30 Jun Features to Consider When Buying a House

Buying a property for the first home is exciting, but your bank account might not be as enthusiastic as you are. Know how much of your savings you are eager to spend before you get in over your head. Instigate by grounding yourself in actuality and determine the “true costs.”

When the time comes to look for a home, it is advisable to consider the below pointers when buying a house.

Location: Location plays an important role when you are planning to buy an apartment. Whether you have plans to live in a noiseless suburb or a bustling city, deciding where to live is key to being a cheerful property owner. Talk with those who live nearby and get their judgment of the area. Find out the base home values where you are looking—what is the starting cost for most houses? If you have children you should put more emphasis on the quality of the school they will be joining. You will also have to check how the connectivity to your office is and if it fits your standard of living.

Size of the Apartment: Do not invest your money in a smaller unit thinking that you can always purchase a bigger one later. Remove such thought from your mind forever. If you can’t afford a bigger house now, you won’t be able to do so after five years either. Property rates are doubling every year whereas the salary is not (which is a true fact, except it). And once you get stable in a house, it is almost intolerable to shift again. Looking into the future, you would have kids who would need a room of their own. Your parents might come down to stay with you sometime. You might acquire a ton of household stuff which you would have to put somewhere. So buy a bigger house you can manage to pay for. Look for one with at least 3 bedrooms with a total area of about 2000 sqft. It might pinch a little in your budget now but will surely come in handy later.

Age of the House: If you are only interested in new construction, this is irrelevant. However, if you are willing to look at all houses in your price range that meet your basic requirements, you may see homes from several decades. Older homes can have a character that appeals, and they may also need more repairs and upgrades. Make sure you have the time, inclination and budget to enjoy managing these projects. Building codes change over the years, and it would be good to have a basic understanding of some of the more impactful differences when looking at homes built under a different set of rules. Your realtor might have this knowledge or would know where to find the answers. If you’re looking for a certain vintage and style, you might already be aware of how homes were constructed at that time.

Check the Site: The layout in the brochure could be altered from the reality. So, do a detailed site visit before booking the property. Interact with persons in the neighborhood as they may know about the illegal occupation or other legal disputes related to the property.

Amenities: Some developers may list a collection of amenities to attract prominent buyers but it is your responsibility to look at the bigger picture. What are the basic facilities essential while staying at an apartment? What is the luxury features the builder is offering? Everything needs to be kept in mind while choosing the right apartment for yourself.

Security: Your home should be a safe shelter for your family. Once you have established the safety of the area, one of the first things you will want to do is take your security one step further by fixing a monitored security system in your new home. This not only helps you protect your new investment but it also provides you with peace of mind. Each house is exceptional, just like your standard of living, so find a security system that matches your needs.

Payment Plans And Schemes: To attract prospective homebuyers, real estate developers also have different payment plans and schemes. The real estate developers have offered subvention schemes, Possession-Linked Plans, Standard-Deferred payment plans, etc as few types of payment plans. Here is important to note that a homebuyer needs to understand these type of payment plans before taking the decision.

Hidden and Additional Charges: Ensure that all the clauses of the documents are read in detail and penalty clauses be understood. The builder is required to pay you a monthly penalty in case you do not receive the flat’s possession within the grace period. Additional expenses such as GST, stamp duty, home loan processing fee, registration charges and all other charges should also be kept in mind.

Builder Reputation: Before zeroing in on the purchase, do a bit of homework on the builder’s reputation or track record. Check out their completed projects and go through the customer reviews to get a better understanding of the people you are dealing with. In a metropolitan city like Bengaluru, there are few developers who try to fraud innocent homebuyers and make waver from their promises. If you are thinking of buying an apartment in an under-construction project, be sure that they provide the apartment at the promised possession date, along with the required documents.

Buying a luxury house is an investment, which is crucial to increase your standard of living. The above-mentioned points can help you make the right decision. So take the step and purchase the dream house you always wanted.