Home Search Essentials: What Really Counts

Have you ever wondered what the most important elements of homebuying are that you simply can’t afford to overlook? 

While everything about a property like size, price, location, amenities, and construction quality etc looks important and also plays a crucial role in the decision-making process many times, it’s essential for aspiring home buyers to be able to prioritize and identify the most critical elements that align with their specific needs and long-term goals.

In this guide, we will explore the three most important aspects of property purchase and provide strategies on how to effectively balance them so you can successfully secure your dream home.

The Three Crucial Aspects: Floor Plan, Price, and Location

When it comes to buying a property, three aspects stand out as the most crucial: the floor plan, price, and location. While conventional wisdom often considers location above all else, our analysis suggests that the floor plan (size & design) deserves top consideration. The primary goal of your property search is to find the perfect balance of that with Location and Price.

Floor Plan is the most important one

1. A floor plan (size & design) is shaping your daily life 24/7.
2. A good floor plan doesn’t just make your life easier now—it also helps your home sell better in the future. Smart layouts stay popular over time, can adapt to new ways of living, and use space wisely. These features can make even a smaller area look great, making your home attractive to buyers down the road and potentially increasing its value.

Balancing it optimally with Location and Price is the key

While location influences your external experiences and price determines your monthly commitment, the floor plan orchestrates your everyday living. However, the key to finding your ideal home lies in striking the perfect balance between these three crucial factors: floor plan, location, and price.

For example:

1. There is no doubt that a property with an excellent floor plan in Bangalore’s prime areas like Indiranagar, Jayanagar, or Koramangala comes with a premium price tag. While these central locations are desirable, they can severely impact your budget.
2. However, expanding your search just a few kilometers beyond your daily commute zone can reveal good real estate opportunities. Choosing a property on the outskirts of a city often allows you to get a superior floor plan at a more attractive price.
3. This trade-off between location and value can be highly beneficial. You might find that the improved living space and financial flexibility outweigh the minor increase in travel time.
4. Also, future infrastructure plans may transform the outskirts into well-connected areas, offering both space and location benefits. Remember, HSR Layout and Sarjapur Road were considered jungles, but these are well developed areas now. Early property buyers in these areas received great returns on their investments and also got the latest infrastructure.

Prioritizing rarely-needed-amenities can strike off the balance

Even after finding a home with a better floor plan, and location, buyers often face confusion about whether a particular property is the best choice for them. Amenities play a crucial role in this decision, as they are designed to enhance comfort, convenience, and lifestyle. However, the question arises: Is every amenity truly necessary?

1. Amenities can be broadly categorized into two types: basic and premium or luxury. 
2. Basic amenities are necessities that include 24×7 electricity backup, elevator backup, dedicated covered parking, security surveillance, common areas, and water storage/backup etc. 
3. Premium amenities, on the other hand, provide that extra touch of luxury, offering a high-end living experience. These may include a gymnasium, swimming pool, clubhouse, sports lawn, banquet hall, and air conditioning etc.
4. You must weigh the value each amenity adds to your lifestyle against potential drawbacks such as increased maintenance costs or unused facilities.
5. For example: A housing project offering 2-3 luxurious swimming pools might sound impressive, but an extra space in covered parking could prove far more valuable. While pools can significantly increase both property prices and monthly maintenance costs, they might only be used occasionally. Similarly, a vast 1 lakh sq ft banquet hall may impress, but a 10,000 sq ft multi-purpose hall along with a good food court can provide greater value by offering convenience and variety without excessive maintenance costs.

By critically evaluating the necessity and practicality of each offering, you can make more informed decisions that suit your budget.

Value vs Brand

Case study: Sobha Dream Acres vs. Skanda Elina:

1. Sobha Dream Acres, a project by a well-known builder, sold 900 sq ft of flats for around 65 lakh about five years ago. Today’s valuation of those same flats is approximately 1.4 times their initial value, indicating remarkable investment potential.
2. However, right next door, we have Skanda Elina. Here, 1200 sq ft of flats were initially sold for around 40 lakh. Fast forward to today, and these flats are now valued at around 2x their initial value, also showing a great appreciation in price.
3. This scenario is not a once-in-a-blue-moon incident. Similar patterns can be observed across various neighborhoods in Bangalore and other major cities.

In Bangalore’s real estate market, premium builders offer top-quality properties, but the cost can be higher, often due to extensive marketing. While choosing a premium builder is a valid option, there are many lesser-known builders who deliver equivalent quality as the famous ones and a better balance of Floor plan, price and location. These alternatives can provide similar or greater value at an affordable price. Let’s understand how:

1. Less-known builders often offer more affordable properties due to their reduced marketing expenses.
2. They strategically position their projects near premium developments, utilizing existing infrastructure such as good roads, schools, and hospitals. This smart placement allows them to benefit from the area’s development without bearing the full cost.
3. Properties from these builders, particularly those near premium developments, can experience significant price appreciation.
4. Importantly, the quality of construction and amenities provided by these less famous builders frequently matches that of premium developers due to common designers, suppliers or contractors.
5. As a result, your return on investment (ROI) can be higher while still enjoying excellent livability. This balanced approach offers both financial benefits and a comfortable living experience.

Settlin: Streamlining Your Path to the Perfect Property

Settlin understands that the perfect home is a delicate balance of three key aspects: floor plan, price, and location. While we start from these basics, we offer you the entire availability in the best order, based upon preferences decided by you. How Settlin does that, check below:

1. Settlin streamlines your property search by offering a comprehensive database of serious sellers, ensuring 100% availability and decision-ready profiles.
2. Our exclusive listings are competitively priced, giving you access to the best properties in Bangalore’s competitive market.
3. We manage property visits with precision, recording your feedback to refine future recommendations and make each viewing a positive experience. 
4. Settlin’s customer-friendly portal allows you to filter through over 85 parameters, helping you do an apple-to-apple comparison among the ideal properties that match your specific requirements.
5. When you find a property you love, Settlin facilitates a smooth transaction process. Best of all, we provide this end-to-end service at zero brokerage cost, making your journey to homeownership in Bangalore both efficient and economical.