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Building new House

Last updated: August 27 2013
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  • Building new House

    Hi,

    I am owning a site in Bangalore, in a bit remote area which is not suitable for constructing or living right now. All our family members are right now located in a convenient place of work and school. I want to build the house now since the cost of building is rising every other day. But we cant shift now. And I do not want to rent it out.
    I just want to know, is it a good idea to build now and not use it regularly. All the pros and cons like building getting older, maintenance cost or the precautions to be taken while taking up some thing like this.
    Need your valuable feedback.

    Thank you.
  • #2

    #2

    Re : Building new House

    just my thoughts..
    It might not be wise to build a house just to save from rising construction costs. as it's a remote area and maintaining the same would be expensive. Also, u might be spending some 30L or 40L for a house now and not getting any return from it until either u move or rent it out. so, instead invest this money somewhere else like FDs, etc and then, use that when u want to construct it after some years.

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    • #3

      #3

      Re : Building new House

      tech4pk is correct.Also,make sure that the site is not sold to some other person after you purchased it,erect a compound wall and keep it locked.Go to the registrars and check encumbrance details now.

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      • #4

        #4

        Re : Building new House

        No point in doing construction now.

        Given pros in delaying the construction, the cost of increase in construction price should balance out.

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        • #5

          #5

          Re : Building new House

          Very Important Please listen to me. Before you invest in building a house in a remote unfamiliar area where your plot is, my suggestion is: 1) First you yourself rent out a small place in that area and go and live there first say for 6 months. See how you experience this. You will find out all the plusses and minuses of living in that area, without first throwing your money into it permanently. Once you get a fair idea about the new location's disadvantages/advantages, take a decision. you will surely be much much wiser to do this, instead of building a house in a remote place. Once you build, it is your baby for life and you cant go back on it. Consult your relatives too, besides your family. Take this matter seriously. Renting a house is not a sin provided you do it with a clear purpose. In fact I am in a similar dilemma because my wife wants to go and live in a remote place
          a hill station called Coonoor where we have no kith or kin. We both are over 60 plus.
          Children are all abroad. More often we keep chasing a mirage and fall into a financial ditch because of thoughtlessness. .Take your time. Do not hurry in these matters.
          Hope you like what I say
          Last edited August 21 2013, 04:11 PM.

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          • #6

            #6

            Re : Building new House

            copy from another thread, important

            https://www.indianrealestateforum.co...estate?t=64795

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            • #7

              #7

              Re : Building new House

              costs - question

              Slightly different question on building house:

              Say it is in a reasonalble area i the periphery where already houses are being constructed For e.g near RV engineering college mysore rd , bangalore OR behing ITC factory north banglore

              - I believe the contrsuction cost of 4 storeyed buliding (each storey of 1800 sq ft build area with stilt basement parking) on 60 by 40 site would be about 20,000 rs per sq ft . Total costs say 1.8 crores .

              Does this calculation sound about right.

              - if so would it be better to build then buy a flat.

              cheers
              kumar

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              • #8

                #8

                Re : Building new House

                kumarm77, the problem is not the cost but the security considerations,especially if you have old parents or only wife living alone the whole day.The problem is accentuated by the spurt in burglaries during day time or chain snatching in such areas.It was also about the safety of your sites in the present status of rising prices of land.That was the dark side of the real estate,please read it again how your sites are snatched from you.

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                • #9

                  #9

                  Re : Building new House

                  Its so nice to get some valuable feedbacks from many different people. Thanks all of you for the feedbacks.

                  Pinky

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