Buying a dream house is nothing less than an achievement; it gives immense satisfaction to get what you aspired for. But it is a considerable investment, and therefore, you should carefully decide after considering all the factors. Consequently, you must also check the following points before buying your dream house.
Never Compromise or Ignore the following 5 Checks While Buying your Dream home:
1. The Total Cost of Ownership
One vital factor to consider before buying your dream home is the total cost of ownership. It is not just the money that you have to pay to the seller or the real estate person, but you need to consider all the other charges including parking charges, registration, stamp duty and more. You also need to check all that you are looking for in a house because once you buy the house and realise something that you wanted is missing, you will have to get that done on your own and with your money. It will also be added to the total cost of ownership. So it is crucial to ensure that the total cost is within your budget.
2. Usable Area:
An important check you should do it to ask the owner about the usable area you will get. It becomes necessary, especially when you are looking at flats that are under construction. The sales are usually made based on the super built-up area, which is not the area you can use after the building is completed. You might also feel the usable space you get is lesser than what was promised earlier, which can make you feel cheated.
3. Supply Systems and Amenities:
Once you start living in a house, the supply of water and electricity becomes indispensable, and you would not want your dream house to lack any of those facilities. Therefore, it is incredibly essential to check with the neighbours and residents to ensure there is no such problem. Other amenities including grocery stores, medical centres, schools and metro stations, etc. are also some necessary amenities to check before deciding to buy the house.
4. Base Loan Rate:
If you are financing your dream home, it is vital to contact multiple lenders before finalising with one. It will ensure that you get the best rate and that you do not spend more than your budget. You can also use a house loan calculator and calculate how much you will be spending per month as it will help keep your finances in check. A home loan will help you meet your financial requirement and won’t put any financial burden on you.
5. Credibility & Resale, Rental Potential:
If you want a house already constructed, you must pay a visit and look into the other homes that have been built by the same builder. With this, you can gauge the quality of construction and talk to the residents of that building regarding any problems. Checking the credibility of the builder is equally essential to ensure that there are no pitfalls in the quality and that your spending is worth the property.
Another important check is to scan the rental and resale potential of the building you are planning to buy. You must choose the one that has an unparalleled infrastructure with a wide range of amenities as you will be able to make the right rental or resale income from it.
Therefore, these checks mentioned above are essential before you decide on buying your dream home.