“Buying a house of your own is a dream with which all of us have grown up in a middle class family. Owning a house gives me not only a status in society but also a sense of economic safety. Also owning a property results in a freedom to owners by way of being able to decorate or alter it the way one wishes. However, when buying a property, there are multiple choices now a days unlike the times of our parents when the only houses on offer would be the ones constructed by state or city housing boards..”
So, when I decided to buy a property for myself, I started thinking about how to go about it. I did go through this process over a six month time period and learnt quite a lot. I will share with you some of my learnings and hope it will help you in the process if you are planning to buy a house like me. I am from Lucknow, lived with my parents in a rented house and after my education got employed with an IT company. As I was getting decent salary, after meeting some basic expenses like buying a car, I wanted to buy a house. The first choice I faced was - What to buy? I mean whether an independent house, a flat in a high-rise or a LDA flat in mid-height building. The other choice I had to make was as to how big a house I wanted, whether a 1 BHK/ 2 BHK/ 3 BHK or some other size. I finally decided to buy a 2 BHK flat in a high-rise from a private builder.
So why did I choose 2 BHK has following reasons -
1. The size would be appropriate for my nuclear family - Me and my wife and a kid who was soon to join us at that time. (My parents had made it very clear that they will not shift from their original house in Aminabad)
2. I had started earning only a few years back and EMIs for a 2-BHK flat would not make me cut on every other expense.
3. The appreciation in value of a 2 BHK flat was typically the fastest in Lucknow over last few years. So in case I had to sell later due to an emergency, I could sell it with good appreciation.
4. The rental yield for a 2 BHK flat is always the best in category and is substantially higher than a 3 BHK flat.
Once I had decided to buy a 2 BHK flat in a high rise, it became quite easy for me. I zeroed in on the area and decided that I would like to live in Gomtinagar extension area. The reasons for the same were quite simple. It is an area next to already happening Gomti nagar with best of the schooling and health care facilities nearby. Also, the newly constructed expressway makes the connectivity to both the railway station and airport very efficient. I then started visiting the property dealers and upcoming projects in this area and decided to buy a 2 BHK flat in a high-rise building.