Buying a house is a big financial step up. You may have to spend all your hard earned savings or seek help from your family and friends. Given that you will have to expend big amounts of money, buying a house should be well thought of.
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Decorating a small apartment can be fun and you would be amazed how small changes can make a big difference. People wonder if a small space like a studio apartment can be given a face lift and what can be done to transform a dull drab house into a home worth flaunting to your friends and family.
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There's no dearth of advice when you're about to invest in a home. Here are a few pointers.
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When space in your home is limited it's time to put your creativity to work. With nifty ideas you can quickly customise and create more utility to spaces in your apartment or villa.
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Greenery in your balcony provides a place of retreat. No matter how small it creates a quiet place to retreat in the midst of a fast paced lifestyle. Gardening is also a major stress buster. Fulfilling your green thumb in an apartment balcony requires planning and turning your terrace green is an art. Be prepared to spend a lot of time and energy in maintaining your green space.2Z3J2E2B99FV
Make a clear start up plan for your flat balcony. Mark out a zone for plants and a clear demarcation for your seating area or chairs. Make sure you leave enough space between pots for cleaning. If you dry clothes on your apartment balcony and if space permits, install a screen that demarcates your garden from the utility space.
Spend some time on your balcony to figure out how much sunlight it receives. This will help you make your choice of sun loving or shade loving plants. If your apartment is in Cochin or Trivandrum, make sure you get the direction of rainfall also correct. West facing balconies receive more sunlight. Place your pots aesthetically, not in a line. Place your pots in clusters or islands. Plan the colour combinations of the pots, flowers or leaves. Make sure you vary the size or girth of the pots.
You don't have to make all your decisions at once and buy all your pots together. Just keep adding to your garden. If your flat or villa is in tropical Cochin or Trivandrum you have the luxury of mixing ornamental plants with herbs and veggies. Other tropical plants include Anthurium's, Spathiphyllum for flowers and Diffenbachia, palms, ficus and philodendrons for their leaves. They also do well in the shade. Your herbs and greens need more sunlight and the easier varieties to grow are spinach, coriander and mint.
The green lung of your flat or villa can be made more fun by varying the shapes, sizes and colors of the containers or pots. You can add creative touches by up-cycling old coffee mugs, wooden crates, wooden basins, cans, bottles, etc. make optimum use of railings and walls for climbers. Hanging multi colored mugs with a collection of your favourite plants in them look great.
If your flat or villa in Cochin or Trivandrum is small, it doesn't mean you have to scrimp on accessories. Hang up wind chimes, bells, Chinese lanterns at niches places. A cheaper option will be to hang up fairy lights in between the pots or over your climbers. Adding interesting elements like a small water fountain will add those magical sounds to your evenings on the balcony. You can even add sculptures in nooks in your balcony garden.
Who says you can't have your piece of paradise in an apartment or villa? Change the concrete jungle effect with your very own garden.
Apartments and villas in Cochin and Trivandrum are in high demand as investments and many buyers sell their properties to cash in on their investment. There are many flats and villas in Cochin and Trivandrum that have loans on them. Here are a few tips on the tax implications of selling such properties that you must consider before making the final deal.
While deciding to buy or sell a flat or house on loan, you would have already made all other arrangements for a smooth transition. Studying the documents and keeping them in order, obtaining no-objection certificates and ensuring sale deeds are in order are all a part of buying or selling a flat or house. Closing the home loan or taking out a new one in the name of the new owner has many implications, eligibility criteria being one of them.
While selling a home, the tax implications have to be taken into account. Even though selling or buying a mortgaged property is possible, selling it within a few years of buying it can bring down your profits by half. The seller will incur short term capital gains tax regardless of whether the sale proceeds are being reinvested in property or not.
While calculating your gains, you have to take into account the interest you have paid on your home loan till date. The Income Tax Act, under section 80C allows you to claim the principal amount of your home loan as tax deduction. But if the property is sold within five years of buying, the tax deduction is reversed.
If you have held the property for more than three years, the gains are treated as long term capital gains and taxes are at a lower rate. There is also the option of using indexation o bring down the tax liability. This lowers the effective profit from the sale of the asset and therefore, the tax liability. The investor has two options either to pay a flat 10% tax on the capital gain or 20% after indexation.
While looking for flats in Cochin or Trivandrum, you may find many such mortgaged properties available. There are builders who also have the reselling option and who offer such service to their existing clients. Apartments in Trivandrum and Cochin are in high demand in the real estate market and are good as investments. However, if you finally deciding on a mortgaged flat or villa, take into account the tax implications before making your final move.
The one common problem that most people face when selling or buying homes or flats is - can I sell a mortgaged property at all? Do I need to settle the home loan before approaching a buyer? Can the buyer take over the loan? Can the buyer fund the purchase by taking over the loan? These questions crowd your mind when you think of selling your home or property. Here are a few guidelines to go about doing it properly.
The primary documents that need to be in shape are the sale or purchase deed of the property and the housing society share certificate. If the property has changed hands then a copy of the previous deeds must also be provided. This will authenticate the ownership of the property. Registered house documents and copies of stamp duty will usually be with the bank, hence you can initiate the deal. Sometimes a no-objection certificate from the housing society and a consent document in case the property is jointly owned may be necessary.
This is the easiest method. The seller has to get a letter from the bank with which the property is mortgaged stating the banks willingness to handover the documents once the loan is closed. Then the buyer has to pay the outstanding loan amount into the housing loan account. Then the process of releasing the documents can initiated. The time extended to the seller to make the payment is a deal that has to be made between the seller and the bank. If the payment is not made on the due date a penalty or premium can be charged.
Once the payment has been made, a 'no-dues' letter is issued by the bank and the documents kept with the bank will be released over 5-10 working days.
If the buyer requires a home loan to fund his new home, the seller will have to settle his home loan first, release the documents and then proceed. The home loan cannot be transferred to the buyer. For the buyer it will be like initiating the home loan process from the start, by producing all requisite documents and cost of processing of a new loan will be applicable.
Most builders in Kerala assist with these matters. They have departments to assist apartment or home buyers with these formalities. If you are thinking of buying a flat in Cochin or Trivandrum, contact established and trusted builders, who will assist you with this. Even if you are looking at buying property in Kerala, these formalities apply. Do good research before you step out to buy a property or home.
Apart from the advice of friends and family, there are reasons to encourage you to buy a home. Buying a home may be a fearful thought because you don't know what it entails. The more you know why you should buy a home, the less scary the process will be.
Here are a few good reasons to buy a home
This is the primary reason people buy houses, they long to have a something to call their own. It allows you to decorate the house as you like, play the music as loud as you want, make permanent changes to suit your needs as and when they arise. Your own home gives your family a sense of security and stability. It lays the foundation of your future.
Even though the price of real estate fluctuates, it has been steadily on the rise over the past few years. Investment in a home also acts as a hedge against inflation.
Some home loans payments and purchases attract a tax deduction. This makes purchasing a home more attractive to customers. Check with your chartered accountant if you are liable for a tax deduction before you purchase a house or apartment.
If you have sold your previous home reinvesting in another one may stand you a chance of capital gains exclusion. Confer with you chartered accountant for details.
Weigh all the factors of buying a home, consult knowledgeable people and make a wise choice. After all, it is Home Sweet Home!