Thursday, 26 June 2014

Factors to consider while buying your House

If you have arrived at the mindset of buying your own property; there are certain few things you need to understand before taking a final call. The look and feel of a home indefinitely will be on you final interiors however some factors tend to hamper our lifestyle if not considered right in the beginning.

1) Location:

the fist point of decision while buying a flat. Away from the main city area, or closer to friends or relatives. Their proximity to schools, airport, and train stations banks, hospitals all matter. This will be where you will be spending the next few years or decades if need be, making locality your most imperative decision.

2) Price:

The price of a property seems to be a game changer; you will need to consider you budget. If you are planning to go for a Home Loan, you will need to calculate the EMI. However it is advisable you keep 10 % of your budget as buffer for unforeseen costs, which always crop up at the last minute.

3) Pre-Launch/ Possession Date:

if you have brought a Pre-Launch project a word of caution is advised. Even thou Prelaunch definitely gives you a better price deal, you have blocked your liquidity for a project you may get possession of after a year or 3 years. It is always advisable that you verify the reputation of the builder as many cases have been registered on builders who have either absconded the project after receiving the Token amount from buyers; or have become extremely slow and delayed the date of final delivery

4) Stamp Duty:

This is to be paid a little after registration along with some paper work. This cost is not included in the price, these needs to be paid separately as this is for government registration, and it is different in every state. Real Estate Stamp duty is a type of tax accumulation by the Government of India. Stamp duty is established on the agreement value or on the market value whichever is greater.

5) Maintenance Charge:

If the society is offering amenities then maintenance charges is a factor to consider, as this will be an annual cost you will need to attach to your budget.

6) Safety:

If you have kids this is the primary factor to consider. You need to check within the premises of thefts etc. Also ask neighbors and take a walk at random times. The vibe will give you the answer. Your society should at all times have a watchman who is verified by the local police station. If not you can ask the society secretary to look into the matter.

7) Closeness to other houses:

This is primarily important because your privacy and peace of mind need to be addressed. It will be a very awkward situation for you if you’re having a dinner with guests and in the middle of your conversation you can hear the next apartments monologue.

8) Balcony:

most people find balconies appealing and don’t pay any attention to it. However balconies in some builder’s construction are connective to other flats, an opportunity for grand theft or servant’s exchange. This is strictly not advisable. Also there are issues of balconies at a higher floor tend to drain in the rainwater into the living area. So u can have a small panel of lifted flooring dissecting between the room and the balcony.

9) Rooms:

The rooms need to be having an inward entrance and not facing the entrance. This is imperative so that the rooms can have privacy in case you are attending someone who is at the door.

10) Day Light:

The surrounding areas seem to make up for maximum of your scenic view. What is around your property, Trees, a water body, Mountains? How much day light is your flat receiving? Go at various random hours and check how you’re flat receiving day light.

11) Amenities:

This seems to matter to each individual differently. Most construction nowadays offer play are, swimming pool and gymnasium, lifts, etc. if you are buying a resale flat; you may have to look for local recreational clubs. A generator back up is something you might need; enquire from the electricity board of that area.
I hope that this information has been useful to you and now you can take a final decision on how to make your house into a home.