To buy a new home is dream for everyone. If you're working, it could be one of the objectives in life you wish to cherish. Of course, certain factors such as price, matching location, size could matter, which could delay your decision. If so, take your time and find the best option for you. To help you out, we have here seven tips to consider when buying your dream home.
1. Research
Check for price of home in general, price per square foot, etc. to match your budge. Find the location you're interested in. For example, it might be convenient to commute to your workplace. Take into account such location of educational institutions, hospitals, shopping malls, gymkhana, and so on - typical to modern urban life. If need be, check with your friends and family for word of mouth.
2. Check your budget
Fix a budget for your home. This, you can do according to your accumulated surplus over a fixed number of years. As far as practicable, avoid home loans. This is because home loans carry interest as much as 9.5% to 12% - pretty high. We do not advise you against loaning. However, be sensible – you might have other financial obligations such as vehicle loans, children's education, health insurance, and the like. These are as well important and weigh a lot when you decide your budget. The bottom line is you need to consider financial commitments in the long run.
3. Determine your priorities
Take into account your needs. If you've children, you need to consider the size of the home to accommodate them. Further, if you need decide the size - 2BHK, or 3BHK, one with a lawn and balcony. or other size, proximity to workplace, and a design according to your preference. These factors would decide what type size of your home within the limits of your budget.
4. Check for reliable real estate agencies for advice
As you're planning to buy home for the first time, it's important to seek advice from a real estate professional agent. A real estate agent has reliable data, sound knowledge and intelligent awareness of target market. Such an agent would help you choose the home you're looking for.
5. Find the right realtor
Look for a reliable realtor. For this, check out in Navi Mumbai Association of Realtors (NMAR) - Navi Mumbai, National Association of Realtors India, or other agency. Such realtors would be ready to share information and knowledge, and make a professional approach when negotiating the deal. Check the past credentials visiting their web pages.
6. Go personally and check
This is the critical step. Personally, visit the home with your spouse, friends, family or relations if you so desire. And, make sure an independent real estate professional accompanies you.
This will help you to get fixed issues, if any by addressing with the builder. In the event the builder is not ready to address, you can choose to opt out of the offer.
7. Check terms and conditions and close the deal
Once you opt for the deal, the following step is to check the offer, how it works, the terms and condition in the legal documents. Read all the literature thoroughly and understand. Seek the advice of a property lawyer in your area.
Having reviewed the deal, it's time to close the deal. Quote a price close to seller's price. Estimate and plan ahead before you make the quote. Here, you need to negotiate with the builder to work out a price that is acceptable to both the parties.
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