Important Tips to be Considered While Buying a House

by kbing

Purchasing a home of your dream is one of those accomplishments of life that always holds a top position in everyone’s bucket list. The problems you may come across while buying a flat or a house may differ from person to person, as it depends on numerous variables i.e. personal preferences, budget, location etc… However, as says, there are certain problems which are common to all flat/house buyers. These problems are irrespective of your choice of city/village price (i.e. Affordable / Economical / Luxury).

To fulfill all the requirements of your dream property, here, in this article, we are discussing some important home buying tips. RERA – Real Estate Regulatory Authority (Government of Gujarat) plays a vital role and helps the buyer in a big way. Thus, with a government regulatory like RERA intervening, be vigilant and exercise your rights while fulfilling your commitments.

01. Size of the Flat and Your Budget Needs to Be Considered While Buying a Home!

Whenever you go for shopping, the budget is always at the back of your mind. You can never ignore it, and obviously not when you are purchasing a house that is going to be perhaps once in a lifetime. Hence, before you start exploring options, first decide your optimum capacity, set a higher limit which makes it affordable to you, not giving excess stress to your pocket where you need to make major compromises and cost cutting with your necessities. Neither over inflate your budget nor underestimate your needs.

Striking the right balance between your needs and affordability is perhaps going to be vital yet one of the wisest decision of your life if you get that precise. You should remain careful to see that neither you are governed by emotion, nor by neighbour’s envy nor you should try to satisfy your ego out of pomp and show. So decide how much big a flat, or a row house or an individual bungalow is affordable for you.

02. Selection of the Location is Important While Buying a Home!

a) Acquaint yourself with the terminology generally used in real estate as well as construction industry and “the important technical/commercial conditions which the builder may avoid in brochure”. (Refer our Website/ Article – Importance of Site Location & Wind Direction in Site Analysis!)

b) Identify the locality which suits you the best, for example, many are now considering Bozeman real estate as a prime opportunity for quality of life and investment. Also, consider your budget, your convenience and availability of physical and social infrastructure in vicinity.

c) Firstly, give yourself adequate time for selecting the locality and thereafter go for the selection of scheme/flat/builder/developer.

d) The inadequate survey/information regarding the locality or neighbours may land you in troubles later on.

e) If at all necessary, select appropriate and reliable real estate brokers or some intermediate persons. Always get feedback about their integrity and the quality of their service from their earlier clients as there are no regulatory authorities particularly in India where you can refer in case of disputes with them.

03. Selection of the Builder/Project

Certificate of the Developer/Builder:

a) Prepare a list of buildings you like/prefer in an order and rank them on your own as per the priorities set by you.

b) Out of the lot, the buildings and locations which are now short-listed by you, make enquiry about the builders/developers associated with each of them and check whether they have a good reputation or no, whether they are known for their integrity or no etc. Also check whether the project as well as builder is registered under RERA or not. This is MUST.

c) Visit all the houses/schemes you have short-listed. Note down your instant and immediate feelings while you had a first glance at them. Do take your family members during different times of day to all those houses that gave you a good/positive feeling and seek their opinion.

d) Read thoroughly all the information given in the brochure including the technical and commercial aspects. If it is silent on any important technical or commercial aspect, discuss the same with the builder.

e) Check whether you are buying directly from the original builder or from a reseller/investor through a builder. If you are buying directly from the builder, you may get time to make payment. However, if you are buying from the investor/reseller, you might have to pay immediately at that time.

f) Check the integrity and transparency of the developer/builder. Check his history. Visit some previous projects completed by him. Get opinions regarding his quality of construction, his behaviour, dealing, clarity, integrity, transparency etc. from the flat owners who have already purchased flats from him.

g) Never forget that you are buying a house and not any of those common amenities available in the scheme. Nowadays the builders give pompous advertisements by highlighting the common amenities like clubhouse, sports complex, swimming pool, gymnasium, common hall, temple, amenities related to recreation ground etc they provide in the name of luxurious lifestyle. (Bear in mind that you are buying a flat and not a clubhouse or a swimming pool).

h) When you are buying a house and comparing alternative schemes of different builders, always work out the cost per sq.ft. of carpet area by dividing the total cost of flat by its carpet area. This will give you an idea of the best economical offer you have in hand. Thereby making such comparative study, you should take a decision of buying a house i.e. compare rates of all the properties on per carpet area basis. For Carpet Area Calculation,

04. All the Cost that Needs to be Taken into Account While Buying a Home!

If you are planning to buy your dream home, the first thing that should come to your mind is its “cost”.  In spite of all your efforts you are likely to miss out few things. So, here are some points you must keep in mind as far as the cost is concerned.

a) Remember, cost of the house is not only what your architect/engineer estimates or what you pay to the builder but it also includes stamp duty, registration fee, advocate fee, service connection charges/deposits in statutory authorities, cost of infrastructure, society maintenance, broker’s fee, cost of parking, cost of interior design, furniture, fixture, appliances, cost of shifting, cost of vatu puja, and other such ceremonies.

b) Assimilate all your sources of funds. Based on that, decide upon the amount of loan you need. You might have to pay some instalments before taking the possession of the house. So, keep this in mind too. It is always wiser to make provision of minimum 5% to 10% of the total cost under the head of contingency expense as some unforeseen expense can always turn up.

c) Check the normal service charges that you will have to pay to the society after the completion of the building. In metropolitan cities or even in the posh localities of many developed cities, the service charges are so high that it might not be affordable for every buyer to bear it. For some, paying the charges in one go might not be possible and they may even think of paying the charges on long term basis.

d) If you are buying a new house, you will have keep aside some fund for fixtures like lights, bulbs, fans, air conditions, furniture and various other home appliances. Even if the house is purchased on resale, you might have some of these facilities but not necessarily everything as per your requirement.

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