You’ve already spent years paying house rent in the city and you know that you can’t afford to do it anymore. Your age and your phase in life are perfect for settling down in the city and there’s a pressure to buy your own home, as it is the right time. May be your parents want you to take a home here who are waiting for your call back home or may be a you are just married and want to start a new married life, at some point or the other we all feel the need of house of our own, very own.
You arrive to a decision of searching for a brand new home upon discussing with your family, friends and relatives but when you begin the journey of searching, it can be daunting and quite frustrating. You’ll have to make endless calls, meet endless people and go to endless places. You need a home that’s far from the crowd, far from the city’s bi-wilderness, a home with natural greenery around, with less population and pollution. Here are some things to look out for when searching for a new home in a mega city.
1. Cost effective : The first and foremost thing is to see if the home worth buying in the said location ; does it make a good investment for yourself or what is the value of the home after 20 years, does it have a bigger return value in future. Only buy home that you think affordable, has all the amenities and facilities you wanted and your home is your every penny worth. You know that if you don’t buy it now, the same house will be sold at a 200 to 300% inflation when you go for buying after 5-6 years.
2. Location : This is a very important aspect for home lookers as the environment they live in and around directly affects the life in general. Choose a location that is off crowd, away from the noise of the city, free from pollution and population, a location which offers fresh air to breath. It has become very expensive nowadays. Since the concrete per square feet is highly increasing and all the trees and greenery of the city is diminishing, it might be hard to find a perfect place with a limited budget.
3. Transportation : You need to make sure, you have adequate transportation facilities like buses, railway station, cab/taxi, easy to commute roadways, wide 100ft highways, flyovers to reach fast and less traffic signals. You also need to make sure, your office is at a reachable distance from your home, saving your time and not adding much stress to your daily routine.
4. The Surroundings : Even though, everything is available at the touch of a button, you need to make sure, you have everything within your reach. Your limit is your reach. Having a good eatery/restaurant/cafe is a good option. You can always go out and have food. Apart from that, You shouldn’t have to travel more for reaching out to grocery shop, vegetable shop, ATM, banks, schools, theater, malls and playhouses.
5. Amenities and facilities : You should know what you are paying for, If you are choosing to live in an apartment in a society, then make sure you have all the amenities like clubhouse, gym, swimming pool, jogging track, children play area, spa, banquet hall, laundry room etc. You need to have all the facilities your apartment deserves. Security services and maintenance, 24 hours water facility, 100% power back up, high speed lifts, sewage treatment plant, sufficient underground and overhead water storage, dry and wet garbage segregater, etc.
6. Design of the apartment : First decide on how many bedrooms house you want based on the size of your family. “Vaastu” is one of the most critical aspect of a house. Make sure every corner of the house is vaastu compliant. Remember, interior is more important than exterior. Exterior design is for outsiders, interior is for yourself. Focus more on the interior aspect of the home and customize it in your own way. Look out for a spacious living room. Look out for the ventilation and balcony. If you get a good pool or nature view from balcony, that’s an add on. Just make sure all the electrical wiring, plumbing is done appropriately using the latest technologies.
7.Do your own research : You are making the biggest investment of your life, you should be extra careful about what you are investing in. When you are buying from a specific location, calculate the average cost per square feet area around that location as it varies from location to location. You can use some tools to do this. Do it on your own. Don’t go through agents.
8. Homeloan/EMI options : Sort out your finances first. Set the budget of the home and accordingly manage the down payment and EMIs. Every builder will assure you of home loan from all the lending banks up to 75% to 80% of the property value with a least interest rate of 8.6%. Just make sure you are not paying anything over the price.
9. Investment : If you are buying the home for investment purposes or renting it out, it will be good investment option as you can purchase the apartment and rent it for someone, and your rent will pay your EMI and one day you will get the full ownership of the flat. There’s one more way of investing in homes. Look out for a property developer, whose project is under construction. Book a flat there as booking a home in a under construction project is way cheaper than the home that is already built.
10.The City is Expanding : Every metropolitan city including Bangalore, is expanding from all the sides. With high cost of living involved in these cities, it is highly impossible for middle class people to afford a good apartment inside the city as the cost per square foot is very high in the city provisions. The best investment to make is at city outskirts as the city will see an exponential growth in upcoming years. Electronic city has so much expanded that it’s almost reaching Hosur and it seems as if both the cities are merging. Also there’s an airport coming up in Hosur which will open a lot of investment opportunities. Keep your fingers crossed.