Top 10 things to keep in mind when buying a new home

Buying a new house can be a life-changing experience for many as it involves spending whole life’s savings. While making a safe purchase it of utmost importance, it is also necessary to make the ‘right’ purchase. A home that compliments your lifestyle and nurtures you in all ways is the ideal home everyone dreams about. In order to help you make the right choice, here we tell you 10 important things that you must keep in mind while finalising a new home:

  1. Locality: This may be the most basic and yet the most important factor. It is probably the first thing people keep in mind and there is a good reason why. Whether it is the atmosphere of the neighbourhood or the distance from the workplace or other social fragments such as educational institutions, healthcare facilities and entertainment avenues, locality does and should get priority.
  2. Price: There is a reason why a real estate deal is called good or bad. When making an investment as big as real estate, it is important to pitch the price right. While you do not want to miss a catch of a good bargain, you would not want a hole in your pockets. You must check multiple properties in a region to know the ongoing average price of a property.
  3. Correct documentation: It may be a taxing exercise and you may want professional help to feel safe and sound, but make sure that all the documentation is complete and correct when you purchase a new piece of realty. This may affect you not just in the short run, but for years to come as well. Do the due diligence and make sure the project has all necessary approvals and clearances before you sign the dotted line.
  4. Space: Different strokes for different folks! The size and dimensions of a house would vary on the requirements of different individuals/families. Make sure you figure well in advance that your new house suits your needs. Better to figure first than regret later.
  5. Enough storage space: An often ignored factor. It is important to have a good check of the storage space your new house accommodates. This would directly impact your total livable space, if not taken into account beforehand.
  6. Ventilation: While the house may look good and proper from inside, one must make sure that it is well oxygenated inside out. Check for windows and other outlets from various rooms. If you are a ventilation-freak, go for units that directly face open spaces such as parks or roads.
  7. Quality of the structure: You may again want to reach out for expert help. It is essential to be sure of the quality of building material (and amenities) used in the new/old property you are planning to purchase.
  8. Hidden costs: Whether it is property tax in cases of stand-alone properties or maintenance with respect to apartments, one must be aware of monthly/yearly costs that will accompany your new house. Ask your real estate agents/sales executives about precise breakup of costs involved in buying that property.
  9. Resale value: Remember you do not change your house every month. One should take a good stock of whether your new property is a good investment option or not. This decision might conflict with the choice of locality. However, you must be able to strike a balance between a developed locality and a growth corridor to ensure a healthy lifestyle along with good return on investments.
  10. Security measures: This is an important factor not just in case of an emergency, but also for a hassle-free day-to-day life. While gated community may cost a notch more than standalone housing units, they bring along added security features.

Since home buying is a complicated procedure, keeping these basic things in mind could make your job easier.

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