Confused Between 2 BHK and 3 BHK Flats?
Purchasing your dream house is a once-in-a-lifetime endeavour and a highly important choice. It can be challenging for people, especially those with nuclear families, to decide between purchasing a 2 or 3 bedroom home. Before investing your hard-earned money, there are several things to think about. Here, we’ll take into account each of those elements and guide you toward a wise decision.
- Value at Resale
If you ever decide to sell your apartment, a 3 BHK will be worth more than a 2 BHK. The location, connectivity, and many other criteria are also important, though. The resale value of a property will always be higher in a well-connected region with all the facilities.
- The budget of your ideal home
Your budget is the most important factor to take into account before purchasing a home. A decent rule of thumb is to not spend more on a home than five times your annual salary. Only you should purchase a home, whether it has three bedrooms or only two, if the price is less than five times your annual salary. The size of a house varies from city to city and location to location, in addition to its price.
- Size of the Family
The size of the family is the next factor you should think about. A 2 BHK is usually plenty for a family of three, but if your parents are living with you or come to visit frequently, it is preferable to opt for a 3 BHK. Additionally, it is preferable to future-proof your home in case the family grows larger.
- Inflation
A broad rise in the price of a variety of products and commodities is referred to as inflation. Since the cost of building materials like cement and steel increases along with inflation, so do real estate prices. This will increase the price of buying apartments over time. Therefore, it is preferable to purchase a flat while inflation rates are low or hover between 2-3%.
In times of high and growing inflation, it is preferable to obtain a fixed interest rate rather than a floating interest rate if you are taking out a loan to purchase your apartment. Although you will pay more when market interest rates decline, it will protect you from the swings of fluctuating inflation.
A very straightforward example will help us to understand this. Think about taking out a 100 rupee loan with a 7% yearly interest rate. You will pay a total of Rs 107 at the end of the year. However, if inflation rises to 14%, then 114 rupees will be equivalent to 100 rupees. You are paying less than the main amount in actual value because you are paying Rs 107 at the end of the year.
- Loan Amount
Another aspect you must take into account before purchasing a new home is the loan amount. Your monthly payments will be considerably lower with a loan with a longer term, but your total repayment amount will be higher.
Furthermore, fixed interest rates will help in the battle against inflation. Finding banks or businesses that modify inflation rates over the long run is preferable. To avoid paying back a loan that is worth less in real terms, you should try to enter the buying market when inflation is low and try to quit when inflation is higher than the interest rate. By making occasional small lump sum payments, you can leave the market early.
Keep in mind that banks won’t approve you for a loan if the EMI exceeds 45–50% of your monthly salary. Therefore, you must consider this when planning your home’s budget.
- Property
Location: Just as crucial as size, if not more so, is the location of the property. Additionally, the buyer’s personal preferences may influence the location. Some people enjoy the commotion of the city, while others favour tranquilly and the beauty of nature.
Builder reputation: Reputable contractors, like Omaxe, will uphold the highest standards because they have a legacy to uphold. Your purchase anxieties will be allayed, and choosing a reputable builder will be simpler.
Connectivity: A residence with decent connectivity will save you time and make moving around easier.
The property should offer all the amenities you need, such as neighbouring hospitals, retail centres, and schools, to make your life easier.
Now you are ready!
After considering all of the above factors, you are set to choose between a 2 BHK and a 3 BHK apartment that will not only make your home future-proof but also continuosly increase in value.
