One of the biggest dreams of any individual is to buy a dream home of their own and have a permanent roof over their head. After a while, living in a rented apartment starts becoming more and more unaffordable as the rent increases every year at the whim and fancy of the home owner.

While it is certainly a good idea to have your own house, the home buying process is not all that simple and requires careful planning on many fronts. In this article, we will tell you about the factors to be considered and the due diligence to be done right from the first stage of home search to the last stage of home acquisition.  

Deciding your budget

As they say, every dream comes at a price, and your dream home is no different. Before deciding on the configuration of your proposed house, you must do a thorough internalisation on the maximum amount that you can spend on the acquisition. Consider yourself extremely lucky if you have the financial resource to buy your house entirely through self-funding, without the need for a home loan! However, should there be a gap in your home funding, you should consider taking a home loan to fill it. Presently, home loans are available at lowest interest rates, which works to your advantage. Do remember that, in addition to the funds required to meet the total home cost, you will required additional funds to do the interior of your house, even if you decide to sparingly do the same. Lavishly designed spacious apartments at chandak greenairy borivali.

Location is important

After you’ve more or less decided the budget you can comfortably allocate for the house, you must then begin hunting for the right location. You should ideally consider a location which offers all conveniences within a manageable distance. These conveniences would include supermarket, school, railway station if you plan to commute by train and leisure and entertainment hotspots. Do keep in mind that houses in such locations are priced at a premium and, if you are determined to buy an apartment here in your budget, then you might have to settle for a lower configuration. If right now your family is small, then you will have no issues. However, as your family increases in size, staying a small apartment can be a bit challenging.

Let the property search begin

Now that you’ve decided to begin searching for your own house, you have two options, purely physical search and virtual-cum-physical search. Considering the current scenario, where physical interactions are down to the bare minimum due to the pandemic induced lockdown, we suggest you begin scouting properties online. Along with property websites, you should also browse through websites of builders and developers. You should look at listings by both property owners and agents, as that will give you a wider choice from which you can make your selection. Once you’ve finalised a few properties which meet all your requirements, begin the process of physically visiting them to get a better understanding. Experience lifestyle rooftop & podium amenities at chandak greenairy borivali east

Under construction or ready possession?

When you go into the property market, you will be presented with two property choices: under construction and ready possession. Under construction properties usually have a possession date which could range from months to years. If you’re willing to wait that long, an under construction property will clearly give you a cost advantage as it will come at a lesser price as compared to a property which is ready for possession. However, considering the fact that construction work at almost all under construction projects has stopped since the beginning of the pandemic, you must tread with caution as developers do have clauses which protect them if they fail to deliver the house by their given deadline due to an Act of God, which is what the government has officially declared the pandemic to be. So, we suggest you settle for a ready possession property which has a clear saleable title and is free from all encumbrances. 

By Clare Louise
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