Are you a first-time homebuyer looking for your dream house but unsure about where to begin? As buying a house is one of those momentous decisions you make in life, the process can be a little overwhelming to go through. The trick is to do your groundwork well so that your years of savings will not go in vain. There is nothing called knowing too much in home buying; the more you know, the better equipped you are to handle it. From managing your finances to finding a reputable builder, there are several factors that a home buyer should take into account before making the big leap.
Here are 6 important things to consider before buying a house in India.
Location is one of the most important things to consider before buying a house, which needs your attention and research. It decides your proximity to your workplace, your children’s school, hospitals, banks, and other civic amenities. Picking a location that is located near places you have to frequent would be the best way to go about it. Also, make sure that the neighborhood appeals to you. Also pay attention to the community, safety, the landscape, access to public transport and major routes, amenities like groceries, departmental stores, etc.
Once you have made up your mind about where you want to live, the next step is to identify the most reputable builder in the area who guarantees the delivery of quality apartments. Find out how long the real estate builder has been in business and the projects they have delivered in the past. Check with the builder’s financial status. Never go by oral agreements, ask for the agreement in hard copy that details every aspect of the purchase.
There are several things you need to negotiate while buying a house, of which price is the most important thing to consider before buying a house. Before you agree on a price with the builder, it is important to research the local market and the price trends thoroughly to ensure a fair deal for yourself. The ‘asking price’ is the price the seller wants the buyer to pay for his house. This price is part of the property listing and is not the final price. Every seller would want you to pay a final price that is as high as the asking price. If the ratio of final price to asking price is more than 100 per cent, it makes for an unfavorable deal on the buyer’s side. If the ratio is below 100 per cent, then the house is sold below the asking price, which makes the deal favorable to the buyer. Mostly, prices are inflated to an extent where the buyer makes a profit.
- Area of the Apartment
As you go through the course of purchase, it is very natural for you to come across terms like carpet area, built-up area, and super built-up area that might not ring any bells for you. But these terms describe the area inside the house at your disposal, which is a very important thing to consider before buying a house. Therefore, first-time homebuyers should learn the difference between carpet area, built-up area, and super built-up area to make sure they know what they are paying for.
You should not leave the condition of the amenities unchecked if you are looking for a convenient and peaceful stay at your new house. The number of family members should help you decide the number of bedrooms, which should also involve your future plans of having kids as well as having guests or grandparents over. A visit to the house will tell you if the electric appliances are in good condition. The amenities outside the house also deserve equal attention. It would be wiser to go for a builder who provides you with gymnasiums, home theatres, and other recreational facilities. Evaluate your lifestyle and choices before deciding on what amenities you will need in your house.
- Age of the property
Of course, there is a charm that comes with age to a house. It is also true that the materials used for constructing old homes differ from the construction quality of new properties. They are cheaper and always have a character to them, unlike new properties that look alike. But is an aged property always a safe bet? With age come maintenance requirements, upgrades and definitely, expenses on your part. On the contrary, a new house will have state-of-the-art amenities that do not need to pay for repairs or upgrades.
Keeping these things to check before buying a flat in mind will help you simplify the otherwise complex process of buying a house. The ideal way for a first-time homebuyer to negotiate a fair deal and to make the best possible decisions is to be empowered with every piece of information related to the sale.