Whenever you visualize your dream house, there are many things you think of executing. The walls, the furniture, the style, and every small element is an extension of you. When you get a house, you can see yourself spending your life. There are a few things you need to consider. Apart from how it looks and how big it is, you should examine some practical aspects. Here are the parameters you should think about when buying your dream house.
Things to keep in mind while buying your house
1. Accessibility to essential services – No matter how good your house is, you must have access to essential services like a hospital, grocery stores, and proper security features. Essential services make our lives easier, and this should be considered especially if you plan to make it a retirement home. If you are planning to settle down with children, then proper access to public transport and a school or college is important.
2. Proper documentation and process – When you are buying the house, you must legally ensure the previous owner possessed it. Check the previous owner’s identification documents and then the house’s papers. Check the property tax receipts and whether the previous owner had home insurance. Home insurance protects your own or rented property from floods, fires, thefts, explosions, and storms too. Home insurance is the key to ensuring you do not endure any financial losses in case of property damage due to the mentioned reasons in the clause.
3. Forecasted rate of appreciation – Most real estate you buy should have a scope of steady appreciation. You can consult experts and find out what the value of the property is going to be after a few years. It depends largely on whether the area is expected to develop and at what rate.
4. Correct evaluation of the house – Many times, the cost of a property is higher due to speculation about the kind of development that is going to happen in the area. For example, the price of a property may be high due to the airport that is going to come up near the property. However, it is essential to evaluate the house according to the current situation. You should rely on experienced agents to guide you, or you may end up overpaying for the property.
5. Your financial situation – Although you may have found your dream house, it should still be within your budget. If you plan on applying for a loan, you can use the Home loan EMI calculator and see how much it will cost you monthly. If the cost looks high, you can try to negotiate as well.
6. Facilities available in the house – If you buy a house with fittings and facilities inside, the cost is bound to be higher. You need to evaluate if the facilities provided are worth what you will be paying for. It includes a common park, gym, or swimming pool in the building or community. See if you can talk to the builder and get additional switch points, taps, and fittings for any appliances you may wish to purchase.
7. Budget and ownership cost – Evaluate your budget and decide if you can reduce anything in the house that you can put in later when you have the funds. If you have some wiggle room in your budget, then you can even think of asking the builder for some customisations in the house. When you are making the purchase, don’t forget to account for the ownership cost of the place. For example, if you have a garden attached, then you should consider how much it will cost to buy equipment for maintaining the garden or even employ someone to do so.
8. Area and the division of the area – Most of the time the division of the area in a ready house is not as per your preference. How many times have you wished for a bigger living area or a bigger bedroom instead of a big balcony? When you are purchasing your dream house, it is important to ensure you know that you can fit storage options like cupboards and tables. A lot of developers do not disclose the drawbacks of buying a property in that area. It could be near a bank and submerged underwater in a few years. It could be in a seismic zone and prone to earthquakes. Before buying the house, ensure you research the place properly.
9. Developers and their history – Take a look at the goodwill and reputation of the developers to ensure you are not being given false hope. Take a look at the history of the developers’ buildings and how they have fared so far.
10. Construction quality – The quality of construction can be determined by an expert but you can check some basic points for yourself. Check the slope of places like the bathroom and balcony and whether it is towards the drain. Check if the beams are straight and the ceiling is uniform before buying the house.
When you finally find or create your dream house, it can be an overwhelming experience. However, you should remember to think logically to avoid financial losses in the short and long term. Such things can be overlooked and cause you trouble later. Follow these crucial tips to ensure you are not getting a bad deal.
Also Read – GST on Renting of Residential Property/ Dwelling