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May 31, 2015

Upgrading to a 2 BHK apartment? Here’s where it will cost you the most

New apartmentGenerally it is hard to upgrade from a 1 BHK apartment to a higher BHK apartment but these days due to availability of real estate portals and real estate agents you can easily look for a 2 BHK apartment. Upgrading takes up a lot of energy and gives lot of stress and tension. These types of situations only come up at certain times in life and people are totally clueless about it. Modifying your house ordinarily happens when your family is extended or when you need more room for your storage or simply when you have some extra money to splurge on yourself and your family. Going from a 1 BHK to a 2 BHK will mostly be double the expenditure than the first one. As we all can imagine by the name only that from 1 Bedroom to 2 bedrooms you will have more space to keep all your things but there will be a rise in the costs that will take to maintain the house or the additional room. If you are in the search for a 2 BHK flat for rent in Kolkata or any other city then you can easily look for one on the real estate portal.

Here are some of the things that will increase your cost if you upgrade from a 1 BHK to 2 BHK:

  • Cost of the house: if you are buying a new house completely then that’s going to cost you double just because you are asking for an additional room. The rates for 2 BHK apartments are nearly touching the sky because of the high demand for them. Hence it extremely hard to find a good 2 BHK for rent in Kolkata or 2 BHK on rent in Mumbai. The other reason being that these cities come off as the prime cities and hence you will have difficulty finding apartments but if you keep a careful eye on the apartments and all the changes in the city then you are sure to succeed.
  • Maintenance: it doesn’t matter if you have a servant who does all your house work or if you do it yourself, the efforts to maintain a 2 BHK house is going to be enormous and hence even if you don’t have a house servant you will eventually have one. The home servants/maids ask for more money when there are more rooms in the houses and hence the salary that you paid to your previous servant won’t be what you will be paying to your new one. Moreover doing a normal pest control of your house and other things will also cost you more.
  • Security: now that you have 2 rooms the security of the second room will be an additional cost for you. If you believe in fitting CCTV cameras at your place or just normal safety measure then you will pay extra for that.
  • Decorating the room: decorating the room and adding furniture to the room is sure to be an additional cost to you. Also looking after the extra room will be asking for some money.

Hence if you are planning to upgrade to a 2 BHK house then be sure that you know all this points and you take decision only after evaluating and thinking over each and every point. If the upgrading is done with lot of thought then you might be able to eliminate some cost. Hence purchasing a permanent house try living in a 2 BHK flat for rent in Kolkata.

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April 7, 2015

Real estate trends to be aware of in 2015 – Which are the best markets for investing?

Real estate trendsDue to the sudden recovery in the housing market across the United States of America, prices in many markets have shot up. According to reports by Realty Trac, the median sales price of the single-family homes and condominiums had reached their highest level since September, 2008. Appreciation of price and the tempting number of foreclosures created frenzy among the real estate investors who were willing to pay cash and this in turn made it tougher for the traditional buyers to compete with them. However, experts are of the opinion that 2015 will be marked due to rejuvenation of normalcy and balance for the entire real estate markets throughout the nation. It has been a tough time for the buyers but it is certainly going to be easy in 2015.

The chief economist of Redfin.com, Nela Richardson agrees that it has been a pretty clear pattern that the activity among the investors has been shrinking with time. Nowadays, investors are only interested in places where they can buy low and sell high. The growth in price is slowing down dramatically and hence they are not able to sell at a much higher price than what they buy. Investment properties will be less interesting in 2014 and will continue throughout 2015.

Real estate trends to watch out for in 2015

If you’re an investor or a buyer, you should be aware of the bigger picture and before taking any step into the market, you need to know the trends that you should watch out for. Below listed are some of the real estate market trends that you should be aware of in 2015.

1. An improved market for all buyers: For all the middle-class homebuyers within the US, 2015 is indeed going to be a rather better year than 2014 as more inventory will be coming into the market, as per chief economist Jed Kolko. As the appreciation of home prices are predicted to flatten out, the present owners will have enough incentive to sell off their properties before the prices dip down yet again. In fact, the median sales price for single household homes was $217,400 in 2014, which was up from 2013 when the median sales price was only $196,300, as per the National Association of Realtors. For the buyers, the good news is that there are lots of people who have got back above water.

2. Interest rates on mortgages will stay pretty low: An ace mortgage broker sees an indeed prosperous and flourishing 2015 and due to that he plans to increase his number of mortgage officers. What is the key reason behind this? Well, the interest rates are going to stay pretty low simply due to the locational chaos and unrest and this will in turn keep inflation under control and will also lower oil prices. More and more buyers will be starting soon with buying homes in 2015. The interest rates were already low in 2014 but in 2015 the lower rates would translate to higher number of home sales.

3. The changing age game: The millenials are even bigger cohorts than their so-called baby boomers generation. As the tendency among the millenials to procrastinate homeownership and rent longer will directly affect the apartment sector, survey interviewees also studied that the investors should take into account the housing preference of millenials that could change in 2020s. Looking beyond the millenials, this report also predicts further changes in the industry which results in the emergence of the smaller Generation Z.

4. Relationship of real estate & technology will intensify: We all are aware of the fact that no particular form of real estate is excluded from the expansion of technology. Technology is the main factor that is evoking chance in space use, locations and other demand levels. Now that the entire industry is going online and there is increasing birth of e-commerce websites, the love-hate relationship between technology and real estate will definitely intensify.

Top 10 global real estate markets to invest your dollars in 2015

Now that you know the real estate trends that you should watch out for, you should also know the top 10 markets where you can invest your dollars. Here are the names:

1. Williamsburg, New York
2. Tokyo Toyosu – Kachidoki bay
3. Barangaroo, Sydney
4. 16th arrondissement in Paris
5. Cape Town Central Business District
6. Kowloon West in Hong Kong
7. Tiong Bahru in Singapore
8. Runda and Gigiri in Nairobi
9. Victoria Park, London and
10. Business Bay in Dubai.

So, if you have your dollars invested in credit card debt, student loan debt, and non-profit debt consolidation companies or in auto loans, make sure you invest some of your dollars in the real estate industry in 2015. You can definitely reap good returns this year.

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February 17, 2015

How Can One Get More Returns While Investing in Prelaunch Projects?

Property investmentsProperty investment can be a tricky business; especially considering that it requires investment of one of the biggest amounts that a person can invest in a deal. However this also is one of those investments which can help reduce the living costs after acquisition. Usually, there is no contest between new projects and resale properties. While the latter may not be fewer in availability, their accessibility is reduced due to their price tags.

Mumbai as a Property Destination

Mumbai has always been one of the biggest (perhaps the biggest) property destinations in India. Even though the sales had slowed down in the city during the real estate recession; it is worth noticing that the latent demand remained exceedingly high.

When Mumbai is compared with other territories across the country, the difference of land availability stands out. The city does not have any pliable land left in the prime territory. Therefore the suburbs are developing at an unprecedented pace. Just like with many other prime territories in India, there is possibility that with adequate development, the old Mumbai city might fade away in history. However the city being a port city, such prospects are debatable.

But this has not deterred builders from developing the suburban regions in a planned manner, drawing investment towards them. One of such localities is Mulund, which lies on the Central Line of suburban railways. Over the last thirty years, the locality has witnessed a marked presence of Nirmal Lifestyle Mulund, one of the oldest investors in the region. Now this group has launched another new project which is at par with the world class offerings from Tata Housing- which has also invested in the region recently.

The Reliability of Property Investment

One of the most important aspects of investing in Mulund is to recognize the builder. Brands like Nirmal are well known in the region. Nirmal Group is even credited for bringing Mulund on the map of hot property destinations. With decades of experience and multiple projects under its belt, these builders have become a reliable brand in the locality.

Now they are coming up with their new and expansive project called Nirmal One Mumbai Mulund which is a multipurpose project. Unlike most other builders, Nirmal Group has invested in the development of both residential and commercial spaces. The builders have acquired land in the vicinity of the L.B.S. Marg which is now being developed to offer modern residential houses. The residential component of the project is called ‘One Spirit’. It comprises of four buildings which offer 1, 2 and 3BHK houses whose floor area ranges from 600 square feet to 1600 square feet approximately.

This project is set to become one of the most prominent landmarks in Mulund when it gets completed. Its vicinity to the L.B.S. Marg makes it highly accessible from road.

Using Housing.com to Find Reliable Projects

Nirmal One Mumbaiis only one of the many offerings that are available on housing.com. The portal is known for its reliable property listings and collaboration with the biggest names in the realty sector. As a result, one can find and explore numerous new projects under development here.

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December 9, 2014

World class housing come to India

Real Estate InvestmentAhmedabad is the seventh largest metropolitan city of India, and has been the epicentre of Narendra Modi’s plans for Gujarat’s developments over the past years in which the city has seen tremendous rise in its infrastructural growth. New projects in Ahmedabad were just the start of city’s plans to over-power other metropolitan cities and to increase its rank. With Ahmedabad being the home various national and multinational organizations it is no brainer for Ahmedabad to possess a blooming Real Estate – commercial as well as residential. Ahmedabad is not only a mushrooming real estate and commercial centre but originally an industrial sector; the reason it is known as the Manchester of India is due to the presence of mills and other industries in Ahmedabad.

What’s in store for you in Ahmedabad?

Ahmedabad has a huge variety and a budget efficient real estate market for an investor or buyer. Previously, Ahmedabad’s real estate dominantly consisted of individual bungalows and plots with no real property development. But with the new Gujrat model in the basket and other improvised plans to make the city bigger than ever this system has changed to construction of apartments with the most high tech facilities at the most moderate rates. This has resulted in various nationalized builders picking Ahmedabad as an ideal destination for construction of residential complexes and privatized cities. With facilities like: playing area, private swimming pools, high securitized complexes, theatres, religious places within the complexes, halls where events can be take place. In short, these facilities just indicate the desire of builders to provide modern and new flats in Ahmedabad but also see the comfort of the people and design modern houses according their convenience and affordability. With TATA affordable housing a new introduction to increasing list of developers in Ahmedabad, their names caries more facilities than just trust, their work has been phenomenal in other cities where state of the art facilities are available at “affordable” rates. New projects in Ahmedabad and change from individual housing to complexes have resulted in a huge increase in number of investors in the city.

Property Areas:

Properties are available at various prices for every end user. From a property worth 25 lakhs to 5 crores, for example. These new projects are planned on a wider scale and aren’t just constructed anywhere, making Ahmedabad are very planned and organized city. The satellite area is considered as one the most costly of areas in Ahmedabdad, though rightly it provides with the best of facilities considering the fact it is inside the city. Mostly all the areas a bit away from the city and takes maximum of an hour’s ride via rickshaw or bus to the main city. Transportation isn’t a problem; proper busses and rickshaw with well-maintained roads makes the ride smoother than ever.

Ahmedabad’s Real Estate in a nutshell:

Ahmedabad’s mixture of industrial, educational and commercial sector makes Ahmedabad an ideal residential real estate hub which has a huge growing demand. For example: just 5 months before, a friend of mine shifted to Ahmedabad from Mumbai because, property rates in Ahmedabad is less than Mumbai and they provide better facilities at the same rate with a much cleaner and calmer environment. With state of the art infrastructure and various national and multinational firms and educational institutes in store Ahmedabad is not short of a paradise.

Flats in Ahmedabad are all value for their money as the facilities that are provided with the apartments. The city’s been on a tremendous rise in the past 20 years or so, making the city an educational, industrial, commercial and most recently a residential power-hub.

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August 16, 2013

The Importance of Comparing Equity Release Schemes

Equity release schemesHome owners are able to cash in on the value of their property through an equity release scheme. They can do this without actually having to sell their property and find a new home. Two schemes exist to make this possible:

  • Reversion schemes
  • Lifetime mortgages

When you decide to release the equity of your home, deciding which option to go for is but one of many decisions you will have to make. This is why comparing equity release schemes is so important. You should seek not just financial advice, but legal advice as well. When you take money out of the value of your home, this could have a serious financial consequence and you have to be prepared for that.

Equity Release

Equity is surplus value in your property. A home that is worth £200,000 with a £100,000 mortgage has £100,000 in equity. However, equity release schemes aren’t available for anybody, but usually only to older people (over 55 for a lifetime plan and over 60 for a revision plan), who are unlikely to have a regular income.

Most people choose a lifetime mortgage. Here, you essentially take a loan out on the property, which remains yours. The debt has to be repaid when you die or go into long term care, meaning no monthly payments are needed. However, the interest does accumulate, which means you will owe a lot more than you originally owned. So, a £45,000 loan could turn into £152,387 after 25 years.

The drawdown version is the most popular lifetime mortgage. This is for those who don’t need a huge lump sum straight away. Instead, they can dip into a pot of money as and when needed. No interest is paid on the money that is not released.

The other option is the revision scheme. Only very few people use this. Here, you sell your home or part of it to a company, but you retain the right to live in that home. When you die or go into a home and sell the property, you only receive money on the percentage of the home you still own, which is often nothing. You also generally have to pay rent to the company that has purchased your home or part of your home from you.

Do bear in mind that releasing equity in your home can be costly. Usually, you will have to make at least a £1,500 fee and your financial adviser and solicitor will have fees as well.

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