8 Things to Know Before Buying a New Home
So you have decided to become a homeowner. Buying a new flat can be an exhausting and time-consuming process if you don’t go about it in a systematic manner. You might also have a lot of questions in mind about the new apartment. To help you save time, we have put together a handy guide with 8 things you need to know before buying a home.
One: Hire a Lawyer to Go Through the Paperwork
You might be tempted to save some money and go through the paperwork yourself. But it’s better to get a professional’s perspective as you might not understand the technical terms used in the documents and miss something important.
Two: Calculate the Total Cost of Ownership
Apart from the cost of the home itself, this includes the parking charges, stamp duty, registration charges, cost of any furniture or furnishings that might be included with the home. Remember that these additional charges could significantly increase the total cost of the home and you might have to exceed your budget.
Three: Estimate the Actual Usable Area
When the apartment is under construction, it is often sold by mentioning the super-built up area and not the actual usable area. So enquire with your real estate broker or agent about the actual usable area of the house or apartment.
Four: Estimate the Recurring Expenses
What will be the cost of actually running and managing the house or flat? Are there maintenance charges or property taxes to pay? What about water and electricity charges? Will you have to spend more on travelling to work every day? Take all this into consideration when deciding on your purchase.
Five: Look at the Building Community and Amenities
You don’t want to live in a building where your neighbours are not like-minded people with similar lifestyles and in the same age group. This can lead to unnecessary conflicts in the long term. And if you have pets and the building doesn’t allow them, you will have a problem. The same goes for amenities — if you want a gym and swimming pool and the building doesn’t have it, then it won’t work for you. Take these things into consideration.
Six: Take a Look Around the Neighbourhood
Are all the places that you frequently visit close enough? Are there good schools, parks, shopping malls, markets, grocery stores and other places nearby? Speak to the people already living in the building or the area and ask if there are water supply or electricity issues and if it’s easy to find domestic help. Additionally, keep an eye out for empty properties that could be eventually used for high-rise buildings, blocking the view from your balcony. Lastly, compare the prices of the neighbouring properties or flats.
Seven: Consider Your Bank Loan Options
If you are taking out a home loan, make sure you are getting the best deal possible. Many real estate companies have bank offers available. You can also take advantage of lower rates for senior citizens or women co-owners if you are eligible.
Eight: Check Out Other Buildings by the Same Realtor
If the apartment you are going to buy is under construction, look at some of the completed projects by the same realtor. Check up on the quality of construction, materials used, durability over time, satisfaction of people living in those apartments, and so on. This will give you the additional context you need to make an informed decision.
Buying a home or apartment is one of the key decisions in life. This will be where you spend a lot of your time with your family and friends, so it’s not a decision to be taken lightly. If you cover the 8 items mentioned in this article, you won’t go wrong! And you also won’t go wrong if you choose Marian Projects as your realtor — with 19+ projects across Mangalore, we have established ourselves as one of the best real estate developers in Mangalore.
Contact us now to enquire about bookings available in our ongoing projects and let us help you find your dream home!