Purchasing of your dream house is one of the those accomplishments of life that always leads everyone’s wish list. Most of people thinks that the home which they buy should feel like it was made specifically for their family.
Courtesy - 123rf
Also Read: Check List Points When Buying a your House
To fulfill all the needs for your dream property, 14 important factors to be keep in mind before buying a house or flat:
01. Identify the locality which suits you best, considering your budget and availability of physical and social infrastructure in vicinity.
02. Provide adequate time first for selection of locality and thereafter selection of scheme / flat / builder / developer.
03. Prepare list of buildings you like in order of priority and arrange in ranking.
04. Out of buildings and locations selected, find out whether the builder / developer has a good reputation and is known for integrity or not.
05. Visit all the houses / schemes and note down your first feelings while having look at it. Once you feel happy do take your family members during different times of day and seek their opinion.
06. Read information brochure in full details including its technical and commercial conditions. If it is silent on important technical or commercial conditions discuss the same with the builder.
07. Acquaint yourself with the terminology generally used in real estate as well as construction industry and “the important technical / commercial conditions which the builder may avoid in brochure”.
08. Check whether you are buying directly from the original builder or from the reseller/ investor. If you are buying from the original builder you may get time to make payment. However, if you are buying from the investor / reseller you might have to pay immediately at a time.
09. If you are buying a new house you will have to be ready to invest funds for fixtures like light bulb, fans, air conditions and furniture and other appliances. The old house might have all such facilities. However, you may need to spend for renovation and refurnishing of furniture, fixtures and interiors.
10. Check the normal service charges that you will have to pay to the society after completion of the building. In many posh locality the service charges are so high which perhaps one may not be able to pay or like to pay on long term basis.
11. Never forget that you are buying a house and not the common amenities available in the scheme. Now a days the builders give big advertisements for the common amenities available in the name of luxurious life style like common plot, club house, sports complex, swimming pool, gymnasium, common hall, temple and so on (Remember you are buying a flat and not a club house or a swimming pool).
12. Work out the total of cost including legal charges, cost of furniture, fixture, parking etc. Also calculate in detailed your source of funds. The amount of loan that you need, installments that you might have to pay before taking the possession of the house. Always make provision for minimum 5 to 10% of the total cost as contingency expense as some unforeseen expense will always arise.
13. Remember cost of the house is not only what your architect / engineer estimates or what you pay to the builder but it also includes stamp duty, registration fee, advocate fee, cost of infrastructure, society’s maintenance, broker’s fee, cost of interior design, furniture, fixture etc.
14. Select appropriate and reliable real estate brokers, advocates or other intermediate persons. Always get feedback about their integrity and quality of their service from their old clients as there are no regulatory authorities in India where you can refer disputes with them.