Buying a home in a city

Buying a home in the city is every Metro citizen’s dream, but considering a hectic lifestyle and financial constraints they cannot be blamed if they have not been able to realize it. Also, most of them are clueless about how to set the ball rolling. After all, it’s a first for most of them. Listed out are a few basic guidelines just so that nothing in the way of home buying dreams:

For starters, you need to fix a realistic budget for yourself. Don’t be overly stingy because you’ll only be reducing your chances of getting a house considering the exorbitant realty rates. But don’t even determine a budget that is beyond your means to repay. Once your budget is fixed, you can start your house hunt.

If you’re serious about buying a house, you also need to take out sufficient time for the hunt. Leaving it for lazy weekends when you’re not busy with other social commitments is not going to help. With a disproportionate demand and supply ratio, be proactive in the house hunt or your dream house will be gone before you can get your act together.

To get loan sanctioned, you’ll need to keep several documents ready. Society NOC, bank statements, salary slips, are some of the many documents that are demanded by the bank. Make sure you have them handy when you approach a bank.

Once you start shopping look around at all the various rates being offered before zeroing in on a bank. Do your research on floating and fixed rates and don’t fall in the trap of teaser rates that are enticingly low to start with and then balloon overtime. Also, arrive at an Equated Monthly Installment (EMI) that is within reach.

The further you go from the metro center or main railway station or main bazaar, the cheaper the property is going to be. But take into account that it might distance you from your workplace. You may either have to compromise on the price or the location, but make sure that the commute to work is easy and that schools, banks, hospitals, supermarkets, entertainments hubs are within easy reach.

Take time to study the fine print lest there are loopholes later. Make sure the agreement is double checked and the properly is registered and the tile is clear. If you find the legalities confusing, take the property papers to a legal advisor before you sign on the dotted line.

Amenities attraction:

Most builders offer state of the art amenities that are bound to draw your interest. But not all of them are useful. Parking, gym, security system might seem like services that you would use, but a health club or swimming pool might not be your cup of tea. See if you want to pay extra for services that you may not necessarily use in the long term.

Closely check the layout of the house before you decide to buy it. The marble flooring might look great, but it is also slippery. You need to see if your electrical appliances can be easily plugged in into the plug holes provided in the electric switch panels. Also you might want to convert one room into two or kitchen into a dining cum kitchen unit. Make sure that the rooms are spacious enough to be restructured.

Think long term. Ask yourself whether the house will fetch you a good sum if you decide to sell it a few years later. Does the area have the potential to set the rate of your house appreciating? A house is probably the best investment that you can ever make, so it is important to make a judicious decision while making a purchase.

Check up on your builder:
One you’re convinced that you have found your dream home, check up on your builder. Find out about his track record – his last few projects and how they are fairing. Speak to residents in those constructions to put your mind at ease. Check whether he is embroiled in any legal entanglements before you sign on the dotted line.