Property Advice

When to Buy?

The common dilemma that the consumer at our Open House forum poses is what is the right time to buy? The ‘right’ time to buy your house is when you feel that you are ready for the responsibility that comes along with buying a house. It is important to consider the objectives of buying a house. Ask yourself why you want that house? What really is the motivating factor when it comes to your decision to buy that house? Do you want to buy it because you want to live in it with your family or do you look for an extra income that the house will bring in the form of rent? Or, are you simply buying it for long-term value leverage? The more you know about why you should buy a home, the more focused your search will be and the better you will be able to select one that meets your requirements. Fort Lauderdale homes for sale.

What makes more sense — Rent or Buy?

There is a simple way of judging whether to buy a property or whether you should lease one now. If you find a house that you would like to stay in, that is close to your workplace or easily accessible from there, then buy it. But remember that the Equated Monthly Instalments (EMI) on your property should not be over 40 per cent of your monthly salary. That way you would be comfortable paying it back. You need 10-15 per cent of the cost as your personal contribution to the purchase, as banks do not lend 100 per cent.

If you are paying a monthly rent that would constitute over 75 per cent of your EMI please think in terms of buying. (Check out the MB Buy Vs Sell Calculator which can serve as a broad indicator on whether you should lease or buy). Fort Lauderdale homes for sale.

What to buy?

There are many residential formats to choose from - Residential plot, apartments, single floors, independent houses and multi-storey flats. Given below is a representation of how each type of property is represented city-wise on the site portal. This is a representation of property in the top six cities. Fort Lauderdale homes for sale.

Each type of property has its own advantages and disadvantages. Given below are some comparisons made by experts on Open House, the consumers’ forum on . Fort Lauderdale homes for sale.

Plot Vs Multi-story? 

In US, plots are much in demand. Even today most small cities are witnessing more demand for plots than for apartments. Multi-story apartments are becoming the norm in established urban areas where cost of land and the convenience and security that apartments offer have pushed demand from the younger generation. Also, as family sizes become smaller, many are selling large plotted developments in established city areas for smaller more compact apartments with centrally managed facilities, normally in gated communities in the suburbs. Fort Lauderdale homes for sale.

Independent plot or apartment within a gated community? 

Gated Community is a form of residential complex, sometimes characterised by high walls and fences. It boasts of controlled entrances, surveillance of those entering the

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