How to plan budget for a big amount after 2 years

[NewUser]

Hi everyone,

I am in the process of buying an under construction 3BHK flat on loan. The total size of the flat is 1800 sq ft. and the possession date is Dec 2025.
Need your help in coming out with a plan to manage finances such that I can save enough for interior decoration on possessing the flat after 2 years.

I have no idea on the amount required for interior decoration. The flat I'd be getting will be barely laden i.e., except sink and toilet pan, nothing will be provided.

Any help is appreciated. I am from Hyderabad
Thanks 🙏

 

[panchabhut]

this will depend on you present monthly surplus earnings, future ability to pay etc.
there are just two ways - you can save now on monthly basis and then spend at that time or you can take a loan at that time and pay in future (or a combination of both)

 

[NewUser]

this will depend on you present monthly surplus earnings, future ability to pay etc.
there are just two ways - you can save now on monthly basis and then spend at that time or you can take a loan at that time and pay in future (or a combination of both)

Thanks. I would like to avoid loan at all costs since already the house is on loan. I'm looking for the monthly savings way. But I'm not sure how to go about it, or even how much to save

 

[panchabhut]

Thanks. I would like to avoid loan at all costs since already the house is on loan. I'm looking for the monthly savings way. But I'm not sure how to go about it, or even how much to save

Then start with a small RD for 24 mths. see how it affects your monthly finance. You can always add more if your monthly expenses are still manageable.

 

[aayusharyan]

Hi everyone,

I am in the process of buying an under construction 3BHK flat on loan. The total size of the flat is 1800 sq ft. and the possession date is Dec 2025.
Need your help in coming out with a plan to manage finances such that I can save enough for interior decoration on possessing the flat after 2 years.

I have no idea on the amount required for interior decoration. The flat I'd be getting will be barely laden i.e., except sink and toilet pan, nothing will be provided.

Any help is appreciated. I am from Hyderabad
Thanks 🙏

Share some numbers (or estimates) if you are comfortable. Then people here will be able to help better.
House setup can be done for very cheap as well as very expensive. Depends on what side of the spectrum you are on. In fact, some loans also provide money for this (I know Home Loans for Property purchase do, my own experience, not sure about flats, others can help better).

 

[NewUser]

Share some numbers (or estimates) if you are comfortable. Then people here will be able to help better.
House setup can be done for very cheap as well as very expensive. Depends on what side of the spectrum you are on. In fact, some loans also provide money for this (I know Home Loans for Property purchase do, my own experience, not sure about flats, others can help better).

I don't want to take loan for interior design since my home loan is already pretty hefty. I don't want extravagant or grand interiors, but they should be good enough for sustenance. Often cheap products lead to degradation over time and extra maintenance costs. Definitely don't want that. For instance, engineered wood to normal wood is preferred because it's termite free. Hope you get the drift.

I haven't done budgeting yet, but if I were to throw a number, 15-16L is the max budget. I think the total cost would at least be 10L, but looking to accommodate within 12-14L. As mentioned, only the commodes and sinks will be provided. So the kitchen unit needs to be built from scratch. Then there would be fans, lights, false ceiling(not in all rooms though), wardrobes among others. Already having a sofa, two beds and a dining table, so some savings there.

 

[vine]

I think its cheaper to give contract per sq. feet. Best way is to visit friends,relatives, neighbours and find out how they spent their money and take their feedback and contacts of interior deco firms.
Engineered wood is preferred for cupboards in Hall, bedrooms and kitchen,
Aluminum looks cheap in my opinion,
Some people also make cupboards shelves of concrete and doors with engineered wood, as its more durable and free from disadvantages of engineered wood, also a little cheaper.

1 - TV unit in Hall (& UPS unit),
1 - Kitchen cabinet, exhaust fan/chimney,
3 - one cupboard in each bedroom,
grill in each balcony,
window grill for each window.
mosquito net for front door, and balcony doors,
Make bedrooms AC ready, since its Hyderabad.
False ceilings are necessary only if you are on the top floor.
Try to install multiple lights (without glare) in hall, as most pictures will be taken here.
BTW, Costs will differ a lot after 2 years. A rough plan is enough for now. (Mine need to start interior in next few months)

 

[NewUser]

Engineered wood is preferred for cupboards in Hall, bedrooms and kitchen,
Aluminum looks cheap in my opinion,
Some people also make cupboards shelves of concrete and doors with engineered wood, as its more durable and free from disadvantages of engineered wood, also a little cheaper.

1 - TV unit in Hall (& UPS unit),
1 - Kitchen cabinet, exhaust fan/chimney,
3 - one cupboard in each bedroom,

Thanks for all the suggestions. Really appreciate it.
For TV unit and cupboards, I'm looking at engineered wood only. You mentioned about the disadvantages of engineered wood. Can you please elaborate?

grill in each balcony,
window grill for each window.
mosquito net for front door, and balcony doors,
Make bedrooms AC ready, since its Hyderabad.

The grills and mosquito nets won't cost much and I think we can add them incrementally later. Already having one AC, need to buy at least one more.

False ceilings are necessary only if you are on the top floor.
Try to install multiple lights (without glare) in hall, as most pictures will be taken here.

The flat is on the 15th floor, out of 16 floors. Will provision only if required. That's why I thought of having the false ceiling only at the hall, because we can have lights in between the false and real ceiling for a cool effect!

I think its cheaper to give contract per sq. feet. Best way is to visit friends,relatives, neighbours and find out how they spent their money and take their feedback and contacts of interior deco firms.
BTW, Costs will differ a lot after 2 years. A rough plan is enough for now. (Mine need to start interior in next few months)

Thanks .. I have never thought about it as giving contract per sq feet. Thing is, the builders are one of the reputed ones in Hyderabad, so I've heard the contractors automatically raise prices when they hear the builder's name. Nevertheless, will give it a try.
Costs will definitely increase in 2 years. Will start the interiors as soon as possession is given.

 

[simplegarv]

Hi everyone,

I am in the process of buying an under construction 3BHK flat on loan. The total size of the flat is 1800 sq ft. and the possession date is Dec 2025.
Need your help in coming out with a plan to manage finances such that I can save enough for interior decoration on possessing the flat after 2 years.

I have no idea on the amount required for interior decoration. The flat I'd be getting will be barely laden i.e., except sink and toilet pan, nothing will be provided.

Any help is appreciated. I am from Hyderabad
Thanks 🙏

As, 2 years is a good amount of time so, I recommend you to invest in a good Mutual Fund and withdraw it when you require funds.

 

[warden]

This is a crude way to calculate - my experience with interiors done for my house, offices have almost always costed around a thousand rupee per sqft after every damn thing placed in the property, first piece of plywood to the doormat. So as you said it is a 1800sqft, it should cost you around 18lakhs.
You can obviously spend more, or spend less. This has been my experience.

 

[arjun697]

As, 2 years is a good amount of time so, I recommend you to invest in a good Mutual Fund and withdraw it when you require funds.

I would have said this too but if the market is down at that point, he can't afford to wait it out.

 

[SplendorSuperman]

I would say go for RD !
Won’t depreciate your invested funds atleast in market downturns.