YOUR HOME – Buying a home is perhaps the single biggest investment made by a person during his lifetime- the biggest investment you will ever make. Over time, history has shown that owning a home is one of the very best financial investments. The home buying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home!
The home is where the heart is. And before you put your heart into that dream home, keep your finances clean. Here's help with making that big decision, financing it and doing it up to your tastes.
Facts to be noted before buying a house
May be you & your spouse require just one bedroom apartment at this point in time. But think long term, a two bed room or even three bedrooms is a better option.
b) Important factors to be taken care
Locality
Why you are purchasing a house – To reside, as an investment, for resale along with capital appreciation. Whatever be your purpose, to invest intelligently, decide on a house that is easily accessible, with closeness to key amenities like hospital, supermarket, schools etc and whether the area has adequate power and water supply- A locality ideal for serene living, an area where the land price will only escalate.
Neghborhood
When you buy a new home, ensure the neighborhood is of your own social status and liking. A reliable builder will always helps you to be in a pleasant community, with an enjoyable social life. Your children will have gregarious company to play around. Opt for a home from a reliable builder who provides amenities like children’s play area, landscaped surroundings and round-the-clock security which provides an environment favorable for your children’s growth.
Security
It s an era of nuclear families. If both parents are working, group housing always ensures the security of your children. The security arrangement in an apartment complex will ward off all unwanted salesmen, beggars and suspicious strangers. Even if the family goes out of town for a few days your home will be safe and secure.
Area
Be aware of – The various “types” of area.
a)
Carpet area - It is literally defined as the exact area within the walls of your home. If you lay out a wall to wall carpet, the area required is the carpet area.
b)
Built-up area – It includes the carpet area and the area being occupied by the walls of your home.
c)
Super built-up area - It is inclusive of carpet and built-up area and also includes all the area under common spaces.
Interior Design
The home is where the heart is. It is much more than four walls and a decent roof. Your home reflects your personality and speaks about the person you are or aspire to be. Before deciding on your home, check out design and layout and carefully go through the specifications and dimensions of each space. Does this home receive adequate sunlight? - Size of rooms, water supply, monthly maintenance, flooring, wiring, tiling, plumbing, painting etc. Work closely with your designer and ensure that he understands your requirements clearly to provide the best solution. Only a builder specialized in community housing can design and deliver spaces to ensure solitude, individual console and a vivacious sense.
Quality
A professional builder always adheres to quality standards in the materials and skills used in creating a project. A reliable builder also ensures the formation of a proper Residents’ Association with adequate resources and planning to take care of the future maintenance and upkeep of the community facilities.
Timely Delivery
The completion of the project is dependent on several factors like timely payment of other buyers and the ingenuity of the builder; always go for a builder who has a track record of timely delivery.
Documentation
The Title Deed: The Title Card is an investigation into the title of the land over a period of 30 years and states whether the property is unencumbered and has a clear and marketable title.
Property under Construction: For a project under construction, one should ask for the Allotment Letter and Development Agreement. The Allotment Letter contains details regarding the agreed price, payment and construction schedule, house plans, delivery date and builder's liability in case of late completion or problems after possession. The Development Agreement is inked between the builder and the landowner and contains details regarding the terms and conditions on which the landowner has permitted development of his property.
Constructed Property: In case of constructed properties, one should ensure that the seller has the title and possession of the property as well as the right to transfer the property. Check if the building adheres to relevant municipal/planning authority requirements.
Stamp Duty and Sale Deed: The stamp duty is usually a percentage of the transaction value levied by the state government on every registered sale. The agreement to sell clearly states the stamp duty, which is usually paid by the buyer, and he gets his name registered in the land revenue records. The final Sale Deed should be stamped and registered at the appropriate local area office. Both, the developer/seller and the purchaser need to be present at the sub-registrar office for registering the agreement.
Buying a Home
is a Not only a Good Idea, But is a Best Investment also
As a fairly general rule, homes appreciate every year- Some years will be more, some less. The figure will vary from neighborhood to neighborhood, and region to region. But buying a home is safer and higher than any other investment you could make. A house is an automatic savings account. If you deposit your savings in a bank, your investment will yield only margin returns. The unpredictable fluctuations of the stock market and risks involved make it an unattractive option. When you invest your money for a new home, you can definitely earn around 7% through rentals. The value appreciation of the property will add another 8% to your investment every year. Even if you avail home finance, part of the mortgage repayment will be taken care of by rental earnings. Every month, a portion of your payment goes toward the principal. Since the interest on your mortgage is tax deductible, the government is essentially subsidizing your home purchase. Down a few years you will have a substantial wealth to bequeath to your children.
To conclude
For most people, buying a new home is the largest financial move of a lifetime. So it only makes sense to do plenty of research before plunging into that process. This is even truer if you are a first time home buyer with no prior experience in this area. Look for honesty, clarity of thought and a professional attitude, because you don’t buy a home every other day.
