Tools Every Homebuyer Needs to Use in Order to Purchase Wisely
So you have saved up money and are gearing up for your first property purchase? Well, firstly, Congratulations! And secondly, thread carefully. Real estate shopping in India is really tricky. Be it Real Estate Kochi or Delhi – the problems in any market are the same. House hunting is a laborious task and because of the huge sums of money involved it becomes risky as well. If you are a newbie at this, have patience. There are a lot of things you are going to learn on this long ride. But most importantly you need to work smarter instead of harder. Be focused and you will get there. So wondering where and how to start? Fear not. This guide will help you. You can use these tools to help you in your Real Estate journey.
Educate yourself- Firstly read up a lot about real estate transactions and your rights as a buyer. There is a lot of terminology and jargons used in the real estate industry, get familiar with them. A lot of people will give you various different opinions, but it is important you do your homework to separate the good advice from the bad. Initially you will be overwhelmed by the information available, but fear not. It gets easier as you read more. Before you approach an agent or before you go house hunting, you should have a basic idea about the process of buying a house.
Cash- It is crucial to have a clear idea of how much money you can afford for the house. This needs to be calculated based on your income, the loan amount you are eligible for, the area you’re at looking at, the size of your apartment, the size of your family moving in and your long term plans. Have a clear idea about your budget. Consult with the banks and see if you are getting a loan. All financial matters need to be sorted before you actively begin looking for houses.
Location- If something is as important as your actual home, it’s the location. Different location costs different, but make sure the location you choose not only fits your budget, but is also close to the places you frequent regularly like your work place. In case it isn’t close by to your workplace, check if there is good connectivity. People spend a lot of time getting to their workplace and this will leave you no time and energy to do anything else apart from work. This drastically reduces the quality of life. Also check if your area has schools, hospitals, markets, food stores, medical stores and other social infrastructure. If these things are missing life in the neighborhood become very difficult. Also look out for parks, playgrounds, gymnasiums, parlors, retail outlets, theatres and restaurants that will take care of your outdoor activities and entertainment. Many people tend to under estimate the importance of a good neighborhood. It is very important to live in an area which matches your lifestyle, else your life will become monotonous and you will regret buying the place.
Safety- Always check for the safety of you neighborhood, especially if you are the single girl or a family with kids and elderly. It is advisable to check for the crime rates in your area. Also when you go for property viewing keep your eyes and ears open and see if the building and/ or house adheres to the safety procedures. Many people tend to take the safety factor lightly only to regret it later on.
Hope these ideas help you in your property search.