Well! If you are planning to buy a property and you are on the way to hunting for a house, it means you have achieved a great victory in life. Because buying the right property is not a small deal, it is one of the biggest achievements in life. Something you must have been dreaming about for years maybe!
Different people have different reasons to buy a house, and these reasons usually strongly influence the shortlisting process. You may want to buy a house because you are living in a rented apartment, or your current house is small and you want to upgrade to a bigger space. Or maybe you are seeking out a second home as an investment for future gains like rent, resale, etc. But before you move ahead with your final decision, let’s figure out certain important factors which you should consider while buying the right property. Something which can help you make a rational decision rather than an irrational one.
The Requirements Before Buying the Right Property
Before hurrying on to the process, the first and foremost thing you must ask yourself is, “why do I need to buy the house?”, “Why not rather rent an apartment?” , “how soon do you want to move into the new house”? Ask these questions as it will help you figure out whether you want a ready-to-move-in property or the one under construction. It should not happen that your requirement is to move in within a year but the committed delivery period turns out to be 2 years. Apart from the construction period, you must also be clear with the tentative size and specification you are in need of, 1BHK, 2 BHK, 3 BHK, or above.
Once you know the size and specification you require, you can narrow down your search and can also figure out the budget in which you can afford to buy a specific house, which will also make you aware of whether your preferred location is within your reach or not. Apart from that based on these factors you can also figure out various options and offers available from various builders on which you can work out a better deal with the developer.
Financial Status of The Buyer
This is a major game changer for most people. It so happens we see a plush property with all the tick off like balcony, deck, living space, amenities, etc. We have almost finalized it in our mind, but as we sit for negotiation it goes way above our budget. Therefore, it’s very important to have a fixed budget in place. Buying a house is a hefty long-term investment. Once you’ve evaluated your financial liabilities you will have a clear picture of the kind of budget range and EMI outgoing, you can afford to pay. Never go over budget as repaying the home loan can turn into a nightmare and you may not be able to enjoy all the plushness and the amenities for which you ended up paying through your nose.
Location & Neighborhoods of the Property
Sometimes we may come across a property which has all the specifications and amenities we were looking out for, which would melt your heart. It may even not be as expensive as it seems and somehow fits in your budget. But you must let your mind take over your heart and rationalize your decision by considering various vicinity factors like the ease of accessibility, road conditions, location of the property, kind of amenities, construction quality, locality, infrastructure development, or any future developments like Metro rail, flyovers, schools, markets, hospitals around it to be done.
Also, you must consider the neighborhood, and the kind of people within and around the property who will be or are already living there. It should not happen that you want to take a stroll with your wife or parents, but you can’t as the property is situated in an unsafe or lonely location. Also, don’t fall for the gimmick as some developers may even quote comparatively high costs by highlighting some ambiguous proposed future development projects which may or may not take place. Don’t stick to one developer, visit other developers in the same vicinity to compare and also figure out whether or not your developer claims are true. Therefore, always take a walk around of the area to gauge and note down the pluses and minuses of the surrounding vicinity of the property.
Connectivity from the Major Points
One of the major factors that you must consider while buying a house is the connectivity of the place, especially from your office. Check how close and easily accessible are transportation facilities, like stations, bus stops, and express highways from the property. Since you will be travelling every day it should not happen that you end up spending hours of your life travelling from home to the office and vice-versa. As it can drastically hamper your personal and professional life. Over and above if you bought the place for its scenic location and features, in this case, you won’t be able to enjoy it completely the way you intended to as you may not get enough time to experience it. Therefore, it’s highly recommended, the closer the better, look out for the house which is closer to your workplace so that you save time on travelling and have space to unwind individually and with your family.
Fine Prints to Understand Before Buying Right Property
Once you are through with most of the above points and have decided to go ahead and issue the token amount, hang on!!! Ensure you have thoroughly read between the fine lines and understood all the clauses, penalties, and their implications. Make sure you have calculated the additional expenses incurred in the price like GST, Registration fees, home loan processing charges, etc. Also, check the penalty clause in case your EMIs get delayed for any reason, are you liable to pay any extra charges or not? Also, figure out if there are any hidden charges that have been implied that were not mentioned during the deal. Once you have prudently verified all the terms and conditions in the agreement to your satisfaction, then only sign the final agreement.
Home is the most valuable asset we invest in. We put most of our earnings into building it. Therefore, before investing, consider the above points as a checklist. Also don’t hesitate to explore and compare various properties, especially if they are located within the same vicinity. Comparing two nearby properties will give you a fair idea about the correct pricing and offers which will help you in closing the deal.
