An organised approach to buying houses
Buying your dream home can turn into a nightmare. Not if you went about it in a sensible manner. Not if you took the time, armed yourself with the required knowledge, took the right procedures and clarified all doubts however small…before investing.Having decided to have your own home, the search for the right one for you and your family can be confusing and a tedious affair.
Trying to combine important factors such as location, neighbourhood, conveniences, commute for the family etc., can be a trying task. It is also a long process. But it always pays to maximize your time and minimize your risks.
Let’s assume three important factors about you, namely:
you are a working person
you know where your work area and children’s school location are.
commute to your office and children’s school is a subject of concern.
If these three assumptions characterize your situation, here is how to find your own home that suits your needs and taste.
Step 1: Obtain a latest map of the surroundings of your place of employment or the surroundings of your children’s school.
Step 2: Determine the amount of time you are willing to spend commuting. Let’s say in today’s context, a good 30 or 45 minutes is quite acceptable for a working person. Determine the acceptable commute time for your children.
Step 3: Identify what areas are within the acceptable commute time. Also consider the reverse driving time. Rush hour drive will be longer. Check out the various routes to office and school.
Step 4: Explore individual areas and neigbourhoods within your determined boundaries. Keep one important factor, which many prospective homebuyers overlook - you don’t live in a house, but you live in a community or neighbourhood!
Some of the following questions will help you make a wise investment:
What is the general appearance, is it immediately likable, are the surroundings and homes appealing?
Is the locality a planned one, are all civic amenities available, is it accessible to shopping and other conveniences, how is the traffic, what about schools, etc?
Is it known to be a safe place? Check the noise levels of the locality.
Are there children of similar age group for your children? This is important for growing children.
What are the growth prospects of the locality, will it get too congested?
Will the place be in sync with your own lifestyle, will you be proud to tell your friends that you live in this area?
What does the place look like in the late evenings, is it safe, is it good for a stroll?
n By now you should have narrowed down the search to 3 or 4 areas.
But before you decide on any builder, know what you can afford. Quite often prospects overestimate their resources, and there are some who under evaluate what they can afford!
Look at the availability of builders in the neigbourhood of your choice. Make a good study of all available flats…whether new or old, whether completed or under construction.
Step 5: Now, having known the price range that is right for you, and having seen several flats, what you will remember most is the surroundings and façade of each flat.
That’s natural, but unfortunately with overall impressions, the tendency to overlook important details.
Better to ask a lot of questions and keep a record for comparison, along with the brochures of each project.
Will the builder allow modifications; is there room for future changes?
Check what area of actual usable space you will get, is it enough for your family, what about when guests/relatives come over
If it is a duplex system do you have old people in the family who may not be able to climb stairs?
Is it compatible with your lifestyle, can u have formal as well as informal entertaining, will it accommodate religious functions?
How important is privacy for you?
Does the floor plan allow for good ventilation and natural light, is the kitchen dark?
If your children small, are the balcony railings safe?
Are electrical fittings inclusive of safety features?
Is security and amenities adequate?
Is the builder reputed, is the brand an established one, what has been the track record?
It would be a good idea to list out top priorities and what you are willing to overlook in the lack of it.
Step 6: Find out what exactly is included in the price. Avoid being surprised later.
Ensure everything that is been spoken and promised are reflected in the agreement.
Another important matter to keep in mind, once you’ve decided to buy a house for certain:
Don’t buy very expensive items just before buying a house
Don’t move money around unnecessarily
Don’t take loans for other purposes
If living in a rented house, give sufficient notice to the landlord to organize funds refundable to you.
Avoid family vacations, unless paid for (family vacations can be a surprisingly expensive affair overall)
Try to convert shares wisely and keep funds ready for payment - an overnight job may prove less of a gain
Start following up for repayment of any loan you may have lent
Scout around for the best deal from home loan banks
posted by Gaurav Malik @ 12:31 am
<< Home