Residential
7 essential tips to help you choose your ideal home
June 01, 2023
Home is where everything begins — dreams, hope and love. For any first-time buyer, it is a special investment. Homes last for a lifetime, so finding the right house calls for much deliberation and meticulous financial planning.
Shelter falls under the safety category as per Maslow’s hierarchy of needs, and like food, water and sleep, it is a survival pillar. When buying a home for the first time, several factors such as budget, finances, location, locality, infrastructure, connectivity, utilities, facilities and neighbourhood can influence your decision.
Choosing a home may not always be an easy task. Here’s a simple guide you can go by:
Purpose & Requirement
Have clarity on the objective of buying a house. Selecting the ideal home becomes easier when you are sure about why you are investing — whether it is for your family or to get a monthly rental income. If you plan to buy a house for yourself, you must consider factors such as the size of your family or the age of your children. If it is for rental purposes, factors can change to connectivity, location, accessibility to facilities and more.Budget & Affordability
Ensure that the home you are buying will meet your present needs and be within your budget. Banks work out the loan amount based on your income and assets. Also, don’t miss out on adding the annual taxes to the budget of your home. When moving into your new home, you must consider all expenses, including groceries, fuel, water, electricity, maintenance, etc.Location & Accessibility
Location can have a big impact on the price as well as the resale value of your home. Ensure that the location you choose is a peaceful residential area with a reliable public transportation network. Also, consider distances to school or work and the daily commute times.Safety & Security
Check if the neighbourhood has a good safety reputation and low crime rates. Choosing such localities could be more expensive, but it will offer peace of mind.Rental rates & Resale value
If you intend to rent out the home, make sure you have a fair idea of the rental rates in the area, and choose the location wisely. Overlooking the resale value of your home before making the purchase will affect the future sales price of the house. So, consider the resale value along with location and budget when buying a home for the first time.Hospitals & Schools
When looking for the perfect home, nearby healthcare facilities are an important factor. Especially if you have young children or senior citizens in the family. It is wise to consider locations with schools, colleges or other educational centres in the vicinity. You don’t want your children spending hours on daily commutes.Insurance & Legalities
First-time buyers should choose a home insurance policy. The insurance comes with different levels of protection against damages or legal hassles. It is important to safeguard your financial future and make the buying process easier. Get a real estate professional or lawyer on board to handle the due diligence. You don’t want the stress of legal issues to take away the joy of owning a home.
Finding the right house begins with you focusing on your needs and then assessing your options. As this will be one of your biggest investments, you need to be judicious at every step of the way. From the sea of formalities and processes involved, make sure to not overlook the ‘must-haves’ when buying a house.
Consider both internal and external factors when making the home-buying decision. Internal factors associated with the projects you are investing in include RERA registration, builder reputation, layout efficiency or unit specifications. The external factors are related to conveniences such as location, accessibility, social & civic infrastructure or your finances, such as loan eligibility.
Brigade Group presents ready-to-move-in 1.5, 2, and 3 BHK apartments, designed with first-time homebuyers in mind, offering a straightforward and accessible buying experience.
Brigade Calista is a new real estate venture located in Budigere Cross. An emerging winner among city dwellers, the residential enclave lets you experience the tranquillity of nature complemented by all possible elements of urban comfort.
Research Links:
- https://www.forbes.com/sites/forbeslifestyle/2012/08/29/how-to-decide-if-a-home-is-right-for-you/?sh=4a7c0efa1540
- https://www.bankbazaar.com/home-loan/8-step-guied-to-buy-new-house.html
- https://www.realtor.com/advice/buy/how-to-find-right-house/
- https://www.homify.in/ideabooks/5455338/what-should-i-know-before-buying-a-house-in-india
- https://www.indiatoday.in/business/story/buying-house-useful-tips-for-millennials-looking-for-dream-home-1925609-2022-03-15
- https://www.weetas.com/article/find-your-perfect-home/
- https://economictimes.indiatimes.com/wealth/real-estate/planning-to-buy-a-house-soon-here-are-smart-tips-to-maximise-benefits/articleshow/54864365.cms
- https://www.therealtyreview.com/things-to-consider-before-buying-a-house/
MUST READ
Looking for something specific?
We'd be delighted to help you.
