A home is where dream blooms. For many, this is the most beautiful place on the earth. This is why importance of owning a home is one beyond the count of words.
To buy a dream home in this intensely competitive real estate market is an experience comparable with the search of a needle in the haystack. So to say, a prospective buyer needs to familiarize with the finer points of realty market. He has to research a lot and study some core essentials to finally purchase a home.
Sounds difficult? Losing confidence?
Relax! Here you are going to read some tips shared in an attempt to help you purchase a dream home in India.
Tips to purchase a dream home in India:
Decide the type of home
Whether you seek to purchase 1 BHK, 2 BHK or 3BHK residential apartments in relation with your intrinsic need must be studied before even thinking of buying a home.
Calculate your income
Money is the most important essential to buy a dream home. Hence, calculate the quantum of readymade money you have in hand. For the type of home you wish to purchase, your readymade money should be in total parity with the cost of your dream home. An estimated cost of Rs 30 lakh or more will cost to buy a 2-bhk apartment. However, this entirely is subject to location and status of the home.
Set out to search a home
You can resort to internet search or consult a real estate agent to query the cost and related fundamentals of your dream home. You can also seek assistance from a well-known real estate consultancy firm, something that is highly recommended to save you on money, time and futile physical tiredness.
Weigh up your option wisely
In real estate market, options for residential properties are aplenty. Numerous projects from different real estate developer companies – that’s the outcome of your search you encounter at the end of the day.
Location comes as one of the effectual steps to search for a dream home. In Delhi-NCR real estate market, choosing an ideal location would mean indulging into a rather time-consuming process unless you get your work done by a real estate consultancy firm or some other reliable sources. An ideal location is where transit facilities are aplenty, no crime incidents, and where prime civic facilities like metro stations, airport, shopping centers etc. are within the proximity.
Status of the home
Since you have to live in the chosen home, it would be rational of you to inspect the status like structural designs, aesthetic touch, construction design, flooring, kitchen, bedrooms, or whether the home is ventilated or not etc. Recent survey revealed that many home-buyers prefer homes designed in compliance with Vastu Shastra. Ask your builder if the home is vastu-compliant.
Legal status of the home
Never forget to ask your builder if the selected home has NOC, occupancy certificate, or if the property is registered. Recent incidents in Noida and other places in India unearthed nightmare of home-buyers as their purchased properties came under threat of demolition from the local authority, as the properties were unregistered. Be wary on it to avoid regression later.
Choose ideal times
For most buyers, festival seasons are ideal times for buying a home. Builders offer numerous tempting schemes, freebies, and subvention schemes during the festive season of home sales. These periods signal ideal timing as possibility to avail homes under cheaper rate is triple as compared to buying a home in off season.
Other key guidelines:
- Choose a well-reputed real estate consultancy firm to have your needs resolved. You will end up saving on the front of time, money and unnecessary hassles. Some firms advise their clients to choose properties totally optimal with regards to their budgetary condition. Their guidance is quite helpful.
- Your need related to buying a pre-launch, ongoing or ready-to-move-in property should be studied thoroughly, in advance. This is because the cost of buying will differentiate according to the type of property you wish to purchase. Ideally, prelaunch property is affordable unless you are patient enough for its completion and possession handover.
- Make a deep study over the reputation of builders; given most of them have earned notoriety for delaying completion of housing projects, much to the annoyance of buyers.
- Payment plans and other vital things must be studied in advance.
- Readymade money determines your down payment, while qualifying for home loans is entirely subject to your having good credit standing, healthy bank statements. A bank can finance 80% -85% of your new home at best; rest comes as down payment you’re supposed to pay to your builder.
- Don’t forget to seek pre-approved loans as that will help you purchase your dream home faster. Such loans mean to save a lot of times on searching lenders and qualifying yourself for a housing finance.
- At last, if you are not familiar with the nuances of the real estate market, better take help from real estate consultancy firm, or someone your friend or relative who has previously purchased a home from a good builder.
Buying a home in India is a herculean task. The quest becomes very time-consuming, stressful and energy-draining chore, and this happens with novice buyer who doesn’t know anything where to start from. Hopefully, the tips shared above will guide you perfectly in the process of choosing a home of your dream.