The thought of having a new place for oneself can be exciting but daunting at the same time. Needless to say, that the step is huge and will take a lot of decision making. From arranging the finances to choosing the color of the walls, the buying process is quite complex and takes time. Having your priorities written will help you choose the correct property without forgetting important features for your family. Sharing your preferred features with your realtor will take you a step closer to your perfect apartment by eliminating the ones that will not work for you. We have prepared some tips that you should consider while purchasing a property, such that the process does not become too tiring for you.
It might sound a bit direct, but you cannot be too prepared to buy an apartment. Why? Well, research is the answer. The more you look, the more options will come up, but if you do not research, it will be a piece of cake for the realtor to persuade you. Hence, as a buyer or as an investor, one should know every aspect involved in the process of purchasing a property.
- Look Into The Future.
Buying an apartment is a commitment and entirely different from renting one. So before buying one, think about the major life changes that might happen. For example, will you be continuing the current job? Will you be getting married shortly? If yes, do you have the finances planned accordingly to take care of the expenses on both ends? Are you planning for kids? If yes, will you have enough room for them to grow in the apartment? Is it a 3 BHK, with a large drawing room and a spacious kitchen? Is it fit enough to be turned into a smart home? Don’t buy for the life today. It is always wise to invest while thinking about the future, be it any form.
- Fix A Budget
Even before beginning to look for a house, you should fix your price range and arrange for your finances. Be it putting aside your savings or approaching the bank for a home loan. While taking a home loan, take note of the period of repaying the installment. Keep in mind there will be additional costs involved after purchasing the apartment.
- Choose A Location
Buyers always want to look for a place that has easy access to the public commute, and to the places they have to travel every day (schools, office, recreation places, worship places, etc.) The location within the apartment is also essential. Some people want it just in front of the main entrance to avoid much walking, while some wish it to be a bit far from the traffic and closer to the park, to be able to watch over their children easily. Mention your preferences to your realtor to know if your choice of apartment comes within your price range.
- Check On The Verification And Diligence.
Improper diligence and verification can cause several problems for the investor. So before buying a flat ensure that the apartment is built on government permitted land and is litigation free. Make sure to check if the property taxes are paid up to date, and the receipt of the same is provided by the builder. Buying an apartment involves a lot of signing. There aren’t any standard contracts that will be required to be signed. Contracts are always negotiable; so, make sure you have read the mentioned clauses minutely.
- Consider The Silent Costs.
There are plenty of silent costs that are going to sneak in and make your budget go mayhem. What are they? Things like electricity costs, inverter costs during a power failure, conveyance cost, insurance of the apartment, loan fees to the bank, maintenance costs like appliance maintenance, pest inspection, and lenders mortgage insurance if you borrow more than 80% of the value of the property. Being prepared for the costs and factoring them in while preparing the budget will prevent unpleasant surprises.
- Look Beyond The Paint
The moment we have a look into an apartment, we begin to fantasize about which wall is to be painted in what color, but one should always remember that the cosmetics of the house are less expensive. It is fixing the kitchen, the baths, turning the apartment into a smart apartment, along with the labor costs involved that become expensive. Check and compare the additional features provided in different apartments. Additional features come with increased expenses. This doesn’t mean you will not buy the apartment you love in lieu of these costs, but you should always factor in these costs while determining the budget.
Keeping these factors in mind will make your house hunting comfortable and keep you prepared for the new future.
Wishing You A Happy Stay!