Are You Thinking Of Investing In Real Estate?
Real estate should meet needs and align with your personal preferences while still being within your budget range
Buying a home cannot be an impulsive decision. It is not only a financial investment but also an emotional one, so it is important to work on research and checklists before the decision-making process. With remote working and keeping commute-related safety in mind, buying a home may seem stressful now. That’s why experts from Commonfloor have put together some tips and tricks to lay the foundation for your home-buying process:
Budget bracketing: The foremost step for a financial commitment like real estate is to set the right budget. Choose a property that meets your needs and aligns with your personal preferences while still being within your budget range so that you are not financially burdened. Ensure to include miscellaneous charges in your budget as it is always smart to presume any additional charges that you may have to incur while buying a house.
Location and connectivity: Did you know that the neighbourhood and ease of commute are the two major factors that will influence the overall living experience? For instance, if you are looking for a house to accommodate your family with children in a metro, it may be convenient to consider a gated community close to good educational institutions. So, ensure to do house visits and location inspections to make your living experience hassle-free.
Research and shortlisting: Begin by gathering information about the type of property that you need and the kind of facilities that you are looking for. If you are an artist or someone who needs a workstation at home, an extra room/additional space could be useful. Once you have clarity on your exact requirement, narrow down on the neighbourhood and shortlist properties in the preferred locality while also keeping in mind, your budget range. Try to do multiple house visits before you finalise on the property, and choose from the readily available online video content like home video reviews and virtual house tours to get better online home buying experiences. You can even share these videos with friends and family before making the buying decision.
Negotiating the price: There is always scope for negotiation when it comes to real estate as you are looking at a long-term investment. Remember, information is power so understand the pricing range of similar properties within your location. Sometimes the pricing is based on factors like an extra parking facility or a balcony with a view. So check and compare the costing of similar properties and charges for any additional amenities so that you are well-informed about the market trends. These are essential to make better deals while negotiating the final price. Also, be realistic with your offer, and at the same time, do not hesitate to reject any impractical bids as you know your financial boundaries better.
Legal assistance: Many people are usually unaware of the complexities associated with legal processes and may find it cumbersome. If need be, take the help of legal experts during your home-buying process. They will be able to help you understand the legal side of things in terms of the land, its scope and limitations, terms and conditions, regulations, etc. For instance, if you are buying an under-construction property, it must be registered under State Real Estate Regulatory Authority (RERA) to tackle any disputes in the future.
Inspection: If need be, take professional help to assess the quality of any pre-installed fittings and to detect issues in the fixtures, if any. As professionals, they double-check any unattended, loose, or exposed wires and open sockets, broken or blocked drainage pipes, and damaged plastering on the walls to avoid any water stagnation. They also use their expertise to evaluate the longevity of the property based on the materials used in the construction, thus aiding in your decision-making process.
The author is VP – Commonfloor, a Quikr Company
DISCLAIMER: Views expressed are the author’s own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.