Introduction Having a house of our own is almost everyone's dream. Some would prefer a villa and some prefer flats or apartments. Whatever is our choice, at the end of the day we all need a shelter to stay. Even though certain people like to have their house constructed, there are few who would want to buy their dream home. This article will be useful for those who are intending to buy a house for the first time. Be it anything, we tend to make mistakes when we are doing it for the first time. That rule applies here as well. One need to consider many factors before ending up in a purchase decision. Never compromise on your needs or dreams for money. It is we who make money, hence we use it to cherish our dreams. But that does not mean we should waste our money on a house which is actually not worth it. Read on to know the main mistakes one can commit while buying a new home.
Buying a house is a long-term investment, hence we need to look at the long-term benefits as well. It might sound simple but actually is not. It is not like buying a car as people exchange it in another five years time or so. That is not the case with a house as normally, people do not sell it off easily. It is a place for us to stay, hence we should not miss out on inspecting even a minute thing. Another thing I would add is, there is a trend that people follow others just to show off, but that is really not going to help you. One should first understand what he/she needs and accordingly choose the right house as changing it is not that easy as I mentioned earlier. Also, consult with your family before making a purchase in order to understand their tastes and preferences too. Now, let us look into the mistakes people might commit.
Conclusion Buyers, please be careful of the clauses in the deed too. Never be in a hurry, there is a time for everything and you will definitely get it when your turn comes. Until then our duty is to search for good and reasonable ones. If you have an agent, they will know many houses which are for sale and they will show you the pictures and accordingly you can select the best ones and further see it physically. In case you do not have an agent, and if you are intending to buy one near your present home, speak to your friends in the locality, so that when there is something available, they will let you know. Act smart so that you will not end up wasting your hard earned money.
A very informative article telling us the important things we must consider while constructing or purchasing a home.
I will like to add here that there are certain locations which appear deserted or barren on the first look but when you inquire in detail or get information from local development authority you find that many educational institutes and business complexes are coming up in that area. If it is so, the area becomes lucrative and prospective from the future property price escalation as well as increased rental value point of view.
So it is not only the apparent present location but also the future developments in the area which is also a matter to be considered while buying a property.
It's a great Indian dream to have a roof over our heads. Buying or owning the first house is an important emotional, social and financial milestone for the family. Many families in South India, still prefer a bridegroom's family with an own house than a rented house.
Buying a home incurs a major financial commitment that is often met by a home loan with a down payment. Many people stick to the traditional concept of trying to earn a lot, have money in hand and then buy with a little loan to cover up the deficit. But in this process, people often find that the property prices grow faster than they have estimated.
Some buy a house as a pure investment tool and not to live in. This may not be attractive as you cannot sell the house in a hurry to take the money out for your needs.
If you are buying a flat, go for a reputed builder who has a good project completion record, rather than a small budget local builder. Also, select a project that has all the approvals with no encroachment and one that has already had some bookings and loans sanctioned.
Be cautious about the private banks that are linked to apartment builders. Although they make things easy, it is always safer to go for a nationalized public sector bank rather than a private bank.
It is imperative that the buyer scouts the area and the locality of the house and the apartment complex, looking for access roads, garbage dumps, slums, bus and metro stations etc. Select an area that is neither too overdeveloped or crowded (because the price will be too high and residential experience will be below average) nor too much on the outskirts for safety reasons.
Please don't get mislead or fooled by builders who build upon lakebeds and large stormwater drains, handover and later residents have to fight a long legal battle.
Many people in India believe in Vaastu and other land traditions, if you follow this, then please check all this beforehand rather than buying and then making alterations. Lastly, think before committing to buy, once you buy don't be in a hurry to sell.