Read this before Buying a House!
Home buying comes with its own presumptions, caveats and emotions. Owning a home is a dream investment that most individuals make for the security and appreciation it guarantees in the long run. Though a traditional investment option, buying a property makes solid financial sense across age groups, geographies and economic classes.
To add to the importance of owning a home, came the dreaded COVID-19 pandemic. It required the world to change its habits and also to plan for the uncertain future. Global companies shifted to ‘work from home' and in a pandemic-stricken world, the home became the only safe haven. With this came the rate cuts in home loans, smart offers by financiers, builder markdowns and changes in stamp duty charges. Investing in a home of your own has sort of become imperative. Millennials, have started going beyond the rental lifestyle, and have become keen towards buying a home.
There are several features that individuals seek for and evaluate when they invest in a house. Generating a comprehensive list can be impossible as the home buying process is governed by various personal likings, experiences and preferences when investing in a high-value and long-term asset. The experts at KnowHome, however, believe there are a few points that every homebuyer, irrespective of the developer, the project location, type and size, should assess before making the buying decision.
Spending time on the RERA website can be a great way to understand the jargons and the nomenclature of the real estate industry, ascertain your rights as a buyer and the obligations of the seller, the builder and project credentials etc. A one-stop portal, the RERA website provides insights into the buyer- and seller-friendly Real Estate (Regulation and Development) Act, 2016. Make the most of the online resources available to educate yourself and back your decision with credible information.
LEGAL AND DOCUMENTATION
Heard of many stalled projects and pending contentions against builders? To avoid any of the legal implications at a later stage, it is important to assess the builder’s reputation, understand the legal nitty-gritties, procure and review the mandated documents and approvals before even looking at a project from an investment lens. Study the certificates and authorized approvals that projects require, the main clauses of the purchase agreement, the construction timelines and parameters etc. before plunging into the actual home buying process.
Once the decision to invest is made, crystallize on a budget and compute the required home loan. Home loans are a great way to expand your buying capacity and avail the best of options. Keep a tab on your CIBIL Score and also talk to banks and financial institutions to ascertain the amount of loan that can be available to you considering your repayment capacity and other established parameters. Apprise yourself of the home loan types, process, documentation, interest rates, and offers etc. to ensure that when the time comes you are ready to avail the best.
DESIGN AND PLANNING
Once you have done your homework on the builder, the project location and design are crucial aspects that need careful consideration. The master plan of the project, the floor plan, the unit plan and the individual design of every room are important when considering a house. Evaluate the house not just on the basis of your lifestyle, preferences, needs and future planning, but also from a designer’s or architect’s standpoint. Understand what goes into the design and concept of the project and the individual house from the usability and livability perspective.
INSPECTION AND POSSESSION
Once the house is booked for you and your family, the aspect of inspection comes into focus. For an under-construction project, regularly assess the construction stage, the quality of materials and fittings, the engineering milestones etc. Be actively involved in the construction of your house. When the time for possession comes, map the commitments made during booking to the ones delivered. Take possession of your house only when your expectations are met and commitments completed fulfilled by the builder or seller.
Apart from the above, the experts at KnowHome encourage you to take into account the other factors such as the location of the project, the neighborhood, the appreciation trend and the rental income growth, the privacy and security offered by the house etc. As a must, get together with your family and put down a list of must-haves. Whenever you assess the house on your shortlisted requirements, think into the future.
A home is a big investment that calls for intimate engagement and emotional involvement, involves large financial outlays and is like an once-in-a-lifetime asset to be fostered by generations; thus undoubtedly it requires a lot of attention and research. Invest time and efforts to make the decision. Remember, the time you will spend in the house will be much much more compared to the time you spend now. Be wise and make every minute worth it!