A new house spells new beginnings. This would be one of your biggest financial decisions till now and it would have an impact for a long time to come. Therefore, it is important to consider this decision carefully before embarking on purchasing the new house.
1] Right Location
The first and most important factor to consider while buying a home is the location. The condition and price of any home can be changed, but you cannot change its location. Location creates desirability, desirability creates demand, and demand raises real estate prices.
Major factors that help one choose a location are geographical connectivity based on the infrastructural facilities, commutability, modes of transportation, etc. Basic facilities like markets , hospitals, banks, supermarket / departmental stores in the immediate vicinity, distance from Schools , colleges, religious places, recreational areas [gardens / multiplexes & malls etc] define the ease of living.
The above factors not only affect your decision to buy a property but also play a vital role in setting a certain benchmark to the resale values.
2] Right Realtor [Property Consultant]
A good realtor is your ally and your best resource, they have excellent local area knowledge and save a lot of your time that would otherwise be spent on running from pillar to post searching for your choice of an apartment.
Lets look at specific advantages that an experienced realtor can bring to the table :
3] Right Developer
It is very important to associate with a reputed developer because, as a buyer, you are entrusting your hard earned savings as an investment in the project of your choice. A bunch of common protocols one should follow are listed below:
Find answer to questions like
> how long the developer has been in business,
> have past projects have been delivered according to committed timelines,
> have the facilities and amenities provided in line with what was promised,
> have there been delays and if so, then what was the period of delay and reason
> what are the ongoing projects and their similar statuses?
4] Right Financials
To determine how much you can spend on a home, take a close look at your budget. Review your bank statements and spending habits for the last couple of months. A loan consultant like Loan Junction can help you arrive at a loan eligibility even before making a bank application. They can help you select the right product and the right bank with best interest rates by comparing across the industry. First-time homebuyers often face difficulty in funding their dream home or securing a loan. First time home buyers get additional tax benefit for purchase of residential properties of value up to Rs 50 lakh.
The government has also initiated some excellent schemes encouraging and enabling the younger eligible generation to purchase their homes. With a special focus on the lower income group (LIG) and middle income group (MIG), the Government introduced Pradhan Mantri Awas Yojna [PMAY] in 2015.
5] Right Negotiations
Once the property choice is clear and the finances are sorted comes the trickiest part of the deal – NEGOTIATING! Negotiation is not just about the price; other factors on factors like staggered schedule of payment, or any other value-added service .
Elements to consider prior to your deal closure
Geared up with this knowledge, you can now take an informed decision while choosing your dream home.
About the Author: Vaibhav Kanabar is Managing Director at Derivados Consulting Pvt Ltd. In the short span of his entrepreneurial journey, Vaibhav has garnered immense credibility within the structured deals space, giving off best solutions to real estate companies on projects in Mumbai. His sharp business acumen has led him to assess unique opportunities and create niche business models in real estate financing space through debt and equity advisory. His entrepreneurial enthusiasm also resulted in a brand called ‘Loan Junction’ for managing retail lending and another brand called ‘White Fences’, Home Advisors managing real estate sales & Marketing mandates. He can be reached at Vaibhav.Kanabar@derivados. co.in