t jump into hasty decisions. You can also go for reliable options like Chapal Courtyard, where units are designed keeping in mind your everyday needs. Since buying a house is a decision you’ll probably only make once in your lifetime, so make one you don’t regret!