Buying your dream house involves a lot of research and work, especially if you are looking at individual houses rather than apartments. This process is even more overwhelming if you are a first-time home buyer. Since a home is a permanent commitment, when you are looking for a perfect house, you need to consider various factors such as city, locality, price and other factors such as civic and social amenities. So, if you are looking for your dream home in big cities, for example, a house for sale in Bangalore, you may be thinking of investing in top housing localities like Sobha Dream Acres in Varthur, Embassy Springs in Devanahalli or others. While having options is never a bad thing, it can also be confusing.
In such a scenario, these tips will help you navigate through the home buying process to get the best deal.
- Understand your requirements
You do not have to buy a home just because everyone else is buying one. Buy a house only when you are ready to become a homeowner. In order to evaluate your options, you will first have to consider your financial strength and then you will have to weigh your home buying preferences, keeping both your and your family’s needs in mind.
Once you list out your plans with respect to your budget, see if you get lucrative buying options at the centre of the city or in the suburbs. Also, decide whether you want hi-tech features or want to settle down with basic amenities. Once you consider every aspect and have an overall estimation of your likes and preferences, it will be easier for you to narrow down on options suiting your requirements.
- Research the location and neighbourhood
When shortlisting properties, you need to consider the locality and neighbourhood of the property. This means you will have to research nearby schools, colleges, hospitals, shopping centres, and entertainment centres to see whether social and civic amenities in the neighbourhood gives you better value for money for the property you are buying. Also, you can make note of other day-to-day amenities like a pharmacy and grocery store to make an informed decision.
Another important aspect to consider is the connectivity factor. Based on your travelling requirements, workplace location or your kid’s school’s location, evaluate how much time you will take every day on road. Moreover, check the connectivity of your home’s location to other parts of the city as conveyance can be a big issue with time. Additionally, try to find a trustworthy and safe location for your home, as this way you will not need to witness unforeseen events like burglary or theft.
- Consider market trends
Conduct research for the area in which you wish to buy a property. Find out whether your target area is a ‘hot location’ for developers and buyers. To figure out the market trends in that particular area, you can read statistics to find out the average number of people looking for houses in that area and check the price trends for properties as well.
It will always be beneficial for you to own a home near a developmental corridor. For instance, if you are looking to buy a house for sale in Bangalore then projects closer to the metro railway construction sites or near the newer IT spots of the city will fetch you higher resale value for your property over time. This way you can ensure you’re choosing a property that is a good financial asset.
- Stick to your budget
While buying a property, there are certain other expenses apart from the value of the property that add up to your cost. These include stamp duty and registration charges, broker’s fees, moving expenses, interior decoration, and other related expenses. Therefore, when you are looking for a home, make sure you stay true to your budget as this will help you meet other costs with ease. If possible, try and find a home that helps you save more.
- Check for security and crime rate
When you choose to stay independently and not in a flat, it is always advisable to ensure that the security is effective. Check the security system of the home before moving in and see if you want to make any changes. Also, check the average crime rate statistics in the locality before finalising a home. When a particular area has a high crime rate, reconsider buying a house in that area considering both your and your family’s safety.
Whether you have selected the right property or are still looking, you can complete your purchase using home loans from Bajaj Housing Finance Limited. With this funding solution, you can avail a home loan of up to Rs.3.5 crore and enjoy additional benefits such as property search assistance, minimal documentation and easy repayment options. Moreover, you can check your pre-approved home loan offer to get a customised deal and access to finance in minutes!