|Think before building your home
We all know how phenomenal growth real estate in India has seen in the past few years. The pace of this growth is increasing with every passing day. And this growth is seen in all aspects of real estate including buying, selling and renting property. This boom in real estate is not just limited to residential properties but has gone up in case of commercial properties as well. However, buying a house is still a great experience for most people. Whether you are a first time buyer, an experienced buyer or an investor of real estate, this feeling is common for all.
There are many things involved that require your attention while buying a property, especially while buying a house for your own self. The first and the foremost thing is the budget. As a buyer, you must set a budget for buying your house depending on your affordability. Moreover, you must check out a few properties before finalizing the one that suits you most. The house you choose to buy should fulfill all your needs and should also be within your budget.
Furthermore, the budget also depends on whether you want to buy a ready to move in 2-3 BHK flat, a penthouse, a bungalow or a plot where you could construct your house in your own way. Though, buying a ready property might be a lot hassle free, however, if you buy a plot and build a house looking at your own requirements, you will be able to term it your dream house in the true sense of the term. In that case, you will need the advise of a good architect to provide you a nice plan.
Once you decide on the kind of house you want to build or buy, the next thing to do is to check the location of the house. As far as possible try to build your house close to a prime location of the city so that in addition to fulfilling your primary needs, the location also offers you a good resale value for your property. Although, the price of such a property might be slight high, it will be an asset for you for life.
For a good resale value of your house you have to consider every aspect of the property judiciously. Investing on a wrong property might give you less than you invest when selling it later. In case you want to lend your house on rent after buying it, you should seek a location, which is densely populated and also try to find out the rental rates in the area.
Another important aspect of buying a property is the loan eligibility factor. Home loans are provided on the grounds of various eligibility criteria such as income of the applicant, repayment ability, existing loans, debts, age of the applicant and so on. As the rate of home loan increases, the loan eligibility for a borrower becomes tough. So, try and calculate your eligibility for home loan with the help of the online eligibility calculators provided by lending companies or banks.
Stamp Duty and Registration Fee are two other important costs attached with buying a property. So, when buying or building your house, you should know the rate and charges applicable on the particular property in your city.
If you use the help of a real estate agent or broker for buying your house, you will have to incur additional cost in terms of their fees or service charges. Moreover, you should also calculate charges for Home inspector, Land surveyor, Lawyer or notary etc. Besides, how can you forget the maintenance charges of your property? Enquire about the maintenance charges required and also if you need to pay it on monthly or annual basis. Do make sure that car parking is provided and you need not pay any extra for it.
Good connectivity of the location where you buy your property is also important. So, the selection of an ideal area with smooth connectivity to the important places in the city, such as, railway station, airport etc., should also be taken note of. In addition, other vital amenities in the neighborhood like hospital, school, banks, parks, and entertainment avenues etc., are also essential.
For many people traffic in the locality also matters. If that is the case with you as well, you must confirm the traffic conditions of the area during peak traffic hours. This will also give you a feel of the noise level that you might have to undertake in that area.
Other things like investigating about the property builder (in case you are buying it from a builder), knowing more about the project, and checking the reputation of the developer, are some of the important things to know. In addition, enquire about insurance of the house, tax planning, water supply and sewage systems etc., before buying the property.
The above-mentioned things are an integral part of making a house. However, you should ensure that every member of the family gives their vital opinion in building the ideal house, especially the children in the family. They also need their own space both within and outside the house. For example, if you have space available, create a special area for your kids. If your plot is large enough, you can construct a small playground for them with amenities attached. In addition, a touch off green in terms of garden and lot of trees etc. is alsovery important. Try to plant trees in the boundary of your plot along with planting beautiful flowers. This will definitely make you feel good every morning when you step out of your house.
There are many big and small details that one needs to understand and make it clear before finalizing the deal of buying your own house. A home of your dream is what everyone wants. Though visualization of your dream house looks simple but in reality you need to do a lot of homework to achieve that dream. So, go ahead, and make your dream a reality by building the perfect house that you have always dreamt of.