In India, property rates are soaring. Every square foot of area matters. So, whether you are a professional, a couple planning to raise a young family, or an investor, the question of upgrading from 2 BHK to 3 BHK looms at large.
Let’s understand a 2 BHK apartment. It features 2 bedrooms–one of which is a master bedroom–along with a hall and a kitchen. Based on the unit plan, it includes 1 or 2 bathrooms and a balcony.
A 3 BHK apartment is slightly different. It has 3 bedrooms, including 1 master bedroom, and a hall & kitchen. It may feature 2 or 3 bathrooms, a balcony or two, and a utility area like a study room or a servant room, based on the unit plan.
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Why Upgrading From 2 BHK To 3 BHK Matters?
As time flies by, spaces feel small and restrictive. This is natural. Our lifestyle changes, and so do our needs from the spaces we live in. To keep up with changing times, upgrading to a larger house becomes important.
Everyday Comfort Matters
A working person may need an extra room for parents who visit them frequently. This extra space can double up as a guest room if needed.
They may also need a separate space for office work if they intend to follow a hybrid work model.
Basically, upgrading to a house with an extra room is important if lifestyle demands it.
Future Needs matter
Couples who plan to raise a young family may feel the necessity of a larger apartment, as their little ones grow up and ask for a separate room for themselves.
The couple themselves may need an extra room for storage or to nurture their health and hobbies, such as yoga, music, or art.
Value Appreciation Matters
Not only would a 3 BHK apartment house a person’s family, but also prove to be a strong contender for passive income in case they decide to rent it out.
Basically, a property aligned with general lifestyle trends retains value and fetches stronger appreciation. For example, renting a 3 BHK flat gets around 1% to 1.5% more than its 2 BHK counterpart.
Also read: 1 BHK vs 2 BHK
Which Factors Do You Need To Consider While Upgrading From 2 BHK To 3 BHK?
Once a person decides to buy a 3 BHK apartment, they need to narrow down their search based on a few parameters. These parameters will help them get the best deal while spending reasonably when upgrading.
Family and Lifestyle
Professionals who want to upgrade their home should have a thorough understanding of their lifestyle needs of today and extrapolate them into the future.
As mentioned earlier, they need to know whether they will use the extra room to work from home, or for their parents and guests who visit frequently.
Futureproofing
Couples who are going to raise a young family must understand what their children may need in the future. Would they need a larger bedroom for play and studies?
Such questions will help decide the total carpet area they may need in each room.
Budget
Once the person understands their lifestyle demands and works out how to futureproof them, they will find it easy to decide the budget when upgrading to a 3 BHK apartment.
A neat budget will help with down payment appropriation, opting for a home loan, its EMIs, or other options such as a builder subvention plan.
Location and Social Infrastructure
The location of the project determines the cost and total carpet area of its apartments. The cost of apartments also depends on the amenities provided in the housing society, and the social infrastructure, such as schools, colleges, hospitals, and shopping malls, in their neighbourhood.
Availability
Even though this factor is last, it is an important one. If 3 BHK apartments are not available at the location you want at a given time, you will have to look for other options, such as Jodi apartments. They are small flat units that can be merged to form a single large apartment.
What Are The Benefits Of Upgrading From 2 BHK To 3 BHK?
Once the factors mentioned above are understood, a person needs to know the benefits of upgrading from a 2 BHK apartment to a 3 BHK one.
Enhanced Lifestyle
Upon buying a 3 BHK apartment, the person will notice the extra room that can be used to enhance their lifestyle. A new room can be designed smartly to complement their hobbies mentioned earlier. If not, then it can be used to host festivals and uplift the spiritual atmosphere of the home from time to time.
Improved Standard Of Living
A person who starts living in a larger flat naturally adopts a newer and better standard of living. They furnish their new home with branded interiors and keep on renovating it. And such upkeep helps improve the value of the 3 BHK home against its 2 BHK counterpart.
Property Value Appreciation
A property that is well-occupied and is kept abreast with changing times fetches greater returns with time. A person can gain more profit year over year if they rent their 3 BHK apartment against a 2 BHK one. Selling such a flat will get them around 30% to 50% more than the said 2 BHK apartment.
What Are The Steps For Seamless Transition From 2 BHK To 3 BHK?
Once a person buys a 3 BHK apartment, they need to keep a few points in mind for a smooth transition. So, we have listed three points below to help them step easily into their new home.
Calculate Initial Expenses
While buying a 3 BHK apartment, the person has to pay stamp duty and registration charges, and work out various other formalities. Before shifting there, they have to shell out money to design the interior of their new home for the first time.
Review Shifting Expenses
While shifting into the new apartment, they need to calculate the expenses of transferring their belongings from their 2 BHK apartment. They need to shift everything from furniture to clothes, books, and everything in between.
Understand Maintenance and Other Expenses
In the initial months after shifting to a 3 BHK apartment, the person will need some time to adjust to the payment of the maintenance bill, electricity bill, water bill, gas connection bill, property tax, and other expenses.
Once a person settles into the daily routine, their transition from a 2 BHK flat to a 3 BHK home will be complete.
Also read: Studio vs 1 BHK
Key Takeaways
Even though there is no one-size-fits-all answer to this question, we have briefly listed the process of reaching an ideal solution when upgrading to a 3 BHK apartment.
All you have to do is narrow down the search for a 3 BHK apartment based on your family & lifestyle needs, budget, location & social infrastructure, and availability.
Then, calculate the initial, shifting, and miscellaneous expenses when upgrading from a 2 BHK to a 3 BHK apartment.
FAQs
| Why should I upgrade from a 2 BHK apartment to a 3 BHK apartment?
You have to upgrade from a 2 BHK apartment to a 3 BHK apartment if you need extra room for yourself, or if you are planning to start a family, or if a hybrid work model demands it. |
| Which things should I consider while deciding to upgrade from a 2 BHK apartment to a 3 BHK apartment?
You need to consider your lifestyle choices today, your future, budget, location, social infrastructure, and availability of apartments while upgrading from a 2 BHK apartment to a 3 BHK one. |
| What are the pros of upgrading from a 2 BHK apartment to a 3 BHK apartment?
Your lifestyle is enhanced as your standard of living improves after upgrading to a 3 BHK. Also, you cushion yourself against future needs when you upgrade from a 2 BHK to a 3 BHK. And most importantly, your net worth increases. |
| What steps should I follow when upgrading from a 2 BHK apartment to a 3 BHK apartment?
You should review the expenses like stamp duty and registration charges, furnishing, or renovation expenses. You should also consider maintenance and bills such as property tax, electricity bills, gas connection bills, and so on. |
