A landmark decision in a person's life is buying a house. Financial security and social status are related to owning a home in Indian society. The emotional value of a home is attached to the Indian middle-class by Buying a house has long-term implications. The home purchase decision should be well-researched.
1. Is it the right time to buy?
A buyer should take a holistic approach when buying a home. Potential buyers should ask themselves if it's a good time to buy a flat at a certain point in time. The buyer should delay the purchase if the answer is not affirmative.
2. I don't know what my financial status is
The financial status of the buyer should be evaluated. A home buying decision is a high- value investment and an average middle-class person spends decades paying for it in the form of monthly instalments. Before purchasing a home, a realistic understanding of one's financial status is a must. The answer to the question should have enough space for essential factors such as unexpected family medical expenses, possible hike in children's school fees, and other concerns.
3. What budget to set aside?
The next question is what budget can be set aside for the property once the questions of timing and financial status are answered affirmatively. The answer has two parts. The first is the down-payment and the second is the loan financing. He/she should consider home loan financing if he/she can't pay through liquid assets. It is important to consider the income tax savings on account of permissible deductions when considering a home loan. It's important to set aside a contingency fund when considering cash outflows.
4. Is there a place to invest?
The next question for a home buyer is which locations can be considered within the available resources. If the budget allows it, you should be able to buy a home in a place of your choice. If budget isn't an issue, you can either scout for other locations or settle for a smaller house in your desired location. A ready-to-move property is usually more expensive than an under-construction property for sale, and it is advisable to consider both types when making a decision.
5. Does the place support my lifestyle?
A buyer should consider quality and price when choosing a location. Well-established schools in the vicinity would be an advantage if you have children. For families with senior citizens, hospitals within reasonable distances are necessary. Pick out a few places that will allow you to live an enriching life.
6. What is the best way to choose a property broker?
An excellent real estate agent can help with the home buying process. It's a good idea to look for a good real estate agent in your circle. Make sure to appoint a broker with a proven track record in the market. A real estate agent is a crucial part of the home buying process.
7. Is the property nice?
After the appointment of a broker, it's time for a buyer to visit the property. A site visit is the first time you will see your dream home. Take a tour of the property. If you like the property, you will go into the next stage. Continue making site visits until you find a property that you like.
8. Is the price worth it?
As a buyer, you want to get the best price for your carpet area. The most important factor in any buying decision is searching for a product or service that offers the best quality at a reasonable price. A home purchase is not different. If you're not happy with the price, never buy a property. Before moving on to the next stage, ponder this question.
9. Can I call this place my home?
The crucial question is how you will feel if you call the place your home, apart from objective numerical figures, such as carpet area, price, and stamp duty, among others. You should rethink if you think it won't work because of the location or the neighbourhood. Before finalising the deal, take your family or friends to the property to see for themselves.
The credibility of the real estate developer and required documentation for property registration are some of the objectives that a real estate agent will take care of. It takes you and your family to make the final decision.
10. Is it possible to stretch my budget?
A pervasive situation after a home buyer selects his/her dream home is that the asking price is a bit above the buyer's budget. The family has fallen in love with the property, but the decision-maker is not sure if they should take the leap. The real estate agent can negotiate with the developer to get a better price.
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