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Things to Consider before Buying Your Own Home

  • (Image credit: https://c1.staticflickr.com/3/2256/2246559455_3d805f96a9.jpg)


    It’s no secret that investing in real estate can prove to be one of the best decisions, which can not only put a roof over your head, but also secure your financial future.


    However, you need to bear in mind that just because this sector has garnered a reputation for generating massive return on investment and creating enormous wealth, it does not mean that all investments deliver the same results.


    We live in tough times which call for everyone to watch their bank balance. Things are bleak with banks not ready to lend as quickly as they did when the economy looked good. This, however, does not imply that your dream of purchasing your own home will not materialize.


    One way to look at the current situation is by acknowledging that when the housing market is in doldrums, a lot of inventory tends to build up. The best real estate properties in India go up on sale at extremely competitive prices. So there is a high possibility that you will be able to fulfil your hopes of having a home soon.


    As far as earning great returns is concerned, you need to understand the fundamentals of what makes a great real estate investment and focusing on buying only the best real estate from among the clutter.


    This post is going to help you do just that by highlighting a few important contemplations to ponder over before you buy property.


    1. Responsibilities of Home Ownership


    This especially holds true for those who’re thinking of buying their first home. While it is great to have a space to call your own, you also need to consider the responsibilities that come with it. You will have to make it a point to do your homework and carry out ample research before you zero in on a property.


    Your research should involve viewing the property of interest more than once at different times in the day. Additionally, consider the repair and maintenance costs.


    Before you begin your research, decide your priorities in terms of location and the availability of important amenities like schools, hospitals, restaurants, public transport options, distance from workplace, proximity to family and friends, and so on.


    2. Location Matters


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    You will be spending a long time at the location you choose to buy your home at, so do take this consideration seriously. Take into account your lifestyle now and how you think it will shape up in the future.


    Will you need to commute to a nearby city? Do you or will you have school-going children? Do you want to live in a community or in a big city? Would having a smaller home in a bigger town be okay with you or would you prefer a larger home a bit further away from the city?


    Once you’ve decided which location you want to buy a home in, keep your eyes and ears open and track the property prices there, and how quickly real estate is being sold off and at what rate(s).


    Try and check out as many options as you can in your price bracket to widen your options. Do not get distraught during the house-hunting process. It’s all about keeping calm, and making the right choice.


    3. Brand New or Renovated


    How do you want your home to be? Do you want it to be new with all the modern amenities or are you looking for an older home which you can renovate? Generally people with children and pets prefer homes with a huge yard, but with that comes the hassle of maintaining it. So if you’re looking for a low-maintenance house, you may want to skip the yard.


    Other considerations include the number of bedrooms and bathrooms, the availability of a balcony and verandah, lifts, and child-friendliness among others. There is a high chance that you will not find all these features in one home. You can prioritize and rank them in their order of importance and work on them accordingly.


    4. Do Your Calculations


    Think about how you will finance your property. There are several ways in which you can pay for buying a property. If you have the money ready, you can pay by cash, without having to apply for loans.


    If you don’t have the cash or you’d rather utilize greater leverage, you can make the down payment and take out a loan to pay the remaining amount. Be sure to make a note of the term, rate of interest, and the repayment options.

     

    5. Loan or Rent: Which is Cheaper?


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    Although taking out a loan is huge commitment, sometimes it can turn out to be cheaper than paying rent (which is why you’re probably considering buying a home in the first place). However, if your rent is cheaper, then the mortgage, taxes, repairs and maintenance fees will take a big chunk of your pay each month.


    You need to ensure that you do not bite off more than what you can chew, else you may just end up making a lot of changes to your lifestyle (read: sacrifices) to cut costs in order to make the payments.


    6. To Involve a Broker or Not


    Who will manage the property-buying process and the transactions involved should be a decision based on your plan, temperament, skills and availability. You can do it yourself but having a broker can be more helpful at times.


    A good broker may come at a cost, but he will also make it easy for you to keep the other aspects, which you may not be aware of, in check.

     

    Conclusion


    While buying your own house can be exciting, joining the property market can be stressful. However, the stress can be reduced, if not completely eliminated by taking into account certain important factors. The above pointers should prepare you for buying property by helping you take all the important considerations into account before taking the plunge.

     

     


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