With a new advertisement coming up every other day with lots of properties for sale, most home seekers are tempted to inquire and go ahead with buying their dream home. However, investing in real estate is like going through a dark tunnel, you are promised light at the end of it, but you don’t know the scenario outside. Taking such a big leap with your hard-earned money is a tough decision to make.
Whether you are a first time home buyer, a businessman looking to invest your cash, or a real estate professional who has thorough knowledge in the business, home purchases are always subject to external factors and changes that occur in the market scenarios at any given point in time. That’s why it’s important to ask the right questions before you finalize your dream home.
1. Can you afford the EMI?
Although it seems like a no-brainer, many homebuyers tend to bite off more than they can chew. Ideally, your EMI should be 40% of your household income, provided you don’t have any other loans. Plan your finances before you make the decision of buying. Ensure that you have a strong source of income which can take care of the EMIs and also have a safety fund for emergencies. Also, talk to banks and home loan providers to get a low-interest rate so that your investment becomes an asset and not a liability.
2. What are your current and future goals?
Since real estate is a big investment, you need to understand your short term and long term goals for the residential property. For instance, you need a home for a family of four, or you want a first home before you get married, or you want a home for your grandkids, etc. Once you know your goals, you can find the right property in Pune that aligns with your family’s evolving needs.
3. Does the location work for you?
Good location increases your appreciation of the property. Initially, you may be tempted to buy a reasonably low-cost property in a suburb or an under-developed area, but in the long run, it will always pay higher rewards if you choose a good location in terms of accessibility, growth prospects and convenience. Don’t just look for a location as per the real estate trends. Consider its proximity to your work, schools, entertainment, and more. Also, look at the rental rates in the area so if you have to put up your property on rent, you know that it will fetch a good monthly rent.
4. Have you done your research?
Study thoroughly about the market, the property and the builder. You need to do solid research before you buy your dream home. Check the current market trends, future predictions, property reviews, builder reputation, etc. to ensure that your home will be worth the money you are investing.
5. What about the extra costs?
Once you invest in a property, you have to take care of extra costs like maintenance, paying electricity bills, etc. You must have the financial stability to take care of these expenses along with any uninformed expenses that may come unexpectedly.
6. Will the builder deliver in time?
In recent times, this has become a major concern for most homebuyers. Make sure you buy from a trusted builder like Mittal Group to ensure that your home’s delivery is never delayed. Because if the possession isn’t on time, you can lose out on your tax benefits on home loans, too. Not to mention, you’ll have to pay EMI, rent, and deal with a lot of stress as well. Make sure the builder is reputed to deliver on time. Even then, factor in a few months’ delays in your plan before you book.
It can be an exciting phase when you start looking for your dream home. In order to ensure that it is a solid and smart investment for your future, asking the right questions make all the difference.
At Mittal Group, we answer all your queries and help you make the right choice based on your individual needs. Call us at today and let us find your dream home!