A house is possibly the biggest investment in the life of a middle-class guy. And a decision this big requires careful consideration. Here's my list so far:
- Low-rise (low maintenance)
- 1000 sqft (atleast)
- Car park (some open space would be good)
- Ready-to-move in
- Not next to main road
- Good approach road
- Easy access to supermarket, hospital, school etc.
- Balcony receives maximum amount of sunlight
Important considerations
- 10A (Ampere) connection in every room for easy vacuum machine connection and Airconditioner
- 10A connection for washing machine, dryer and dishwasher in utility area
- 10A for refrigerator, oven and mixer in kitchen
- Running a 5A line on sine-wave inverter will save sensitive electronics from voltage fluctuations.
Budget
For a monthly installment of Rs.11000 (rent amount in the area), time period being 240 months, and interest rate 8% p.a, interest compounding Quarterly, Maturity value of Recurring Deposit is Rs. 6479546.67 (http://www.investmentyogi.com/rd-calculator/) . This amount therefore is a good ballpark figure for the budget.
