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An easy guide to buying your own home

It is every one’s dream to own a house or an apartment. In this age of nuclear families, it is particularly true. Fairly soon, ancestral homes will become a thing of the past as people move out of their native places to other areas in the country or abroad.

Some may want to put their money into a house or apartment not only as an investment but also for a sense of permanence. Rented living quarters do not give you the feeling of permanence since you are at the mercy of the landlord. Besides, most often, it makes economic sense to invest in a house or apartment by paying EMI on loan as against paying rent. Owning a house is also a positive factor in marriage considerations.

Now that you have made up your mind to buy your own house or apartment, what must you do next? You will not blindly buy the first real estate property that you come across. There are many factors that you would need to take into account for this transaction is very unlike buying a fridge or a TV. Take some time and think the what, where and why of your desire to buy an apartment or a house.

Consider affordability

This is very important as you should cut your coat according to the cloth. You may want a 5-bed apartment with all the luxury trimmings, but is it affordable? Once you know your financial level, channelize your search on that basis. You must research each property on the basis of the going market rate, the experience and reputation of the builder / developer, the time schedule for completion, the relevant and necessary documentation, and the availability of finance options. It would be a good thing to talk to reputed valuers and negotiate with the builder / developer. Do not forget to check out water, power and sanitation facilities in the complex. Every feature, every facility that the builder offers, must be clearly documented and don’t get taken in by verbal assurances.

When you plan to buy a house, always plan for at least 10 years ahead. In your current state you may think that a single bed-room apartment should suffice. But it would be advisable to go in for a two or three bedroom apartment, if you can work that out. You can take in a couple of paying guests and this could help you with your EMIs.

Consider the location of the property

The property should have easy accessibility to shopping, schools, hospitals, public and private transport and restaurants. Also check if the neigbourhood is calm or noisy. A residential property on the main road which has a heavy traffic movement will be a very noisy one and this could affect your lifestyle and is a potential drawback, should you want to sell it later.

Other factors that you should consider

Is the property a brand new building or an old one? Consider the age of the building for the older it is more prone it will be for repairs. What about security? Does the building have security guards and CCTV cameras installed? What is the location of the apartment? Is the apartment on the top floor, just below the terrace? This is an important thing to consider since the rooms could get considerably heated up due to radiation from the terrace.

Check out the maintenance charges and who is responsible for maintenance. Does the building have parking for the residents? Is it covered or open? Is parking free or is it a paid facility?

A lot of documentation will be required to be provided to the builder and the banks, should you be applying for a loan to purchase the property. Your address and identity proof, salary certificates, income tax certificates, PAN card etc are some of these. Keep these ready along with the relevant photocopies as well as your passport or stamp sized photographs, as required, so that you need not get into a last minute tizzy.

Stanley Varghese for IndiaProperty.com

Image: https://pixabay.com/en/home-building-residence-1353389/

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