The Internet is a plethora of information. Our world today is saturated with information – more than we need – and more than we can process. Everyone is an expert. Everyone offers advice. When it comes to home buying, it seems like you have to arm yourself with a degree in law, study archaic legislation, read everything about RERA, and still pack in knowledge on how to negotiate with the builder. All this just before buying the house! And then, after that…
Disseminating the fluff from the real is painful and time-consuming. Which is why we decided to cut to the chase and ask eight homebuyers their best tips on buying a home.
Start saving for that down payment. Early.
“If buying a home is one of those ‘dreams’ in life, then start early. I don’t mean that you should think about buying a house in your teens. No. But once you start working, start setting aside a little bit every month as you down payment. That amount will help you later.” – Akash Ahuja, who bought his first home at 40. “I didn’t have that much saved you see,” he ruefully confesses.
Don’t forget that credit score.
“Credit scores are not just a US thing anymore. Banks are particularly vigilant on your credit payments. Make sure that your credit card payments are clean,” says Vikram Bhallal. A late payment just once pushed Bhallal’s trustworthy factor down.
Search for value homes.
“I am not trying to imitate Warren Buffett here, but it is crucial that you search for properties that haven’t reached their peak price yet. Value picks make sound investing sense – buy now and watch that property appreciate faster than your friend who bought that pricier apartment!”- Seema Dorai knows what she is talking about, considering she is an investment banker.
Shortlist but don’t shop around without purpose.
“I have seen so many friends run around for months shortlisting properties and then spending all their weekends scouting those properties. Nothing wrong with shortlisting properties. But shortlist only AFTER you have chosen the location you want to stay in. Many of us just look at prices. That’s the wrong way to approach it. Buying a home is a not a travel deal. You need to know what you are looking for in terms of basics such as location,” says Raghavan, who spent a good year of his life, by his admission, searching for the ‘perfect’ house in every location in Chennai. “I should have first chosen the location I wanted to be in rather than looking at every home within my budget.”
Buy your home for tomorrow.
“Don’t make the mistake of looking at a home based only on your present needs,” advises Anita Noronha.
“Think of your future wants and whether this home will fit around those. I had thought a 2BHK would be sufficient for my spouse and I. After all, if anyone comes over, they can always stay over in the other room, right? Well, we had not really thought ahead because Shyam’s parents came from Mumbai to live with us. Now, this apartment seems more cramped, and we are wondering if we should move to a larger apartment if we start our family.”
Ultimately, there is one deep question that no one can answer but you.
“Should I buy this house?” But to reach that answer, it is a long journey. A journey that begins with the thought, “I am going to buy a home.” And a beautiful journey it is.