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Choosing a House? This is how to do it

Saturday, December 09, 2017
By Property Team

Choosing a home can be a pleasurable or a nerve-wracking experience. It is very important to make this experience remember for all the right reasons

If you follow a few simple suggestions you will definitelyminimise the pain of house-hunting

One should be always clear while house hunting, what you and your family members really want. More to the point, what do you really need? For instance, if you have a car – or one for eachmember – then proximity to public transport is less of a priority. Then, if there are children, what about schools and colleges in the vicinity? Is there someone in your household – say, an elderly parent – who regularly visits a temple. If so, then, a temple near a project could swing the decision in its favour. Zero in on the features you must have, would like to have, definitely don't want and would prefer not to have. It will help you keep a cool head if you fall in love with a project at first sight – only to discover after you have put yourmoney down that you made a mistake. If you are confused about where to begin, start with a list about your current home – what you like and dislike about it, and what you would change if you could.

There are several aspects to this. One, how far is it to your workplace? If you and your family members are going to have trouble getting to office, then you need to think about how much time you can spend commuting, and what it will cost you in financial terms. This is crucial because it is something that will impact your life every single day. If you have school or college going children, then proximity – or at least easy access - to the right educational institutions will become a priority.

That means ask lots of questions, study the market, examine price trends, market trends, and the various home loans available. One might think it is too much trouble but remember, these are your life’s savings you are investing, so extra information does not hurt. It is also a decision that is going to directly affect the way you and your family live, so take that extra time off and study the house hunt process fromevery conceivable angle.

Look at home loan offer carefully – if the interest rate on offer is low, are they making up for that with a higher processing fee? How much do the EMIs work out to and do they fit into your budget? What are the eligibility criteria? Ask the lending institution to give you a full assessment and tell you – in writing – how much you are qualified to borrow.

Visiting several homes and projects can end up leaving you completely confused to avoid such confusion simply make a checklist and rate each of the properties as you visit them. How many family members should your new home cater to? How do the prices compare? Is the security good? Can the house adjust to your changing needs over the years? What about maintenance? Do you really want that clubhouse or the swimming pool that will add to your monthly outgoings? You would also be wise to cast an eye out on the builder, check his reputation. If project is ongoing it is very important to check whether the project is registered under Real Estate (Regulation and Development) Act, 2016 (RERA).

The crucial factors in choosing a new home are location, cost and appropriateness to your lifestyle. This is one area in which you simply should not take any hasty decision!

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