Evaluate your aspirations & lifestyle
Sit down and have an open discussion with your family to come to a clear understanding on what kind of lifestyle you and your family would be comfortable with - a Villa, an apartment, an individual home or an executive floor. Each entails a particular type of life style.
Determine your pocket size
Contact banks and financial institutions to figure out your loan eligibility. Look at your resources and decide how much money you can pay upfront.
Study the market thoroughly
It is important to do your own research on the property market while buying a home. Start looking at property supplements and trade, magazines and cut out clips of properties coming up or articles about the areas that you are interested in. Visit brokers, look at website, visit exhibitions, then shortlist properties based on your requirements and budget.
Follow reliable leads
Don’t buy something only because you are getting a cheaper deal form someone. Beware of inexperienced or crooked brokers. Always go through a reliable source. If possible, work out a deal directly with the builder.
Location is vital
Find places close to work, to the kids school, to shopping centre and other conveniences. Also figure out how good the access is, what the neighbouring areas are, quality of roads and infrastructure, etc. It is a good idea to find out what’s going to come up in an area in the future. A visit to local brokers and a contact with the planning department of the local area might yield very useful results.
Background check on the Developer
Once you have zeroed down on a residential unit, it is important to look at the track record of the builder. Find out about the last few projects done by the builder. Visit them and study the finishes. Speak to residents about the quality of construction, delivery time and maintenance arrangements.
Layout is important
Closely study the layout of the home property. While making changes to an apartment or any other dwelling unit is possible, it is both time consuming as well as costly. First of all, make sure that there are enough rooms for your family. The same covered area can accommodate two large bedrooms or three smaller ones. Your requirement depends on the size of your family. Make sure the bedrooms are properly sized and can accommodate double beds easily.
Ensure a provision for electrical equipment, air-conditioners, washing machines. Storage space is important. The space layout must ensure maximum usage of space. It is important that the kitchen and bathrooms are logically arranged. Bathrooms should have adequate space and a separate shower area that is properly partitioned. Decide whether open or closed kitchen works better for you. The doors should not open too close to the fixtures. The light fixtures should be placed conveniently in all rooms. Not only use the sample flat to understand the layout properly, but also sit down with an architect or an interior designer to see what possibilities existing for remodeling in the future.
Finishes and amenities
With a glut of living accommodation, the property developers are going all out to woo customers, so you have a lot to choose from. Don’t be taken in by all the hoopla. Figure out what amenities you really require and would use and focus on them. Security mechanisms, Power back-up, elevators, open areas and basic sports facilities would be essentials, but beyond that it is up to you. Interior finish is a subjective area, but remember that the sample property is not necessarily what yours will look like.
Study the documents, and understand the legalities
Take time to study the fine print of the agreement document lest any loopholes surface later. Make sure the property is duly registered and the property will be registered on completion.
Be a responsible owner
Once the property is in your name, you need to ensure that you pay your loan installments in time. Once you occupy the apartment or a house, be pro-active and maintain it with utmost care. It is important to take care of small problems before they become big ones. If preventive maintenance work is done regularly and properly, it enhances the life of the property while reducing the routine maintenance significantly.
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