Selecting a home can be a heavenly experience. After all those years of saving and
dreaming, you finally are in a position to purchase. But beware! It may turn into a
horrifying nightmare, if you don't follow a few simple, yet indispensable guidelines.
Three golden words
The house hunting, there are three things that are paramount- location, location and
location. Whether you are an investor or a end user, if you don't choose your location
with caution, you will land up in a place either way too price or way too down market.
A few pointers:
Ascertain which areas of the city are appreciating more than others, while avoiding areas
that are very highly priced.
Look for property in developing areas that will soon come under the City Municipal
Authority.
Select a property that has good resale value and is close to markets/ shops, medical,
education and religious facilities and to your places of work.
If you are an investor, check if the area is preferred by foreigner or executives of
multinationals. Such areas generally command higher deposits and rents.
Finance is the foundation:
Check your financial situation. How much of loans will banks, home loan institutions and
your company provide? Don't hesitate to avail of it. The appreciation in the price of your
property over a period of time will more than repay the interest you shell out.
Calculate the rate in Rupees per sq.ft. Of the home you propose to buy, after deducting
cost of additional items life stamp duty, registration charges, extra amenities, car park
costs etc. If you fail to do this, you may find yourself running out of funds to complete
the purchase.
Choose your builder with care:
It is always the wisest course to confirm a builder's credentials. Is the company the
member of a promoter's association? Are the legal advisors, architects and consultants
sufficiently experienced? Has the builder completed earlier scheme? Talk to the occupants
to find out more.
The devil is in the detail
You will need to check everything, big or small. Remember, a home is a lifetime investment
for most of us. Here are a few details you may miss:
The size and shape of the rooms should meet your requirements
Do you require a swimming pool and clubhouse? If not, why pay more for their maintenance?
Check all amenities approach roads, floor finishes, doors, windows, entrance door/ grill
safety
Most importantly heck on availability of water and electricity in the area. Don't forget
the drainage
If you do your homework properly, you're on the way to your dream property. Take time.
Talk to people who have recently made a purchase. It's well worth it.
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