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Invest with care

Friday, November 03, 2017
By Property Team

Buying a home is not just the biggest and the best investments that we make but also the realisation of a dream. Here are a few guiding principles that one can keep in mind while acquiring a home.

  • There is no perfect home. Keep in mind your practical needs while buying a home. See that your basic necessities are fulfilled before zeroing on a particular home.
  • Get your finances in order. Your budget decides the square foot area and the locality for your home. Straighten money matters by making sure that you have the right amount to make the down payments and the closing costs.
  • Don't judge a book by its cover. Same goes for a house. Go inside and look around before making a decision.
  • Choose your property broker wisely. Broker must be registered with RERA.
  • Select an broker or agent, who has an experience with buyers, is well versed with the neighbourhood and is not too ‘pushy’ and provides you with the right facts while giving you enough space to make a choice.
  • Reality often outweighs fantasy when it comes to buying a home. Always remember If you're going to live in a city, you often have to sacrifice space.
  • If your buying home in ongoing project, there’s a new box to check weather such project registered under Real Estate (Regulation and Development) Act (RERA) or not?
  • Think long-term. Are you looking for a house with the idea of shifting base in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you will buy as well as type of home loan model you take.
  • Do not over-extend your resources. If you stretch yourself out to buy the biggest home you can afford, you’ll have no money left for maintenance and decoration.
  • It’s very important to buy a home that will go up in value. Slow, steady home appreciation has been the rule for most of our recent history, and many investors in real estate have come to be regarded as canny and shrewd, besides doubling their assets.
  • Its important to inspect the home from checking little things like the taps, quality of tiles and paints, to more relevant details such as if the society is registered, and taxes are paid.
  • Learn as much as possible about the seller’s circumstances. In case of resale homes make sure the cause for the present owners putting it up in the market are authentic. An unregistered society, tax being due, leakage and water shortage or any other crises should not be the reasons to be getting rid of the home -- these could affect you too.
  • Be sure of what you want. Don’t ask too many people for opinions. It will drive you crazy.
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