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Shortlist properties

By ResidenceBuy India  |  0 comments   |  2643 views  |   Feb 21 2012

Now that you are ready to buying a property, here are some key facts to keep in mind:  

Location and neighborhood : When you buy a home, you're also buying into the neighborhood and a community around you. It's a mistake to fall in love with a home without thinking about where it's situated and who your neighbors might be. Even if the home suits you well, it could turn out that its environment doesn't.


Salability : Most people move more than once in their life time. So while considering the desirability of the house, also pay attention to the resale value of the property down the road. A proper market research in your city and neighborhood will give you a good idea about the properties that retain good value over time. Take this factor into consideration while choosing your dream home.


Type of property : Once you are set with the neighborhood, check out the key features of the property like total area, the number of bed rooms and their size, the location of windows and their view, and amenities like 24/7 power supply, uninterrupted water supply, and vastu compliance. Also check out the location and size of the yard (if the property has one).


Visit properties : While you may have seen pictures of the property and heard good things about it, there is no substitute for visiting it yourself with your family. You get a much better idea of the property when you see the details. This is also one of the little joys of life.


Property search time : It is important to decide how soon you need the property. Don't be an impulse buyer and don't procrastinate for the perfect house too. The key is to be patient and flexible without being unnecessarily picky. See several houses even if you think you have found your dream house. Create a pros and cons list while visiting a house and decide after the initial euphoria of seeing a great house is over.


When will the property be available : You may have found your dream house but it may not be available for a while.It is advisable to move on to the next best option.


Commute time : If you have found your dream house but your one way commute is 90 minutes then perhaps it is better to look for a different house. We suggest driving in your office route during morning and evening time (your usual commute time) in a working day to measure travel time. Lesser commute time means more time with friends and family, so choose wisely.


Opinion of friends and family : It is always useful to get opinions from friends and family before finalizing your purchase. Show them your choice and reanalyze it through their eyes. Many of them must have gone through this before, so you can leverage their experience. It also helps to have few additional objective views of your final choice.


Cost of being a home owner : Understand the cost of being a homeowner. Following are some of the key costs:

  • Up front charges : Down payment, realtor fee, interest lock in fee, and other administrative fees
  • Subsequent recurring charges : EMI, Home association fee, insurance (both mortgage and home), utilities, commute cost, and other maintenance fees
  • Other charges : Final moving cost and house decoration/furnishing cost

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