How to Set Your Home-Buying Budget in Thrissur

Posted onOct 08, 2024

Congratulations on your decision to purchase your own home in Thrissur. This is a great place to settle down, as it has the magical mix of urban comforts and rural charm. It’s the cultural capital of the state and a major financial hub. Thrissur abounds in natural beauty, with waterfalls, gently rolling hills and lush greenery. The city’s infrastructure is also being developed at lightning pace, and the IT boom is burgeoning, giving you ample  reasons why you should invest in Thrissur.

When we talk about investing in real estate, it is important to do proper research and have clarity of what you want to purchase, what you want to achieve, how much you want to invest, and other factors. Your real estate Investments strategies in Thrissur must include setting a proper budget to purchase your dream home.

Let’s see what you need to do for this

Assess your Finances

First, you need to have a very clear picture on what funds you have with you. This includes your savings, monthly income, loans, outstandings, investments, and expenses.  Knowing the money you have available to invest will let you know the type of property you can buy, what residential area you can afford to invest in, etc.

Unforeseen Expenses

A real estate transaction involves big amounts of money in addition to the cost of the property, like stamp duty, registration fee, legal fees, maintenance costs, and so on. You may have sudden emergencies on other fronts for which you may need money. Therefore, you must keep some money in reserves to meet emergencies.

Make a Budget

When you know exactly what you have in hand, how much you need to spend each month, and keep aside emergency funds, you will automatically have a figure. This represents the money available to actually invest in real estate. Remember to also factor in other big expenses like children’s education, etc.

Consider a Home Loan

If you have a good credit score, you can think about applying for a home loan. Even if you are eligible for a big amount, try to only avail the minimum you need. For example, your vendor may be willing to lend you 80% of the cost of the apartment, say 60 lakhs. But if you can comfortably pay around 35% of the property cost as down payment, then you should do that and only avail a loan for the rest of the amount. This will reduce your EMIs.

Consult an Expert

Talk to a financial advisor, real estate agents, lawyer, and so on, to get in-depth information about the legal aspects, know which properties are the best, and to make sound financial decisions. Being experts in their respective fields, they will give you the best advice and help you find the property that you desire.

Conclusion

There are a number of benefits of real estate investment in Thrissur. As an emerging city that is quickly becoming a preferred destination to settle down, there is a huge demand for properties, especially apartments in the city. This is the right time to invest in flats and rent them out to earn a stable monthly income. You can also purchase a beautiful home for you and your family from Varma Homes. As one of the most reputed and reliable builders in Kerala, Varma Homes has completed a number of elegant apartment projects across the state. Their premium 2 and 3 BHK apartments are very much in demand in cities like Thrissur, Kochi, and Trivandrum.

Robust construction, stunning architecture, sustainable initiatives, world-class amenities, and luxurious lifestyles - these are the hallmarks of Varma Homes apartments. All projects adhere to RERA norms and comply with all government regulations. Come to Varma Homes and have a hassle-free, transparent, and fair purchase experience

FAQ

What should I consider when setting a budget for buying a home in Thrissur? Setting a budget for a home purchase in Thrissur involves evaluating your finances thoroughly, including savings, monthly income, loans, and other obligations. Remember to account for additional costs such as stamp duty, registration fees, and legal expenses. It’s also wise to maintain a reserve for unforeseen emergencies.

How can I decide on a home loan amount to take when buying property in Thrissur? Evaluate your financial situation and consider how much you can afford for a down payment to reduce the loan amount needed. Though you might be eligible for a high loan amount, it's advisable to borrow only what is necessary to keep your monthly EMIs manageable. A financial advisor can provide personalized advice based on your financial health.

Why should I invest in Thrissur real estate now? Thrissur is rapidly developing, combining urban comforts with rural charm, making it an attractive location for real estate investments. The city's growing IT sector and infrastructure development have increased demand for residential properties, making this an opportune time to invest, whether for rental income or personal use.