A complete guide to owning a vacation home.
Buying a vacation home is perhaps everyone’s dream. But people often face a hiccup when investing in this dream. Here is a complete guide on how to own the vacation home you’ve been thinking about so far:
1. Start with finances: Buying a vacation home can run into many lakhs of rupees. Find out whether buying a house is compatible with your finances. Ensure you have a stable source of income(employment of 2 years or more) or recurrent returns if you are self-employed and have your own business. A good credit history(CIBIL score) can be an excellent way to ensure that banks find you credible enough to extend a loan in your name. Your debt-to-income ratio is also a measure of your liquidity. A debt-to-income ratio of less than 50% is ideal for you to check all lists. By no means should you buy a house beyond your credit limits, as it may be challenging to manage large loans if the market crashes in the future! Manafuli offers you affordable, pocket-friendly land options, perfect for your demands.
2. Explore the location for your dream house: The obvious criteria would be to note the availability of amenities and commute options. For your Sundays, check out your nearby entertainment centers for your leisure time. If you are a couple with kids, weigh your schooling options. Or, if your family has senior citizens, check out the availability of hospitals and medical centers. Manafuli promises you land plot options that combine the best possible infrastructure along with an idyllic scenery of the Hooghly. If you are looking at your vacation home as an investment, then you need to watch out for the real estate forecast over the next decade.
3. Shop around for home loan rates: To encourage consumers to spend more, the government provides a 2% drop in home loan interest rates. However, keep in mind that interest rates may be fixed or floating because you may need to pay up a lot more as interest in the future.
4. Calculate your EMIs: EMIs after a down payment may be a good option for buyers to repay their loans. Save up and dedicate a portion of your monthly income for your EMI payments. If you calculate this amount beforehand, you may better picture your commitment to buying your house.
5. And finally, search for your dream vacation house!: This is the most exciting and final part of your quest for a vacation house. You may find your dream house turning into reality, but always watch out for the affordability of the estate. Try to balance between your expectations and budget. The search could extend to just a few days to even months, so keep calm and keep the hunt going for the best deals. Search for 3/4 katha size plots for the best investment, as offered by Manafuli.
6. Get a house inspection check: Once you have finalized your location, get a house inspection done to ensure that your home is disaster-resilient. Assuming that your vacation house may be very close to a river or sea, you must lay down flood safety structures as advised by home inspectors. Keep in mind the security features of your location. Manafuli promises you state-of-the-art security features for your needs.
7. Buy a plot and build your own house: In case you can’t find your dream house, why not make it from scratch? Manafuli gives you all the flexibility to design and landscape your personalized house by providing you with quality design materials to build your home with ease. Include open cafeterias, viewing decks, and swimming pools to cool off your heels in your luxury vacation house.
8. Make future plans: Keep in mind the projected rise in house prices at your location as a safety measure if you want to resell it in the future. You should keep track of the legitimacy of the documents provided to you, as new buyers are often duped. Manafuli seems like a great option as it provides you with foolproof documents and guarantees you landfilling, land conversion, and land mutation services–all under one roof. Manafuli provides you with complete legal and financial proceedings assistance to meet all customer expectations.
If you feel ready to choose your vacation house, keep all these factors in mind. Explore Manafuli’s premium housing plots, situated on the banks of the river Hooghly and uniquely connected to the central city through the Joka metro route, just 23 km away. Drive into its gates on 20 km wide roads. Because a house is not simply made of bricks and plaster, it is a symbol of your aspirations and hopes.