How to know if a residential property is the right fit for you?

Here is a low-down on some of the key aspects you need to keep in mind when purchasing your own house.

The first and most important criteria that one needs to consider while buying a house is the budget.

Buying a home is a big step up into another echelon of society, of respect, and of, well, responsibility… that is 100 percent worth it – Homestratosphere.com

It is often said that many a time, the key to happiness is finding the key to the right home. A home that you can call your own and one that is your gateway to joy, peace and most importantly freedom. The decision to buy a house and the whole process of finalizing the one that is right for you is, however, not a simple one. It is a decision that requires much thought, deliberation and research from your end.

More often than not, buying your dream house is an endeavour that you do not undertake multiple times; hence it becomes imperative that you decide on the best given conditions, constraints and circumstances. That said, owning a house is a milestone that is not only significant but one that deserves a celebration. So, here is a low-down on some of the key aspects you need to keep in mind when purchasing your own house.

Primary factors to consider

The first and most important criteria that one needs to consider while buying a house is the budget. Consolidate all your finances in terms of savings, liquid investments and the potential amount of loan that can be availed based on your eligibility. It is important that one critically evaluates all their sources of income including joint investments as well as family assets that can be liquidated.

Once you have zeroed in on your budget, deciding on the location is a significant factor that needs to be evaluated. Aspects such as location of your workplace, proximity to schools, colleges, hospitals, markets, train stations etc, ease of commute and preferences of your family members should be taken into account so that you can finalize on the location in an objective manner. Do not forget to weigh in aspects like the width of the road, general infrastructure in the area and if any road widening plans are in the offing by the authorities.

Builder and Project facilities

Once you have decided on your budget and location, it is crucial that you look for the right brand, i.e. a real estate developer or builder who has an impeccable track record in the market. Investing for a house means channelizing your life time savings into an immovable asset. Hence it is very important that the builder is reliable, trustworthy and one who has consistently delivered per the commitments made.

Investing in a project only to discover that it is delayed substantially is typically a case of huge opportunity cost lost. A careful study of the builder’s past record in terms of timely or even before time delivery of projects is certainly helpful. Hence, in depth research about the project, its timelines, offerings etc is critical. Compare this data with other builders making similar offerings and then arrive at an informed decision.

The next set of criteria include the type of housing and facilities offered by the builder. Consider a gated community if your family includes children and/or aged parents as it offers security, privacy and a sense of amity and companionship. Festivals are celebrated in a big way and events are curated on special occasions, all of which go a long way in building a strong bond and in instilling a sense of friendship amongst the residents.

Amenities like a fitness centre, swimming pool, club house and sports facilities offer several advantages in that you do not have to undertake an additional commute or travel elsewhere to join any of these activities whether for yourself or for your family.

Interiors and post purchase facilities

It is imperative that you carefully choose the actual unit or flat in the building based on criteria that is important for you i.e factors like Vaastu, door direction, ventilation, puja, utility and garden space, balcony views and the like. Check out specifications offered like flooring, fittings and other aspects related to interiors. Water supply, lift and parking facilities need to be critically examined. The cost of maintenance, mode of collection (whether monthly/quarterly etc) and the registration of the apartment owners’ association are other key factors that are significant to ensure smooth functioning of the day-to-day activities of the apartment.

A dedicated team along with a resident facility manager is always helpful as it provides accountability and demonstrates ownership. Always remember to review all the post purchase facilities offered as the same acts as your guide to the society and its functioning of which you will soon be a part of.

All in all, buying your own house is an experience you will always cherish. Go for it with an open mind and adopt an objective approach. It will sure stand you in good stead in the future…Happy Buying!

(By Kaizad Hateria, Chief Customer Delight Officer, Rustomjee Group)

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express Telegram Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.