Making Real Estate Affordable

Today, one element on everyone’s wishlist is to own a home. Although we are aware that real estate can be made affordable with proper planning and design, the core question is how. Along with this wish comes other troubles like finances. While pushing back the purchase will give you the window to accumulate the funds, the time lag will result in the rise of the property costs.

So, what does one do? To help you get a clear vision of the horizon, here are a few notes that will help you take the plunge in the market.

Go for an appetiser

A small starter home is exponentially more affordable than a large, sprawling version. It may not offer you the luxuries that you had dreamed of, but purchasing it can be a sound move.

Starter homes can be rewarding when compared to living on rent or to buying a dream home with a large loan. The proposition has been made even better with the government incentivising purchase of affordable homes for first-time buyers. With this, homebuyers are now able to avail of interest subsidies on housing loans, as the tax on under-construction houses has been substantially reduced.

It is, therefore, advisable to plan a way to your dream home by building smaller blocks each day. Buy a smaller house based on your current life situation and present income level. This will help you invest wisely.

Save on rent, then upgrade

Think like a Hobbit! Create a small garden, build a cosy little wine cellar in that extra room, and make some friends. Allow your house to grow around you as you and your relationships widen and strengthen over time.

Hire a team of professionals to ensure that the house you want is within your budget and is the right property to invest in. Once that is accomplished, give a thorough check to your locality and the facilities that would make future redesigning of your home more comfortable.

Your smaller spaces can be made smarter and appear larger with well-thought design schemes. Besides, a well-kept savings account and the sum saved from splurging on rent gives you enough of a window to spend on upgrading your home.

Relentless declutter is the key to optimising your limited space. Multi-functional furniture can be used as a bed, an extra seat and as a coffee table. Thus, half the battle of making a small area work is going beyond your niche. Combine that with smart planning and design, and you can create your dream home within the same budget.

Design smart, add “you” to your home

Using very light pastel shades or intense deep shades can create an illusion of space in a small home. To juxtapose the dark colours, use multiple pieces of bright, warm lighting, and you have yourself a cosy space to call your own. You can also use large pieces of wall art or tapestry to cover entire sections of walls, thereby dividing spaces aesthetically.

Ensure you have ample storage space that is tucked into walls and cupboards. Take a leaf out of Ikea’s design strategies and compartmentalise within these storage nooks so you can keep multiple categories of things in one place without creating a clutter.

If you have a small garden or balcony adjoining your home, then incorporate large and sprawling glass doors or French windows to add a sense of openness to space. Floor-to-ceiling windows complemented with a little window seat make for a scenic resting place and efficient use of space. You can even place mirrors on walls that do not receive much natural light, automatically brightening up the area and giving it a more spacious appeal.

Buying a real estate property isn’t entirely a skydive into the vacuum. Get the right set of information, find the right place, and implement your planning and design ideas with the right advice. This not only saves immense cost but also gives a smart look to your indoor space.

Once you decide to be prudent with this one significant expense in your life, it will provide you with apt breathing space, making future development or even acquisition of new real estate, affordable and feasible.

This article is contributed by Uday Bhaskar, Business Head South, Godrej Properties Limited.

The views expressed here are solely those of the author and do not necessarily represent or reflect the views of RoofandFloor.