Home buying is not only the biggest dream for everyone but also the biggest financial commitment too, or we can say it is a milestone achievement.
A home buying is a capital-concentrated investment and therefore it is more essential that we take a considerate decision rather than just taking an exciting plunge.
As a real estate broker, having sold more than 200 apartments in my career I have noticed many issues of home-buying decisions going wrong. Hence for the advantage of “YOU – THE HOME BUYER”, I am writing down some points to keep in mind before Buying a Residential Property:-
Need: Have you questioned yourself: Why I Need A Home? Why can I not rent it? Financially renting is a better choice than buying because the return on a residential rental is just 3 – 4% whereas the home loan is approx. 7 – 8 %. I got various answers to this question:
- I need to buy a home because it gives me a reputation in society.
- I need to buy a home to make savings from expenses that I would otherwise undertake.
- My family does not want to live in rented accommodation because of the uncertainty of being asked to leave without notice.
- I had a dream home in my mind – I want to fulfill my dream. Etc.
Financially Prepared: Are you financially prepared to buy? Have you considered all the financial debt like a car loan, education loan repayment, or any other loan? Have you deemed your financial commitment towards your parent’s health care, your partner need: professional and personal, children’s education? If yes, how much you save month-on-month which you can divers towards in buying your dream home? “YOU GOT IT’ – you get the exact monthly surplus for investing in your home purchase.
Location: One of the most important elements to be considered while making a home buying is the location that needs to be close to the office and is considered as the influencing factors – it is bet there are many other aspects concerning determining the location. Please ensure that the location you choose has as “WELL DEVELOPED SOCIAL INFRASTRUCTURE: MALLS, SCHOOLS, HOSPITALS, POLICE STATION, RESTAURANTS, etc.) As a home buyer, do not choose a futuristic location. Because live-in today not in the future.
Size of the home: This is a tricky one – do you prefer a 2 BHK apartment in 900 sq. ft. or 1100 sq. ft. sizes likewise 3 BHK in 1400 sq. ft. or 1800 sq. ft. Are you looking for accommodation or just buying space? A 200 sq. ft. extra size in the same configuration @ Rs. 5000/ sq. ft. increase an additional pay out of Rest 10 Lacs and a 400 sq. ft. bigger size with the same accommodation @ Rs 5000/ sq. ft. means an extra amount of Rs. 20 Lacs. Be precise sometimes you purchase size, but the functional area does not expand in the same ratio. Amount of Rs. 10, 20 Lacs is a big saving and so be sensible while selecting accommodation and size.
Which project to choose? The key and important things are to find out the consultants working on the preferred residential development, Architect, Landscape Designers, MEP Consultants, Builders, Facility Management Consultants, and lastly Financial Support.
Homebuyers who are looking for a perfect residential property nearby Delhi from a big brand at a very affordable price can consider Tata New Haven Bahadurgarh. Located at Sector 37 offering you 2 & 3 BHK Apartments with the best specifications & amenities at a very attractive price