Tips for Women Home Buyers

Tips to women home buyers: An infographic representation
Tips to women home buyers: An infographic representation
Tips to women home buyers: An infographic representation

It sounds almost historical when a woman had to wait until marriage to move out of her parents’ home and rely on her husband’s income and consider his home as hers – “by default”. Today, being a woman isn’t a limiting factor anymore to your homeownership ability or rights.

According to a report on women homebuyers in the American realty sector, married couples dominate the homeowners market with a share of around 54%, followed by single women who rank amongst the second largest group of homeowners at 18%. Even in developing countries like India, the scenario is changing:

  • Around 24% of women hold the post of senior executives in urban India and 30% of these women are the sole bread earners of the family. Such women with higher incomes constitute the fifth position among the home buyers in India. (Source – Catalyst.org)
  • According to a report on Track2Realty, around 74% women act as a contributor or an influencer when it comes to home buying, with a share of around 32% as single women home buyers.

Thus any woman with a good credit score, secure job, organized budget and enough savings, can join the growing market of women homeowners. Here are a few tips to help you buy your first home:

Tip 1 to women home buyers: Maintain a good credit report

If you are planning to buy a home, the first step is to check your credit report. The report includes your financial information from the past few years, be it an education loan, car loans, credit card accounts or any other loans you may have. Make sure you have been paying EMIs in a timely manner (before due date) which will reflect positively on your credit report as well. However, if you have any adverse accounts in the report such as late payment records, etc., it should be legitimate as banks will likely ask questions about them.

Tip 2 to women home buyers: Plan your budget

Instead of getting into a plenty of house listings available on the internet, give it a thought to your budget. Figuring it out would not only help you manage your expectations but it will also streamline the house search within your affordable limits. Once you analyze the price point for your home purchase, it’s time to start saving for the down payment. Study the market, there are multiple down payment options you may choose depending upon your budget. The next step includes sharing your financial details with the bank and check if you are eligible for a home loan.

Tip 3 to women home buyers: Consider insurance Coverage

When it comes to purchasing a home, insurance coverage always helps. And if you are an independent woman, it becomes more of a priority to shield yourselves from the unfortunate happenings, be it the medical expenses or sudden unemployment issues. Hence, you should definitely consider getting a life insurance, disability insurance (if any), health benefits and other possible insurance options. As with anything in life, hope for the best but prepare for the rest, even in the case of buying a home.

Tip 4 to women home buyers: Buying or Renting?

Analyze your position, so you can decide between renting or buying. For instance, renting is highly preferred if you don’t have a secure job or are unsure about where you will be in the next few years.  And if you are looking for a place to call your own and put down roots, it might be time to invest in a home.

Tip 5 to women home buyers: Get an expert opinion

As a woman, you may face gender discrimination and biases from real estate agents. So, don’t hesitate to get an expert opinion before you start the house hunt. Start an independent research, read reviews, ask for referrals to find the right professionals to work with, who help you understand everything you need to know about home buying. However, many realtors and developers are recognizing the single woman homebuyer as a valuable potential customer.

Tip 6 to women home buyers: Plan for future, not just present!

See if the house you are planning to buy will fulfill all your requirements not just in the present but in the future as well. For example, it might not always be a good idea to purchase a large house if you are a single mom with young teenagers, as your kids will eventually move out after growing up and you may not require that much space. In that case, you need to consider the resale options as well.

Advantages women home buyers have in India

The government and banks have introduced women-centric initiatives to encourage the women homebuyers in India; under Pradhan Mantri Awas Yojna (PMAY), the ownership of the house should mandatorily be in the name of female members of the family. Few more advantages of being a woman homebuyer in India include:

  • Benefits of PMAY-CLSS* scheme: All home buyers availing the Credit-Linked Subsidy Scheme [CLSS] scheme under PMAY for purchasing homes, will get the benefit of the reduced Goods and Services Tax (GST), i.e. 8% instead of 12%. The reduction in GST along with the interest subvention scheme will result in a significant amount of savings for buyers when purchasing homes under PMAY-CLSS. Learn more about the advantages of this scheme in this article: https://propstory.com/pmay-update-in-2018-gst-reduced-on-houses-under-pmay/
  • Lower interest rates on home loans: Many leading banks offer lower interest rates on home loans to women home buyers.
  • Tax deduction: Women are also eligible for a tax deduction of Rs. 2 Lakhs* on the interest paid on home loans.
  • Concession on stamp duty: Women homebuyers are also required to pay lower stamp duty in many Indian States. (For e.g. in Delhi and Haryana, stamp duty for women is 2% lower)

To sum up

Home buying is not an easy process and it can be a bit long and tiring and sometimes frustrating. To own a home is an experience of a lifetime, and if you are a woman, it’s almost like an accomplishment in “today’s scenario”. So, if you have overcome the odds to rise in your career, save up and buy a home for yourself, enjoy! You’ve earned this.

Refer to our home buying guide for more details.

Bangalore Adventure Activities: A quick tour!

Bangalore Adventure: Destination Bangalore - South India | Credit: Enchanting Travels

From being called as ‘the Air-Conditioned City’ to the ‘City of Gardens’– the Silicon Valley of India – Bangalore has a large number of adventure activities, which highly interests people across the city. Pristine lakes, the flying club, world-class malls, cafés, gardens, brilliant infrastructure and some of the classiest and fabled restaurants makes it just perfect for the luxurious life that you have always dreamed of living. Here is a list of adventure activities to do in and around the city.

Bangalore Adventure 01: Gardens, Lakes, and Parks

A clip from the Floating Restaturant at Lumbini Gardens & Nagavara Lake | Bangalore Adventure
A clip from the Floating Restaurant at Lumbini Gardens & Nagavara Lake | Credit: nearfox.com

Amidst the hurly-burly city life, Lumbini Gardens in North Bangalore is a quiet getaway to relax the mind and have fun with family and friends, which sits on the banks of pristine blue waters of Nagawara Lake. The waterfront leisure and eco-friendly boating park at Nagawara Lake and Lumbini Gardens attract around 5000 visitors every day for fun activities here.

Moving on to yet another serene garden, Lal bagh in South Bangalore is a replica of the Mughal Gardens. On every second and fourth weekend of the month, this gorgeous garden turns into one of the most fun places in Bangalore by hosting a folk festival called ‘Janapada Jatre’ celebrating the various dance forms and theatre performances.

Bangalore Adventure: A clip from the flower show at Lal Bagh in South Bangalore | credit: Wikipedia
A clip from the flower show at Lal Bagh in South Bangalore | credit: Wikipedia

When it comes to lakes, Kaikondrahalli Lake, right off Sarjapur Road is amongst the best-maintained lakes in Bangalore. The area is home to a rich biodiversity with its exotic flora and varied species of bird and reptiles, which makes this spot worth a visit for wildlife lovers and photography enthusiasts. This beautiful lake comes with cycle paths, a jogging track, and an amphitheater. Furthermore, the Kere Habba (Lake Festival) – the much talked about event here is celebrated with the vibrant ambiance of music, theatre, fitness campaigns and art fests. It gathers around 3000 people across the city itself.

Kaikondrahalli Lake: Actual photograph, Godrej Reflections is adjacent to this lake, right off Sarjapur Road, Bangalore Adventure
Kaikondrahalli Lake: Actual photograph, Godrej Reflections is adjacent to this lake, right off Sarjapur Road, Bangalore | credit: company brochure

A one of its kind natural treasure park – Bannerghatta National Park is home to around 48 species of beautiful and fascinating butterflies and insects. Introducing young ones to these captivating creatures can encourage love for a nature in this green, vibrant landscape.

Butterfly Park at the Bannerghatta National Park | Credit: Bannerghatta National Park's official website | bangalore adventure
Butterfly Park at the Bannerghatta National Park | Credit: Bannerghatta National Park’s official website

Bangalore Adventure 02: The Flying Club, Amusement Parks, Bowling Alley, 7D Cinema, Trekking, Caving, Games and More!

bangalore adventure
A clip from the Jakkur Flying Club | Image Credit: Crazyholidays

The popular  ‘Jakkur Flying Club’ in North Bangalore offers training and recreational flying activities for the visitors here. One can enjoy the sweeping views of the city at a height of 4000 ft. from the two-seater microlight aircraft. Accompanied by professional trainers as co-pilots, one’s flying experience is safe and secure as well.

A clip from the Wonderla Amusement Park
A clip from the Wonderla Amusement Park | Image Credit: wonderla.com
A clip from 'Fun World' - J.C.Nagar, Bangalore | bangalore adventure
A clip from ‘Fun World’ – J.C.Nagar, Bangalore | Image Credit: Funworld.com

The popular Wonder La Amusement Park, off Mysore Road-Bangalore, has enough adventure rides for everyone in the group, be it the Joy rides, water rides, musical fountains, laser shows, dance floors, rain showers, and a couple of virtual reality shows. This also houses 5 multi-cuisine restaurants. Another amusement park – the ‘ Fun World’ at J.C.Nagar is home to some of the best thrill rides such as Tsunami, Rollercoaster, The Curse of The Black Pearl, The Yahooooo slide, Bumper cars and lots more.

A clip from 'snow City', Bangalore | bangalore adventure
A clip from ‘snow City’, Bangalore | Image Credit: Snowcity.com

‘Winter Wonderland the Snow City in J.C. Nagar’ is an ice & snow-themed indoor amusement park featuring frozen slides, rides & other family activities, alongside a fantasy snow castle and a 5D theatre to enhance your thrilling experience. India’s largest bowling alley- the BluO in Malleshwaram is a concoction of world cuisine, live music, and fun. An ideal destination to bond, de-stress and rejuvenate. It is energetic, stylish and reflects the lifestyle and ideology of today’s youth. The ‘7D cinema in Whitefield’ have got the newest technology in Virtual Reality. Feel what you see as the entire Simulator Platform moves according to what is happening on the screen as you watch the movie with interactive 3D glasses. Over 7/9 different special effects kick in that make your movie experience even more “real” and exhilarating.

bangalore adventure
A clip from the bowling alley at the BluO | Image Credit: LBB.in
bangalore adventure
Stock Image Virtual Reality in Cinema | Image Credit: nearby.com

Anthargande, which lies around 70 Kms from Bangalore is quite a sight for caving and night-trekking activities under the starry blue sky. The Bangalore Turf Club – off the Racecourse Road, organizes the magnificent sport of horse racing for all the equestrians and the visitors here. The club also provides training and membership for the interested members. And for all the passionate drivers, the tough terrains of Kanakapura Road is all about letting your adrenaline take over you. Competing and racing along these roads, would surely make one ride and unleash against the airy breeze!

Bangalore Adventure | Biking: Stock Image | Image Credit: PolkaCafe
Biking: Stock Image | Image Credit: PolkaCafe

‘That Awesome Place’ which organizes art & craft activities, paintball sessions & plenitude of children’s shows, the PetBore Pet Resort, and IONA Gaming Centre at the Virginia Mall, are a few more exciting places to visit for the little fun seekers.

Bangalore Adventure 03: Cafés, Clubs, and Pubs

The breweries, scintillating cafes and livewire clubs and pubs — name it and Bangalore has it all. Whitefield has some thriving entertainment and nightlife options such as the Whitefield Club, Irish House, Harry’s and the Palm Meadows which sound perfect for clubbing, after-work parties, fun evenings, or the breezy date-nights. Indiranagar is lined with the coolest breweries such as the Toit and the Vapour Pub which serve in-house brewed drinks. The Counterculture Concerts here will surely give you some magical moments to remember.

Toit - the Brewpub, Bangalore | Image Credit: Zomato | Bangalore adventure
Toit – the Brewpub, Bangalore | Image Credit: Zomato

Bangalore Adventure 04: Shopping Hubs and Malls

The biggest retail outlet is Brookfield – a high street option in the city, which comes with many national and international restaurants chains as well. Bangalore is home to some of the best world-class malls such as the Forum Value Mall, Phoenix Market City, VR Bengaluru, Garuda Mall, Virginia Mall, just to name a few. In case one is bored of the malls, the awesome clothing and accessories collection at the Indiranagar and MG Road chic-shops is equally tempting.

A clip from the Phoenix Market City, Bangalore | Image Credit: shopkhoj.com
A clip from the Phoenix Market City, Bangalore | Image Credit: shopkhoj.com

To summarize

The city of Bangalore is charming and addictive and for many good reasons. With a crowd from all over the world, this city cannot get any more diverse. As the property prices soar here – the developers have started launching new projects every other year with strong marketing campaigns, and ‘proximity to adventurous places’ is amongst one of them.

Ozone Promenade is one such premium residential development which lies in the premiere neighborhood of Whitefield with the two popular shopping destinations right next door – the Phoenix Market City and VR Bangaluru. Furthermore, Pelican Grove and Aries Lakeview in North Bangaluru have the ‘Jakkur Flying Club’ amongst many other fun activities in the vicinity.

Want to know if the property of your choice has got any adventure activity closeby? Read PropStory’s report on it and get more details with price, amenities and actual site photographs.

Vacation Homes – An emerging real estate segment!

Vacation Homes: actual image | Image credit: web

Recently, one of my relatives just paid up their home loan and are looking to invest in a second home. Now that they are all set in their dream home (as they say!), the idea of purchasing a second home appeared a bit strange to me. So, over a cup of coffee, I decided to bring this thing up and ask, a new home? why now? And how they explained it to me seemed quite justifiable as well. They said – “Of course we are happy with this home, but what we would really want now is a vacay sort of place, something a bit fancy and away from this fast-paced city life, more like a weekend getaway!” When I enquired more with others, I was surprised to get similar responses. This intrigued me to do a little research – why for an increasing number of second home buyers, Vacation Homes are the most preferred choice of dwelling? Let’s look at the reasons for the same:

Vacation Homes – Highly Preferred Choice of Second Home Among Buyers

The segment of buyers, who seek profits out of real estate investments mostly opt to invest in a second home. For others, it could be just a matter of ownership and prestige. Recently, Indians have been investing in second homes with quite a higher rate than earlier, according to a report from www.klassicbuild.com. One of the foremost reasons is that the focus has now been shifted towards something that offers more personal value, like a Vacation Home. Some benefits of owning a Vacation Homes are:

  • A weekend holiday at one’s own place
  • Such properties also offer the option of renting and earning income
  • vacation homes
    Homes close to nature | Image Credit: web

People who hail from the middle & higher income group, tend to have higher expendable incomes. The purpose of buying such homes is either for investment purposes or mostly or just weekend-getaways.

Vacation Homes – Changing preferences

In today’s hurly-burly lifestyle, vacation homes are ideal retreats; they provide blissful timeouts with family or friends. The serenity of the place, in terms of environment and ease of accessibility, are few factors which one should consider, while investing in vacation homes.

While the mindset towards owning a second home is slowly changing, people are looking for innovative and affordable homes which not only provide a return on investments but also allow one to enjoy holidays at their own homes with minimum upkeep. Second homes in India are most likely either a few hours’ drives from the parent cities (of the buyer) or in some tourist destinations such as Goa, Lonavala, etc.

Well, not everyone can find a perfect option close to one’s home. When searching for a second home, price tags and the lifestyle quotient also play important roles. Secondly, when it comes to hustling-bustling cities like Mumbai, Bangalore, etc. no one chooses a weekend getaway in their own city.

Vacation Homes – Where buyers are investing?

Goa, Lonavala, Alibaug, and Karjat are some of the highly preferred destinations for Mumbaikars. Goa, a state of India’s West Coast, is a former Portuguese colony with a rich history. It has been attracting a steady flow of visitors, be it the hippies, the returning expatriate Goans, the tourists from around the world-mostly, pilgrims visiting Catholic and Hindu shrines,  or the people going for medical treatment, and a growing number of those who attend seminars and conferences in Goa.

The dreams of owning an affordable home in Goa with all modern amenities yet with the idyllic, cultural Goan vibe is closer than one can imagine! Furthermore, there is a good supply pipeline of vacations homes in Goa from leading players such as Puravankara / Provident, Tata, Vianaar Homes and Umiya Developers, just to name a few.

Considering that, India’s prominent developer – Provident Housing and Puravankara Limited have launched Adora de Goa, a multi-use development of resort-style residences, retail, and resort in Chikalim village, Dabolim Goa.

Adora-De-Goa, at Dabolim, Goa by Provident/Puravankara | vacation homes
Adora-De-Goa, at Dabolim, Goa by Provident/Puravankara | Image credit: web
Adora-De-Goa, at Dabolim, Goa by Provident/Puravankara | vacation homes
Adora-De-Goa, at Dabolim, Goa by Provident/Puravankara | Image credit: web

Adora de Goa by Provident is expected to open its doors to holidaymakers in 2022 and is certain to raise the standard of a vacation in Goa. Best in class amenities, hospitality services, and beautifully designed private residences are more than one can ask for at budget prices in an international holiday destination. If you have ever dreamed of owning a vacation home in Goa, here’s an opportunity you can regret missing at leisure. Know more about the project in the article below:

https://propstory.com/property/adora-de-goa-dabolim-goa/

The locations such as Lonavala, Alibaug, and Karjat hold similar values when it comes to finding a dream-like-abode surrounded by an impeccable tranquil territory of naturescape. When all this comes at an affordable price bracket, it’s a plus for the home buyers!

In the North, particularly in Delhi-NCR, people prefer to invest in nearby localities, and the most favored vacation home format is the farmhouse. Localities such as Mehrauli, Bijwasan, Rajokri, and Chattarpur have a plenitude of such Farmhouse developments, at a starting price of Rs.2.5 Cr*. Few other vacation homes destination in North India include Uttarakhand & Himachal, the reason being the availability of hill stations which hold good investment value because of the appreciated tourism sector in such states.

In the south, the preferred destinations for vacation homes for major Indian Cities like Chennai & Bangalore include Puducherry, Yercaud, Ooty, and Mysore.

To summarize

Being amidst nature with a breath of fresh air, helps one rediscover the soul, reconnect with loved ones and find happiness in small joys. Vacation homes cater to what everyone craves for – a weekend relaxation, a break from the robotic work-life and unwinding from the daily grind. Historically, the concept of such homes was often restricted only to the prosperous. As living standards of people from the various sectors started flourishing in the country, purchase of vacation homes as second homes have become quite popular. This mode of dwelling offers great potential not only as a holiday/weekend getaway but also as an avenue for rental income.

Lakeview Apartments – A Reality Check!

Lakeview Apartments | Image Credit: web

The country-wide epidemic of poor air quality due to toxic air pollution and smog issues is very common these days. Economically developed countries are also faring quite badly in air quality indices. People living all across the globe are breathing toxic air daily. The intense race towards technological & infrastructural development has created a concrete jungle around us, handicapped natural habitat with lesser trees, and suffocating, polluted air to breathe. This, in turn, has produced compact & congested residential developments.

In this bustling clamour of city life, getting an opportunity to connect with nature becomes priceless. To sprawl out in a field surrounded by calming water bodies, whispering trees, and chirping birds and to look up at the endless blue sky, sounds almost unreal. Connectivity to nature works like a shell to a pearl & ensures our well-being while getting disconnected from it has harming consequences for our mental, physical & spiritual wellbeing.

Lakeview Apartments | Image Credit: Web
Lakeview | Image Credit: Web

A peaceful locality, with all the amenities, and ample greenery around is what one looks for while searching for a perfect dwelling. Few more additions to this list include an unhindered view of the surrounding naturescape and calming water bodies.

Such aspirations of a home buyer have created a competition amongst real estate developers to lure customers with tempting project features such as lake view apartments, homes with 270-degree views, BlueWaters residences, Ocean Blue Homes, and many others like that. We come across with these names every other day on the roadside hoardings, banners, brochures and even while browsing on the internet.

But is it the true picture? Are they really serving you the same recipe as offered?

lakeview apartments | Image Credit: web

I have covered several such projects, and what I came across is that – It might not always be true. It reminds me of an old saying – “All that glitters isn’t gold!”

The fact above seems quite justifiable in this case as well.

So, don’t get carried away with lavish handmade brochures and fancy artistic impressions that advertise projects with sky-high buildings right beside a blue lake with surplus greenery around. Because most of the times, it is just to attract the customers. I came across a similarly hyped project which has all good things mentioned about it on its blogs, hoardings, etc., and particularly the usp of the project – its proximity to a lake. It was a good project. But the lake would be either too dirty and would not be adding much value to the appeal or quality of the project. Then there are cases where the lake is a bit far or comes with a dingy driveway/ walkway to access it. While some projects are already surrounded by other high-rise buildings in the locality. The unusual case is when the developer somehow manages to get a land parcel near a random lake, and they would use it as a marketing strategy.

On the other hand, there are projects which will surprise you with truly impeccable features as promised by the developers, be it an impressive breathtaking lake view or an expansive balcony with infinity pool & sunbathing decks, or an epic eyeshot of the rich greenery unfurled around. We have covered several such “Lake View Apartments” projects, some of which include Indium Lake Forest, Orchid Lakeview, Sumadhura Lake Breeze, Brigade Lakefront, Prestige Lakeside Habitat, Embassy Lake Terraces, Citrus Aries Lakeview, Unicca Emporis, Century BreezeMaia Pelican Grove, M3M Marina, DNR Reflection, Aparna Hillpark Lake Breeze, PRA Lake District, and a few more.

Indium Lake Forest: Bird's Eye View
Indium Lake Forest: Bird’s Eye View
Brigade Lakefront at Whitefiled
Brigade Lakefront at Whitefield

In practice, how well can we understand a project without actually having a thorough understanding of the locality? Questions such as if the lake in the vicinity is clean/serene enough to offer such great views, the actual orientation of the apartment, etc., always come across one’s mind. Additionally, if there is any other existing/upcoming high rise buildings in the surroundings, it will surely block the views from the apartment itself. Well, no brochures, no hoardings, no fancy sample apartments, and no virtual walkthroughs can actually show you the real picture. One needs to get into its details with physical facts about the project.

These are some things to keep in mind before buying a house:

  • Understand the location and its benefits.
  • Do your own online research & a bit of homework before planning a visit.
  • Visit the project site and understand what’s on offer
  • There will be various features & offers associated with the project. Evaluate the best one for you & your family, whatever suits the idea of your dream home.

These steps will enable one to take better-informed home purchase decisions, be it a ‘Lakeview Apartment’ of your choice or if one is looking for lavish homes with other luxury features. Refer to this guide on our website to enlighten yourselves with some more home buying facts.

lakeview apartments | image credit: web

We at PropStory, do all this work for you! We do a thorough research on the project, then we visit the site and get an understanding of the locality. Lastly, we prepare a detailed & engaging description of the project for you. Our property/project report contains area, price & amenities details, information about the locality, social infrastructural details with actual site photographs. Read our report on various such projects to get a better understanding of it. Also, know how we prepare these amazing stories for you on PropStory’s Secret Recipe. PropStory operates in major Indian Cities including Mumbai, Thane, Bangalore, Pune, Hyderabad, Chennai, and Delhi NCR.

PropStory | “The Secret Recipe!”

PropStory | The secret recipe

Have you wondered how PropStory crafts its enjoyable property stories? From properties to localities and real estate facts or latest happenings, it’s fun and engaging. Can you figure out our secret recipe? Well, we are sharing  “our little secret” with you!

This is how it goes:

PropStory | The secret recipe
PropStory | The secret recipe