What are The Factors to be followed to make a wise decision while buying a dream home

PRINCIPLES TO BE FOLLOWED TO MAKE A WISE DECISION WHILE BUYING A DREAM HOME

Buying a home is a one heck of a task, in fact, one of the biggest financial decision and one of the biggest investments of a life time. After all, who doesn’t want to have a house of their own, almost everyone does.

However, since the beginning of the millennium and with growing awareness, people are tending to invest more & more in real estate which in turn is becoming the investment choice for everyone. Also, it is imperative to state here that interest rates on real estate has dropped subsequently and housing loans are being provided with tax breaks, all these have made it possible for a person to buy a house. In terms of tax and the home loan the procedure for NRIs to be fallowed will differ so one has to be careful while purchasing any property Real estate business must be assessed in the typical terms of any venture such as liquidity, security, straightforwardness, returns and comparative parameters. A great many people are driven off track about this in light of the fact that there is a key contrast between the house where you live in and property purchased only for venture. The main house is a need and when you consider the reality you can quit paying rent and get a tax reduction on the EMIs, you'll get a major money related favorable position. However, there are certain loop holes as well, thousands of people are stuck with unplayable EMIs on houses under construction, those that are not moving anywhere.

The decision making for buying a house should be a well-thought and well-planned process.

You would definitely want to buy your dream house based on certain utility parameters such as the size, infrastructure, travel time etc. as well as a bit of emotions. It is indeed important to do a practical thinking when planning to buy that dream home for your family and this practical thought process are guided by certain principles to help make a decision. Some of them are jotted below: 1. FOCUS ON ONE PROPERTY ONLY: Purchase only one house in which you will live, and which will spare you lease. Try not to try and consider purchasing any more only for speculation unless you are in the land business. Plan the buy the property which will be near to the work location where there are top MNC companies so that it will reduce your travelling time.

2. PLAN YOUR FINANCES WELL Regardless of the amount one would definitely love to have a dream house but no matter how incredible the offer is or how tempting the property is, the EMI ought not be in excess of 33% of your total family pay. Make sure to set this as the upper limit. On the off chance that you can get by with less marking, make sure to consider that. The bottom line is that you need to disregard the marketing tactics and luring offers of realtors and developers and abstain from purchasing the projected 'desired' place. In case you're considerably wealthier at some later date, you can simply exchange up to a superior house since things like this has a considerable impact on the financial status.

3. THE PROPERTY TO INVEST While planning to buy a house, it is always favorable to buy a ready to move-in house rather than the under-construction homes that only promises to get it delivered within an expected time. More often than not, these projects are delayed unconditionally and acquiring your dream home becomes a distant dream.

4. LEGAL COMPLIANCES Buying a house deals with a number of legal compliance to be taken care of. Noncompliance in maintaining or acquiring them may call for adverse situations. Thus, while planning to buy a house ensure the following documents are in place: • Area Master Plan • Clearance from Urban Land Ceiling Authority • Environmental clearance • Clearance from Electric, water, and lift authorities • NOC from neighboring property • Check with urban development to ensure the property being purchased is located in a residential area and not a commercial zone • NBCI Approval • Commencement certificate In Karnataka the government brought forward the new website called RTC(Record of Right commonly know as Pahani Or RTC Book which will definitely be very beneficial to you.

5. AFFILIATIONS While planning to buy an apartment, ensure the credibility of the company you are entrusting upon. An authenticated real estate company is more likely to be members of reputed associations such as Confederation of Real Estate Developers Association of India (CREDAI), Builder's Association of India (BAI), etc. These associations set norms and standards, failure to which may lead to blacklisting.

6. RANKINGS A standout amongst the most dependable ratings for Real Estate business is the CRISIL Real Estate Star Ratings (Crest) that creates city-wise assessments of real estate projects that can help one in getting a specialist, impartial opinion on an imminent home Another solid rating database one could without much of a stretch access is the National Developer Ratings list, which evaluates a developer and not only the undertaking on elements, for example, track record in exchanging a spotless title, conformance to the law and development benchmarks and adherence to extend finish due dates.

For an undertaking to be evaluated by CRISIL, the developer must be enlisted with them in the event that they don't have adequate activities added to their belt.

Buying a home of your own is all that we need, it is a place to cherish some of the precious moments of life, be it the blooming romance of your newly wedded life, watching the children grow or trying some of the finest recipes at your kitchen, however, at the end, to ensure that you are getting the best value for your investment, ensure to analyze the above mentioned points to create a weighted-average comparison.

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