Consider
these handy tips while taking decision on buying a home for you.
Need: While buying a residential
property, we think we are probably going to live in it for next part of
our life, but surely, no one known, when you need to pack your bags move to
some other location because of so many reasons and most of them beyond our
reasonable control. Hence you also need to think about the “resale” capacity of
your property. Can that property appeal to someone else too? In case you need
to sell it, it should be easily disposable, to relieve you at the earliest.
Location: Distance
between your workplace, children’s school, grocery stores, emergency services and
the property should be practically manageable – travel should not be a frustration
for you nor your loved ones, also there is no meaning to spend one or two hours
commuting each way to either office school, you waste a major chunk of time and
energy of you active life that way, which you can use very productively in many
ways.
Type of property: As you are aware, there are many
options available like – Apartment (single storey), Duplex Apartment, in a
gated community or independent project, Villa in gated community. This decision
should be taken keeping in mind many parameters like your family requirement
for space (This can be gauged by the age factors of the family members and the
number of members regularly going to stay there and also the frequency of
relatives visits and duration of stay) your budget – independent houses are
comparably costlier than apartments and also have more chance of property appreciation
in the future.
Quality of property & the
developer: Here, you
need to consider – Plan of the property, number of rooms, their dimensions,
light and air ventilation, available space utilization, materials used, longevity
of the materials used, craftsmanship of the project, builders or promoters
earlier projects (a visit to those completed projects and talking to few of the
occupants there can give you a fairly good idea about this and I strongly
recommend you do this)
Budget: This is a sensitive point to discuss
because of psychological involvement in it, you may like to stretch yourself
for something you like very much – This is exactly what I mean by “psychological
involvement”, but I like to tell you the global thumb rule for this, which I
too feel is a good formula (at least it keeps you tension free) – your 5 years
gross salary should be the total price of the property – if you are from 25 to
30 years age group. (Please excuse me if I am hurting someone by saying this)
But, anyhow, 10 to 15 % variation in this is always acceptable. Point to
remember here is – You MUST be really staying happily in your NEW HOME without
worries or strain of repayment. “You pass this way once – enjoy it.
Mode of payment: Here I will defer myself from rest of
the world – be ready with 25% of the total property cost and never opt for more
than 15 years tenure. Also, be ready with easy funds for emergencies, in case
required. Insure yourself and if possible the loan too.
I will keep
writing every week on these topics and many more.
I invite
people interested in this article to mail us with any type of query, questions,
suggestions, guidance, services which can be useful for you.
Santu,
Proprietor
