Booking a home is a major milestone and a redefining moment in life, especially if you are buying property for the first time. You can look forward to having your own space, where you will have the complete freedom to do the things you like. However, there are a lot many variables that you need to consider before booking a home. It’s a major decision and involves significant investment, so everything needs to work out perfectly. Here are some key things to keep in mind before you book a home.
This is one of the most important things to keep in mind before you book a home. The definition of right location may vary from individual to individual. For example, some people may prefer to buy a home that’s close to their place of work. Similarly, there can be people who want a home near the beach. Likewise, there can be various other needs of people. So, first define what’s most important for you and then choose the location accordingly.
#2. Land title and project approvals:
Check to see if the land where the project is being developed has a clear title. There have been cases in the past where builders have launched projects on disputed land. The future of such projects is uncertain, as it is possible that the court might rule against the builder. Also, check to see if the project has all the approvals from government agencies. You don’t want the project to be halted midway due to lack of approvals.
#3. Compare prices:
Once you have shortlisted a few properties, compare the prices to see which one is giving you the best value. When a builder knows that you are evaluating other properties, they may be willing to give you better rates on their property. When you have the prices of other properties in the neighborhood, it gives you the upper hand in price negotiations.
#4. Safe neighborhood:
You may have identified the right property, but have you explored the neighborhood? What if, there’s an increased crime in the area? What if, there are slums or unauthorized construction in the vicinity? All these factors can mar your living experience, every time you step out of your society premises. Before booking your home, explore the neighborhood to find out if it’s a safe or unsafe neighborhood.
#5. Development plans:
Check the area’s development plan to see the type of development that is expected to take place near your home. It is possible that another project may come up right next to your building, which would completely block your view. Or the municipal corporation may be planning to start a waste processing unit in the neighborhood. There are various other unwanted developments that can take place. Check these before you book your home.
#6. Municipal limit:
Builders may launch projects outside municipal limits and offer affordable rates to attract customers. However, living in such projects can be problematic, as there won’t be any dedicated provision for water supply, sewage system and waste disposal. It’s always better to book a home in a project that comes under municipal limits.
Check to see the type of amenities available in the project. You should book a home in a project that has all the amenities you need. Also, check how the cost of amenities will be charged to residents. The running cost of amenities should be borne by residents who are using it and not charged to all residents. For example, why would you pay swimming pool charges when you don’t intend to use it?
#8. Social infrastructure:
The area where you are planning to book your home should have adequate social infrastructure such as schools, colleges, hospitals, shopping malls, movie theatres, public parks, etc. You don’t want to be in a situation where you have to travel long distances every time you need to see a doctor or buy something. All essential social amenities should be available within a 5-10 km radius of your home.
If you plan to use your own vehicle, check to see if there are proper roads connecting the project to major roads or highways. If you use public transport, make sure there’s a bus stand nearby or other options such as train station or metro station. If not available currently, there should at least be a government approved plan for developing such vital infrastructure in the near future.
Check to see if there’s ample parking space in the project. You don’t want to get into an argument with other residents every time you park your vehicle. As per law, it’s mandatory that builders provide at least one parking space for each resident. However, builders are known to circumvent this rule, as providing parking space to everyone increases the cost of the project. Book your home in a project that has dedicated parking space for your vehicle.
What do you prefer, the shade or the sunlight or both? Check the blueprint of the building to see if there will be adequate sunlight or shade, as per your need. Homes with adequate sunlight are usually preferred, as they are useful for drying clothes, food items and various other things. A balcony with sunlight can be very useful during winter months and you can also get the essential Vitamin D. Sunlight is also known to be good for mental health.
#12. Check maintenance charges:
How much maintenance will you be required to pay? You need to know this, as it will impact your available budget. You will also be paying home loan EMI and property tax. You need to add all these expenses to get an idea about what your financial position will be after booking your home.
Take your time when you are in the process of booking a home. Never be in a hurry, as overlooking any of the above factors can create problems in future. Take input from as many sources as possible and do your own research as well. Book your home only when you are fully convinced that the property is the best deal you can find in a specific area.