Buying a home is a tricky issue for various reasons - from the emotional to the financial - since for most people, such a purchase is made once in a lifetime. In the current times, with a wide variety of housing options, dozens of housing finance companies offering loans at competitive rates and a large number of advertisements for real estate, buying the ‘dream house’ can be a rather time-consuming process, especially if one has not done detailed homework in advance.
One of the reasons for the anguish is that a majority of the buyers confuse their ‘wants’ with their ‘needs’ while scouting for the perfect home. Result -- they often rule out those houses that perfectly satisfy their needs while lost in search of one that fits into their ‘wants.’
The basic step in buying a home is to identify the needs before setting off on the job. There are a few pointers that should be kept in mind during the house-hunting exercise.
One of the most important factors to be considered while choosing a particular house over the others is the location. As Knight Frank chairman Pranay Vakil says, "In our parlance, we say, the most important factor involved in buying a home is location, location and location." It is not the size that matters the most, but the location. Because at the time of sale of the property, it should be able to fetch the owner a good price.
The next point of consideration should be the surrounding areas and then other factors like the size and price for the flat. The buyer should minutely survey the surrounding area and pay for it accordingly. "There are other parameters such as proximity to railway station and other facilities which are also important and to be taken into consideration before agreeing to pay for the cost charged for the flat," adds Mr Vakil.
There are secondary factors such as the construction of the building and the track record and reputation of the builder. Adds Marathon Realty Ltd director Mayur Shah: "The first step is to verify whether the plans of the building were approved by the authorities concerned. It is necessary to verify whether the plans have been legally approved by financial institutions as the case may be."
According to Mr Shah, if one is buying a house that is still under construction, the buyer should track the progress of the project which