Blogs

1. Identify Purposeful Location

We all have a different criterion of choosing a specific location when it comes to our new abode. Sometimes it is about the vicinity of your workplace, sometimes it is about being in close circumference to friends and family and sometimes it is about buying a home away from the hustle-bustle of the city.Therefore it is vital that you are clear about your purpose. Once you single out your purpose it is simpler to identify the area that you ought to opt for.

2. Need Vs Desire Conflict

This is something that one must keep in mind when purchasing anything. In the matter of real estate, your needs here would be depend on the number of people that would be living in the house. If you are joint family of 4 adults or more with kids in the family you will opt for 3 or 4 bhk flat or row house. If you are yuppie kind of a family then you would opt for a modest 1 or 2 bhk units. You desire in this case is your aspiration level as per your financial capability. How premium your location is, how many amenities your society has - all of these things are a matter of desire. You must sort out this need versus desire conflict and figure out what is mandatory and what is not.

3. Scouting Suitable Optionsn

Once you are through the first two steps, it is time to surf for suitable projects that will match your needs. Being on the lookout for property does not only mean keeping your eyes open and lookin around casually. It includes soaking yourself into the whole process. One must actively inquire and gather information through various mediums such as online search, property portals, brokers etc. Just collection of data is not enough, visiting the site and getting a feel of the area as well as the quality of construction is of utmost importance

4. Due Diligence

This is one of the most neglected steps in the process of purchasing homes. This is a checklist that every potential buyer must have and it is crucial that each item is ticked off.

Financial planning is extremely essential. Buying a home requires a large lump sum of money thus it would be wise and advisable to plan your payment methods in prior. One must plan their financials in following process once they have selected their dream home.

5. Financial Planning

• Identify the near budget of the selected home
• Look for the available payment condition for the home.
• Tack your liquid savings, bank savings and capital savings and plan how much to dilute for the new purchase of home.
• Adjust the remaining amount with other financial tools especially home loan, after due diligence with available options in various banks.

6. Last stroke of Final Selection

This step marks the time you consider the residential project scheme where many options are available within premises, directions and Vastu. This is also the time you involve your near and dear ones in choosing the right home for you. This will give you a different perspective as well.

When one includes family, choices such as which floor to choose are taken into consideration. For example. one may choose lower floors to keep an eye on their children playing in the garden or they may prefer a higher floor to enjoy a picturesque view.

7. Negotiation and Shukan (Token)

At this stage, one must assess the market throroughly so that they can negotiate accordingly. He must be aware of what is fair to negotiate, what is the current scenario in the property market, the justified value of the property etc.

The final price of your dream home must be negotiated in a well informed state of mind. Once you have agreed upon a final price with your realtor, it is an understood custom to give the realtor some Shukan (Token of Good Luck). It is considered as the first milestone when buying a home and is done for either personal belief or religious purposes.