Buying a new house is a big decision and if you are considering one then congratulation on achieving this milestone. Being prepared financially and emotionally is one thing but choosing the right property is another. These decisions are neither easy to take nor to undo. Hence to make this process smooth we have come up with 5 key points which you should consider while buying a new house.
Set a budget
- The very first and key step for buying a house is budgeting. If you are already looking for buying one then you must be holding some amount of money. But it is very important to make a dedicated budget. To begin with, note down all your income and expense sources for a comfortable living.
- Once you have those figures you will have a better idea of how much money you will be able to devote towards buying a house every month. While budgeting also consider factors like the rate of inflation and any possible major future expenses you are most likely would be going through. Getting these numbers can help you with fixing an EMI amount which in return can help you find your downpayment requirement.
Choosing location
- Location matters a lot when buying a house. Location will have a direct impact on your property valuation and personal life. Homes are the place where one feels welcomed and safe. Hence it is important your locality also makes you feel safe and comfortable. People put in their life saving to buy a house and hence choosing an isolated place to save some money might take away the peace. Not only that locality determines your property valuation. Choosing to live in a well-developed area is expensive but you can be assured that in the future most likely your property valuation will be much higher.
- Be aware of advertisements and big claims by the builder about the potential growth in a locality. Usually, when a builder wants to sell a property in a remote or not so well connected place they show the future development plans to assure people about its potential. But be aware and conduct your research before believing any such statements.
- Additionally, the locality of the house will also define your connectivity. Since you’ll be traveling every day, it shouldn’t happen that you waste a lot of time getting from your house to the office and back, as it may severely disrupt both your personal and work life. Additionally, if you purchased the property because of its picturesque setting and characteristics, you might not have enough time to fully appreciate it as you had hoped.
Parking facilities and other amenities
- In today’s busy life, it’s hard for people to take out time for their children and themselves. Hence amenities play an important role in today’s time. The amenities can include things like turf, a garden, a gym, a clubhouse, etc. Along with these parking play an important role. Ask anyone who lives in a metropolitan city and they will tell you how important it is to have your parking. Even if you don’t have a vehicle at present considering buying a house with a parking can be beneficial. First, with the growing demand and limited spaces, it will give you peace of mind that you have a secure place to accommodate your vehicle in the future. Secondly, you can generate revenue from it. It’s very common in metropolitan cities to rent parking spaces just like a flat.
Construction quality and builder reputation
- It is essential to evaluate the quality of the building’s construction while buying a flat from an independent builder. Despite the fact that many builders produce houses with attractive exteriors, the materials they use to construct them are of poor quality. Avoid being duped by such designs.
- Unfortunately, many builders make false claims. There are construction delays, documentation delays, or sometimes the agreed amenities are not delivered. Therefore, before finishing the agreement, it is crucial to do a complete background check to learn about the builder’s reputation. It is always advised to choose a builder with a solid reputation in the community.
Understand your carpet area
- It’s essential to understand the actual usable area you will be getting. Builders might advertise a property as a super built-up area or carpet area. Both of them mean different. Hence look for a truly usable area. Also, check out the plan for your house. Usually, the plans contain details such as pillar position, etc. This can give you a much more accurate idea of how much space you have got and plan your space accordingly.
- Sometimes two properties of the same carpet area could be either sold as 3 BHK or 2 BHK. The difference is the one that more rooms will have an overall smaller area per room. Hence based on your priority choose the one which fits your needs.
Conclusion
Purchasing a house is a huge decision and involves a lot of steps. It is very important to move ahead with a plan. Even though it is exhausting and time-consuming with a correct plan of action you will not only save money but also be extremely satisfied with choosing the right house for yourself.