Top Reasons Why Should Plan a Home Purchase Early in Life

 

 

March, 2019

 

 

A home is a not only a place where you nurture your family but also an asset that adds to your portfolio and wealth. However, most first home aspirants are torn by the thought of when to start planning for the purchase. The answer is to start as early as possible.

This is because early planning leads to early execution, which offers a host of benefits. Additionally, at this stage of your life you are likely to have fewer responsibilities to shoulder and can divert your savings to purchase an asset that offers lifetime security and has an appreciating value.

A number of housing projects are added to the real estate market every year, so, for instance if you are looking for property for sale in Thane, you can consider top projects like Ace Square in Ghodbunder Road having 1 and 2 BHK Flats in Thane.

So whether you want to self-occupy the property or rent it out, this makes for a good deal!

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But before you start judging your options, take a look at why you should plan home purchase early in life.

Early planning means sound planning

When you start gathering insights and information regarding a home purchase early on in life, it certainly allows you enough time to plan your finances too. Moreover, this way you can avoid committing financial mistakes and can make meaningful choices regarding the house you wish to buy.

It instils financial discipline

This process brings about financial discipline and helps you curb unnecessary expenses at an early age to work towards your goal. Once you pick up the habit of careful utilisation of your financial resources, saving for a home will not be a far-fetched reality.

Moreover, this will help you prioritise your other goals clearly so that you can fulfill them as well without any stress.

It helps in achieving your goal of buying a home early

An early start means you can buy a home early too, and capitalise on property appreciation for more number of years. Also, with home buying out of the way, you will have more bandwidth to cater to other goals.

With the right planning, you can then set out to complete the home buying process. Now, that you know how planning for a home early in life can prove extremely beneficial for you, here are the benefits that a home offers.

You can earn high investment returns

A real estate property is an asset that adds value to your portfolio. So, whether you buy a budget property or invest in a luxurious villa as your first home, you will always benefit from capital appreciation.

Consider a property with higher resale value by taking into consideration the locality’s potential and the builder’s credentials so that you can earn handsome gains over time.

You can earn passive income if you let it out

Even if you happen to shift to a new city in the future, your property can still earn you returns. If you don’t wish to sell it, you can rent it out and earn rental income instead. This acts as passive income that you can put towards other financial goals.

You can enjoy tax benefits on home loan repayment

You can effectively save taxes by way of home loan repayment, by claiming a tax deduction on both, the interest and principal repayment of your home loan.

Section 80C of the Income Tax Act allows you to claim a deduction for principal repayment of up to Rs. 1.5 lakh and Section 24B allows you to claim a deduction of Rs. 2 lakh for interest payment you make on your home loan during one financial year. In addition, as a first time home buyer you can get an extra deduction of Rs. 50,000 under Section 80EE.

So, put off any delays and start planning your home purchase now. If you have already started and have accumulated the amount for a down payment, initiate your property search right away!

Also read: Housing Societies Ready To Go Green If Govt Offers Tax Sop

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When old is gold: Add a vintage touch to your home decor

February, 2019

When it comes to home decor, a vintage look is always in style. We look at some simple ways, in which home owners can recreate an old-world charm in modern homes

A ‘vintage décor’ can be defined as an interior design theme that incorporates elements of the past and in particular, the best elements of a particular time. Prachi Chavarkar, co-founder of ArchiLab Designs, explains that a vintage design can be associated with a region (for example, Rajasthan, Maharashtra or Kerala) or even architecture belonging to a particular era, like Indo-Saracenic (or Indo-Gothic or Mughal-Gothic). “In terms of a global look, it can also be British, French or colonial design. Some may also call a local historical look as ethnic but it is a part of vintage décor,” adds Chavarkar.

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Elements of vintage decor

Home owners can remodel their homes based on a vintage theme, by either recreating the style or bringing in old decor elements, such as distressed furniture, a grandfather clock, ceramic tableware or even a sword hanging on the wall, into the design.

“Wall plaster treatment that mimics Greek architecture or red oxide flooring, for example, could instantly give the space an old-world charm. An old metal trunk, placed right at the center of the living area, can add an element of nostalgia and serve as a functional coffee table. Old bamboo rocking chairs, incandescent or industrial lighting, wooden fans, bohemian carpets, are all simple examples of this,” states Sameer AM, founder and CEO, Bonito Designs. Floral soft furnishings or wallpaper, add a vibrant colour to any room. “For fabrics, opt for jute, cotton and recycled fibres with muted floral patterns, to add a soothing feel. These are ideal for a vintage look,” adds Sameer.

Antiques and souvenirs as décor accessories

People often collect old antiques or souvenirs, from the various places they travel to. A home owner may also have inherited many artifacts and antiques. “It is a nice concept to showcase antiques in your space. However, these items should be displayed with a lot of thought and care. When you display numerous pieces from different locations, historical periods, types and materials, one has to be mindful about the order of display. Depending upon the size, scale, material and type, they should be properly framed or placed. Ideally, these should have a showcase or a background/surrounding that complements the items displayed,” Chavarkar suggests.

Colour scheme for a vintage home décor

Vintage-looking furniture, made from old reclaimed wood or wood that looks colour-washed and weathered, are in vogue. Winged chairs or a royal armchair, can be used as accent pieces. The flooring, from designer cement tiles, wooden floor, carpets and area rugs, should have colour schemes that enhance the vintage décor. While designing the home, decide the colour scheme or materials for the vintage theme, based on the size and volume of space and the amount of natural light that is available.

Sonali Puri, a home maker from Delhi, who designed her house on a vintage theme, shares that “I have silver and brass artifacts, which are family heirlooms. I have also been collecting antique curious like jharokha frames, textiles and lithographs for a long time. In my living room, I have framed and put up an old textile tapestry with rich embroidery, as a backdrop. A silver-plated divan that belongs to my grandmother and silver frames, with family photos in black and white, add to the vintage look. I have tried to maintain a balance between the modern and antique. For example, the dining table, which I picked up from Chor Bazaar in Mumbai, has a pedestal of the teakwood and a glass top.”

Dos and don’ts for remodeling a house to add a vintage look

Ideally, the colours in a vintage-themed home, should be shades of blue, pink and peach.

Wallpapers with floral patterns, are ideal for this theme.

For furniture, opt for old designs, like a carved four-poster bed, an ornate dresser or a maharajah chair.

One can have a mix of themes but it should be handled carefully. Mix old pieces with modern design elements, to create a perfect amalgamation.

Also read: How Fire Safe Is Your Home?

Buy Budget Flats In Thane Ambernath To Know More Visit Squarefeet Group in Thane Website

Source - housing.com

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Home automation: The next wave of change in the real estate industry

February, 2019

The real estate industry has been through several transformations, over the past few decades. We look at how home automation could well usher in the next transformation and how it will impact home buyers and developers

A few decades ago, a home seeker would have been content with any home that was available within his/her budget. It is also likely that this home seeker would have worked for years, to accumulate the funds for the house. Home buying then, was a luxury that very few could afford. The availability of home loans and defined EMIs, in the 1980s, augmented the growth of real estate in the country, especially in the metropolitan and tier-1 cities, as it brought home ownership within the reach of most tax-payers.

With increasing consumer demand and growth in the real estate sector, developers began experimenting, by offering value-added lifestyle amenities like swimming pools, club houses, gymnasiums, imported fittings, Italian marble floorings, video door phones and concierge services, to create stronger demand for their products. With time, such amenities soon became a standard part of their offerings and consumers expected these, as a part of their lifestyle quotient.

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Adoption of home automation in Indian real estate

Meanwhile, home automation, a four-decade-old segment, never became a standard part of developers’ offerings to home buyers. One can attribute the slow growth of this segment to various factors like the necessity of wiring for the installation of appliances, unaffordable products, servicing issues and limited functionality. However, the growth of technology has changed all this.

The evolution of smartphones, has completely redefined our lives. It has changed the way we work, shop, bank and connect with people. It has also redefined the home automation segment. Modern developers have started designing products that provide enhanced functionality and are offering services that can easily integrate with existing home automation products. Most of the new age home automation solutions comprise of Wi-Fi enabled wireless products that are based on the ‘plug and play’ model and offer consumers the option to manage the same through their smartphones.

Most of these home automation products provide:

• Ease of management and the ability to control the devices from remote locations.
• 24×7 surveillance facility through motion sensor devices and live feeds.
• Energy savings leading to monetary savings, through planned use of connected appliances.
• Nearly 25 per cent savings in electrical usage over time.

Home automation: What do buyers seek and what are developers offering?

Young home buyers and millennial buyers, nowadays look at investing in projects that are designed to accommodate home automation services. The concept of smart homes, is now far more lucrative, especially among the young home buyers, who want complete control of their homes.

New age home automation products can be configured to provide nearly all conveniences – from controlling the garage door, home entry, playing of music and switching on devices like air-conditioners and water heaters, to ordering food, all chores can be pre-configured or commanded to the liking of the user’s. These automation features can play a very important role, especially in senior citizens’ homes. For example, the system can be voice configured, to call for medical assistance in case of emergencies. Moreover, most of the home automation products can be easily configured with voice-enabled devices like Google Home and Amazon Alexa.

With value offerings that go beyond basic functionalities, many real estate developers are already working towards adding home automation products to their list of standard offerings across projects. With growing technology, soon, one’s home may be able to take care of itself, as well as our daily needs and likings.

Also read: The essential checklist, for building your own house

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Source - housing.com

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3 Reasons To Keep Track Of Your Credit Score

January, 2019

Your credit score helps any banking or non-banking financial company judge your creditworthiness before they lend money to you. The score is like your report card that shows how good you are at handling the money you earn and the debt you take. The score ranges from 300 to 900 points. 

These scores are generated by credit information companies, that are also known as credit bureaus. Four such licensed credit information companies that are licensed by the Reserve Bank of India (RBI) to produce credit scores are TransUnion CIBIL, Equifax, Experian and CRIF Highmark.

Your credit score is based on several factors like age, years of employment, your earnings and your spending habits among others. It is good practice to know and assess your credit score as regularly as you can. In an era where everything is possible with a click, credit scoring companies allow you to check your credit score at any time and here are 3 reasons why you should be doing it more often.

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1. Prevention is better than cure

Most of us are unaware of our credit scores and fail to understand why a certain loan application was rejected. When you check your credit report regularly, you are aware of the reasons that may be damaging your score in any way. 

Banks or other lenders are required to report your EMI statuses to these agencies to keep the report updated. Even other negative or positive activities like a cheque bounce will be reflected in your score accordingly. When you check your credit report regularly, you will point out if the credit agency has recorded an activity incorrectly and fix it. These credit bureaus also provide services where they recommend action plans to improve your score.

2. Avoid loan rejections

A lender is bound to check your credit score before giving you a loan. When the lender contacts the credit bureau for your score, it is known as a 'hard inquiry.' Each of these is accounted for and reflected in your score. Too many inquiries could make you look "credit hungry" and puts you in a bad light.

However, when you check the score yourself, it is known as 'soft inquiry.' Soft inquiries do not reflect in your credit report. It is, therefore, better to check your score before you apply for a loan to avoid rejection by working towards improving it.

3. Get better deals

With a good credit score, banks would be glad to lend money to you and in an attempt to attract you to their bank, they will provide you with attractive interest rates. Apart from getting cheaper loans, a good credit score could also fetch you pre-approved loans.

Financial companies allow users to check your credit scores for free and provide you with pre-approved loans in a tie-up with various lenders. In such a case, when you have access to your latest credit score, you can check for offers from different lenders and pick the best one to suit your needs.

Some banks provide cheap loans to those with scores over 750. You can inquire for yourself if your bank has such an offer and regulate your score accordingly.

Also read: Ready to Buy? Advice for First-Time Homebuyers

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Stamp Duty And Tax On Gift Deed Of Property

January, 2019

While a gift of house property does not involve monetary consideration, it needs to be registered and taxes should be paid in certain cases

Gifting is an act, through which a person voluntarily transfers certain rights in an asset to another person, without any consideration. Gifting of a house property, has certain income tax and stamp duty implications.

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Legal requirements for gift of property

As per the Transfer of Property Act, the transfer of a house property under a gift, has to be effected by a registered instrument/document, signed by or on behalf of the person gifting the property and should also be attested by at least two witnesses. The registrar shall ensure that proper stamp duty has been affixed on the gift deed/document when it is presented for registration. The amount of stamp duty and registration charges payable, with respect to a gift deed, are generally the same as in the case of a regular sale. However, if the gift deed is executed between some specified close relatives, some states provide concessions in stamp duty. For example, Maharashtra has a cap on stamp duty payable on gift of a residential or agricultural property to one’s spouse, children, grandchildren or wife of a son who has died, at Rs 200, irrespective of the value of the property.

Income tax implications on gift of property

According to income tax laws, the value of all the gifts received by a person during a year is fully exempt, as long as the total of such gifts does not exceed Rs 50,000 in a year. If the value of all the gifts taken together exceeds Rs 50,000, then, the aggregate of the gifts received become taxable without any threshold exemption. However, income tax laws also give a favourable treatment, to gifts between two close relatives. Consequently, the gift of any asset (whether movable or immovable) made to certain specified relatives, is fully exempt from tax in the hand of the recipient, without any upper limit. The list of close relatives includes parents, spouse, siblings, siblings of the spouse, lineal ascendants and descendants of the person and his/her spouse. The list also includes spouse of the abovementioned persons.

If the house property is received as a gift from a relative, the first incidence of tax will arise, when you sell the property. The cost for the purpose of income tax, shall be the taken as the cost that was paid for the property by any of the previous owners. The profits shall be treated as short-term or long-term, depending on whether the aggregate of your holding period as well as that of the previous owner who had actually paid for it, is more than 36 months or not.

If the holding period as computed above is less than 36 months, the profit accrued on the sale of such property, shall be treated as short-term and will be added to your regular income and taxed at the applicable slab rate. However, if the holding period is more than 36 months, you will get the benefit of indexation on the cost of the property, as well as the option to claim exemption from payment of 20% long-term capital gains tax, by investing in a residential house or in capital gains bonds of Rural Electrification Corporation (REC) or National Highway Authority of India (NHAI).

Also read: The essential checklist, for building your own house 

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Mumbai Metro Line 4 Extension From Kasarvadavali-Gaikmukh Approved

December 28, 2018

The Maharashtra cabinet has approved the Mumbai Metro 4A route (Kasarvadavali-Gaikmukh), at an estimated cost of Rs 949 crores and has set the completion date for the project at March 2022.

The Maharashtra cabinet, on December 27, 2018, gave its nod for the Rs 949-crore Kasarvadavali-Gaikmukh Metro route (Metro 4A), which will cut the travel time between south Mumbai and neighbouring Thane city. The cabinet also allowed the Mumbai Metropolitan Region Development Authority (MMRDA) to raise funds from domestic, as well as international financial institutions, for the project, an official in the chief minister’s office said.

The Detailed Project Report (DPR) for the extension of Metro 4A route had been approved earlier this year at a meeting of the MMRDA. Chief minister Devendra Fadnavis is the chairman of the MMRDA, a planning body for the Mumbai region. The 2.7-km extension will ensure that the entire Ghodbunder Road in Thane city is connected by metro. It will be part of the 32-km-long Wadala-Ghatkopar-Mulund-Thane-Kasarvadavali corridor, which has already been approved. The project will benefit 8.7 lakh commuters and is expected to be completed by March 2022, officials said.

Prime Minister Narendra Modi had, earlier this month, inaugurated work on the Thane-Bhiwandi-Kalyan (Metro 5) and Dahisar-Mira Bhayander (Metro 9) routes. At present, work on several metro corridors is underway across the megapolis, including Dahisar-DN Nagar (Metro-2A), DN Nagar-Mankhurd (Metro-2B), Andheri east-Dahisar (Metro-7), Colaba-Bandra-Seepz (Metro-3), the elevated Wadala-Kasarvadavali (Metro 4) and Swami Samarth Nagar-Jogeshwari-Vikhroli (Metro-6).

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How Fire Safe Is Your Home?

December, 2018

Burn all your fears with these home fire safety guidelines!

Safe places are the best places for your family! Your home, the place where you live is the center of your life – filled with loved ones and family belongings. Hence it is very essential to make sure that your home is always protected from unwanted hazards like fire!

And what better way to make sure that your house itself is fire resistance and offers safety features that will not burn down into ashes.

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Don’t fear the fire. Protect your home with these fire safety tips:

Fire alarm

Having a fire alarm is one of the most vital fire safety equipment that you should have in your home. This will alert you of any possible flames and could help you control the fire. Make sure that the fire extinguisher provided on every floor of an apartment. Pacifica companies Provide Fire alarm control panel at each block with a connection to the main fire pump, so anybody can initiate fire call from push button provided at each floor and ensures fire safety.

Fire Extinguishers

To safeguard against small fires every home should be well-equipped with fire extinguishers. Because almost all fires are small at first, they might be contained if a fire extinguisher is handy and used properly. You should be careful while selecting the right kind of fire extinguisher, because there are different ones for different kinds of fires. To ensure safety Pacifica companies provides Fire Extinguishers on each floor, so you can access with the shortest distance.

Electric Wiring

Make sure that all wirings are in good condition. Faulty wirings mostly cause the fire. If you see any doubtful wiring or cords, get a professional to fix on it right away. When you are residing at Pacifica homes you don’t have to worry about electrical wiring as we offer armoured cable in a shaft and Polycab brand – Fire retardant cable with high grade copper to better safety and power quality. We Provide fencing too around the electrical substation for the human safety!

Kids’ safety

Keep flammable items and fire hazardous materials out of children’s reach. Electrical appliances should be kept out of children’s reach too. Make your home safe by ensuring that wires are situated somewhere children could not reach. So that your children can play safely, we provide lockable meter room for your peace of mind and better aesthetics. For your kids safety, we provide a metal base box to every switch boards.

Remove knobs

Use cooking appliances and stove safely! When they are not in use, you can remove the knobs from your stove, or use with precautions. Turn pot handles toward the back of the stove. You can take such least measures to prevent your family from unwanted threats.

Your home is a special place for you. So, make sure to keep your home safe at all times. After all, this is where the family grows.

Also read: How To Choose The Right Colours For Your Home, Based On Vastu

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Source - www.pacificacompanies.co.in

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