It could be the housing market crash; an idea of living close to the workplace; a life outside of the polluted city or simply an investment that would pay well in retirement; there is always a reason for the average person to own their dream home. It’s no surprise that all working professionals in their twenties pay the majority of their salary on their home mortgage. With the increasing demand for real estate investment, there are so many builders competing to market their properties to attract young buyers.
Property promotion in the form of deeply discounted price per square foot, interiors/furnishings at absolutely no additional cost, glamorous amenities and waived maintenance fee along with rental guarantee help properties sell like hot cakes . However, there are some important points that a buyer should know in order to zero in on a good property, whether it is for an investment or for a living. The points below can help you broaden your perspective on buying a home and serve as a guide to your property search:
Know your budget: It is crucial to check your finances first before making the decision to make a large investment that especially involves a longer repayment period. It’s normal for all of us to be baffled by words of encouragement from real estate agents about the various home loans available to different sections of people, and the beauty of a spacious apartment. But resisting this temptation and taking a moment to consider whether you can afford the monthly payment without feeling the pinch can go a long way toward finding your dream home.
The Ideal Home – With so many options available, it can be confusing to find the right home. While people with a small family may want to go for a builder apartment, newlywed couples who have just moved in looking for a stylish lifestyle with a sprawling community would opt for an integrated township. Therefore, it is better to first understand the ups and downs of individual houses, townships and apartments, compare them to find the one that best suits your needs.
Choice of Location – Many home buyers pay little or no attention to the location factor. This is a significant factor that could eventually incur a lot of expense if you are left-handed. If the house you decide to buy is located on the outskirts of the city, commuting to work or school is going to cost you a bomb, no matter how attractive it is. However, if you end up somewhere that doesn’t fit your social needs but will save you at some point, you may still regret it and consider relocating again. If the purchase is an investment, it is advisable to find out the appreciation value of the locality. It would also be wise to choose a property that is well served by public transport.
Choosing the Right Builder – Just as it is important to consider the style of construction, it is equally essential to check the reputation of the builder. This would ensure that he is in good hands, especially when he is buying property with possession as the main objective. The builder’s reputation is reflected not only in their promise to meet the time frame when handing over possession, but also in the way the building is constructed. A very experienced builder would make sure there is enough ventilation. His choice of location would also be such that you are free from external disturbances (eg, close to industry outlets, poor access due to unsuitable roads, etc.). This will pay off as many builders are also known for their optimal use of space while erecting the building.
Right Time: While you know the time is right to buy a home, it’s imperative that you don’t rush it. A prudent buyer will examine all options, taking the time to weigh the options before settling on the ideal home. Don’t fall prey to superficial ads. It is worth investing some time in the research that will translate into monetary appreciation. At the same time, keep an eye on the fluctuating market. While it is important to take enough time to assess what is appropriate, it should be noted that taking too long to make a decision will only leave you with very few options.
All of the above pointers together or individually can be helpful to the buyer looking to buy a new property. As they say ‘there is no place like home’, if you have made the decision to buy one, go ahead!