Buying a home needs careful planning and financial commitment as it is an asset that is passed on to generations to come. Indian Real Estate market has witnessed a gradual upward trend thanks to government reforms, easy access to home loans, and rising income levels. While owning a home is in everyone’s wishlist but making your dream abode affordable and within your budget takes a cautious assessment of the market and your finances. It is wise to have on some additional funds before taking the plunge in buying a property but the waiting period might lead to an increase in the property prices. The Key is to be patient and find your opportunity window to grab the deal of your lifetime.

So what could you do to take a plunge in the real estate market without burning a hole in your pocket? Let us take a look at the factors that could help you buy your dream abode:

Explore the Suburbs

While city cores are flooded with crowed streets and surging properties, the rise in the development of suburbs has led to the construction of reputed projects in the area. When it comes to real estate prices, suburbs are much more affordable as compared to the prices in the main cities. Even with a tight budget you could have a variety of options to choose from and can rather settle for a bigger space at affordable prices than the properties inside the cities. The developing projects are based on new design concepts, surrounded by green landscapes and quality amenities, making suburbs the best combination of quality housing at affordable prices.

Consider investing in Starter Homes

Invest in starter homes that are affordable, compact, and smaller. They may not offer the luxuries of your dream home but purchasing them could be a wise move. By investing in a compact home you could save on paying the monthly rent, build on to your savings, and could eventually sell the house for buying a bigger one. The concept of smaller homes is in line with the government’s affordable housing programs and offers various subsidies to first-time homebuyers. The compact homes are easy to maintain and incurs fewer expenses. On top of it, they have higher resale value due to the high popularity and demand of these homes amongst millennials. You can profitably exit your real estate investment in this segment and purchase a bigger space whenever you have the right budget.

Evaluate an Under-construction property

Investing in under-construction property is more likely to be cheaper as compared to the ready to move in property. The waiting period could be longer but it is worth the price along with so many offers and discounts offered by the builders. Also, you could find more options to select from when it comes to under-construction projects. Owning to RERA registration, booking a flat in an under-construction project developed by a reputed builder is now secure and safe.

Buying a house doesn’t have to mean losing your life savings, but taking a step by step approach and exploring the possibilities real estate investing offers. Be patient and don’t rush into homeownership without striking the balance between your finances and requirement.