Plans in your dream home?
It’s a blessing to have a roof over your head. But sometimes, having a roof over your head is not quite satisfying. Hence, the need for a dream home is quite reasonable. There may be a lot of things that you consider to be components of your dream home. Under that consideration, let us paint a picture. You have just got a new job in the lush city of Kochi or Calicut. You wish to move out from your new home and acquire a new one in the new place. How are you going to acquire one?
Well, you could put up your house for sale. This doesn’t mean that your house will be sold instantaneously and you will the money in hand to buy the new home right then and there. To counter this situation you could try making use of short-term home loans. Now, what you basically do is put your house up for sale. In the time that it is being sold, you take up a short-term home loan from a bank. This sets the interest rate as low as possible and gives you enough time to buy a new home as well as sell the old one to pay back the loan in no time.
Cost and Worth
Let us talk about costs. The cost of a 2 BHK flat in Kochi may set you back anywhere between 25 to 40 lakh rupees depending on a number of factors. The factors may be things such as the locality in which the building is situated, the luxury and services provided by the apartment’s management, and most importantly the area covered by the entire flat.
A 3 BHK flat in Calicut would cost you just about the same. It may also differ depending on the availability of basic supplies, such as water and electricity in that area. The price range is quite wide since Calicut is a better-developed city than Kochi. A luxury flat in Kochi would always cost you less than that in Calicut. If you’re trying to get a place while pushing out your old home for sale, make sure you take out a short term-home loan from a bank. Obviously, keep the price range of your dream home in mind. Make sure that you get a real estate broker who is experienced in the trends in that area and can get you a good deal.
Once you have successfully moved in you will have enough time to gather up your resources from the old house of yours that you sold and pay back the short-term loan. It’s quite an effective strategy. Or, you could simply move out into a rental place until your old house is sold and then decide to move into the new place buying it in full. Even though thinking of taking up a rental place until your house is sold, sounds like a good plan, it doesn’t provide the stability that the home loan does. Also, you will cut yourself a lot of money on paying the rent till you sell your house.