Why Do You Need to Map Your First Home to Your Budget?

Published on: 02 April 2015

Is your first home really your dream home? This is a million-dollar question with varying answers. Sleek marble flooring, well-equipped modular kitchen, a panoramic view of nature from your balcony, awesome bathrooms, joggerÔÇÖs track, tennis court, and cricket nets. Yes friends, this is just a list of few basic amenities that you dream to have in your ÔÇÿdream homeÔÇÖ and the list seems endless. That is precisely why it becomes important to understand that your first home need not be your ÔÇÿdream homeÔÇÖ. In fact, your dream home could be at least a couple or may be even three houses away.

This brings us to the crucial factor that decides whether you buy a house or not or whether you get your ÔÇÿdream homeÔÇÖ or not, it is your ÔÇÿoverall budgetÔÇÖ. Let us understand that if buying a home is important, mapping it to your budget is equally, if not, more important. Thus, it becomes imperative to find the right first home and for doing that you need to strike the ideal balance between your first home coming closest to your dream home and your overall budget.

Here are two major steps that could help you map your first home to your budget:

Step 1: Keep an open mind while choosing your first home

While you hunt for your first home, keep your mind open to various options in different locations. For instance, a 2 BHK flat in a particular locality could give you all those amenities that you dreamt of just as a 3 BHK in another location, at a highly affordable cost within your budget. You need to understand the crucial war between price and locality. At the first instance, it may seem a great home choice for you, but might not enjoy the support of your overall budget owing to a costly location. Remember the balance that we spoke about earlier in this article.

Step 2: You should know the ÔÇÿmust haveÔÇÖ and ÔÇÿshould haveÔÇÖ in your first home

There are two major elements of your first home that you need to know ÔÇô ÔÇÿmust haveÔÇÖ and ÔÇÿshould haveÔÇÖ. ÔÇÿMust haveÔÇÖ refers to those vital things you must have in your first home and ÔÇÿshould haveÔÇÖ refers to those things that you can prune in case you are going over budget. For instance, if you have just had a baby, then a 2 BHK is a ÔÇÿmust haveÔÇÖ, with one dream room for your gorgeous little one. Likewise, if you want a 3 BHK just to have the cushion of an extra room for having guests or for a small home office, it becomes a ÔÇÿshould haveÔÇÖ, which you can do away with in case you go over budget. Please note that having precise knowledge of what is ÔÇÿmust haveÔÇÖ and ÔÇÿshould haveÔÇÖ for your first home gives you a huge advantage in terms of mapping your first home to your budget.

So, plan you budgets, plan your home hunt, fit it within your budget, and plan for your first home now.

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