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Insurance Article

5 Questions You Must Ask Yourself before Purchasing a Home

January 14 2015
purchasing-a-home

You may have a mind map of how your home is going to look like and if you are a woman, decor and interiors are already planned! However, be prepared for unexpected challenges that might come your way before you sign that cheque.

To help you give the initial push, here are some questions you should ponder upon before committing:

Q1. What will be my budget?

number-of-family-members

This one goes without saying; however, this is an important criterion to help you move towards the next question. Contemplate on the budget and plan for the monthly loan EMI payment beforehand.

Swanky catalogues and crafty realtors might paint a very picturesque imagination of what your dream home could look like. But remember to set the upper limit for expenses; assess additional costs like insurance premium, brokerage fees, utility bills, property taxes, maintenance bills etc. Consider all possible financial obligations before fixing your eyes on 'the one.'

Q2. Who will live in the house and will that change soon?

will-house-change

The higher the number of family members, the higher is the number of the rooms required. If you come in a nuclear size, it is advisable to look for houses with 2BHK or a joint family may opt for more. Couples or bachelors can choose a modest 1BHK.

Depending on your lifestyle and budget, look for townships or independent flats. If you are a pet-owner, check for a pet-friendly society.

Q3. What's the neighborhood like?

the-neighborhood

A good neighborhood defines a healthy community. Take some time and check the neighboring areas around your home. Visit the area at night and day to monitor the activity levels. Generally young buyers prefer easy access to good food, shopping places, arts and culture, recreational activities and buzzing nightlife. Check for good schools in the vicinity in case you have children or plan to have kids in the near future.

Sit with your realtor and discuss developmental programs including upcoming road and mass transit projects. Proposed infrastructural developments by the local authorities would have a positive impact on the resale value of the property. In case you wish to sell the house in the distant future, this should definitely be on your checklist.

Q4. Are the facilities enough for me?

facility-enough-for-me

Ensure to check if the amenities provided by the builder and by the local communities are to your liking. For example, access to swimming pools, gyms, sports associations, health clubs, golf course and other outdoor activities. Check for sufficient parking space for your family and visitors.

Q5. How will I commute daily?

will-i-commute-daily

Last but not least is transportation. Check if the shortlisted property is located closer to your office. Look for the various means of public transport connecting your locality. Also, check the traffic pattern, especially during rush hours. It will give you an estimate of time spent on commute to work.

Answering these basic questions would guide you to sort your priorities and narrow down your choice of home. Here's wishing you some home luck then!

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