Home > Real Estate > Buying A New Home? Have You Evaluated The Property?

Buying A New Home? Have You Evaluated The Property?

All of us dream of having a home we can call our own. After all, who wants to pay rent that keeps rising regularly? But having a home of yours is not as easy as it seems. There are just too many people out there who would trade their current home for a new one if given an option. A lot of factors are behind such a decision. There may be issues with water/electricity supply, garbage clearance, irregular performance of maintenance tasks, etc. So, before you make up your mind about a particular property that you wish to buy, do perform a property evaluation. Is it difficult? No way! In fact, all you have to do is read on to know how you can carry out this simple task all on your own:

Property evaluation may get you a home in a society like this

Property Evaluation – Doing It Right

Location

What is important for you when buying a home? The first thing is that it should be easily accessible. For this reason, its location matters a lot. When you will invite guests over, they should be able to reach your home with least hassle. Forget guests, on days when you are tired, you should be able to find your way to your home with ease. Let me give you a personal example. I have shifted my house quite recently. Earlier, it used to take my mom over close to 45 minutes or even more to reach her office. Since shifting in the new place, her travel time has cut down to a maximum of half-an-hour. The savings happen in terms of return time where she can now return in a maximum time of 45 minutes when the traffic volume is high. So, don’t overlook this bit.

Also Read: Pre-Approved Home Loan – Are They Worth It?

Locality

As important as the location is, the locality of your going-to-be house is crucial too. If you have kids at home, having their school well-connected with the locality is important for you. Places such as a market, hospital, restaurant, etc. should be close by. Having them nearby means you can always prepare for most emergencies such as getting supplies at a moment’s notice. If you have to make your way to a market or a hospital through traffic, you will not like it one bit. Again, a personal example here. Once I met with an accident while coming back to my house. Since I was on a motorcycle, i was injured. Having a hospital nearby meant my family members were less worried about taking me to a doctor than they usually would be.

Also Read: Things To Remember When Closing Home Loan

Utilities

Is there a consistent water and electricity supply in the area where you are buying your new home? This is something you will be able to know by talking to a few residents of the locality. Why it matters during property evaluation is simple. There are days when the heat is unbearable. If you have to spend such times sitting under a fan while you keep sweating, you will not like it at all. Similarly, erratic water supply means you will have to always be aware of when running water is available. In the end, this issues can take a toll on you and your family’s mental and psychological well-being.

Weighing Your Costs

Buying a house involves a number of costs, which you will get to know during the property evaluation phase. There will be registration duty and other post-possession expenses. You have to account for them. These costs may overshoot your budget, which you may not like. Also, you may be able to pay for the home on your own. But going the home loan route may be better, simply because the lender will conduct another background check on the property. Also, you may want to power your house via solar energy.  This will require additional investment and regular maintenance. Weighing these costs will help you prepare for your big purchase.

Also Read: Prevent Your Home Loan Application From Rejection 

Possession Type

What is the possession type of the property you are looking for? A ready-to-move-in or an under-construction one? What you choose depends on how soon you wish to stay in your own house. Also, costs play a big factor here. A ready-to-move-in property will cost you more than an under-construction one. If you can’t wait to move into your new home, then ready-to-move-in is your choice. However, make sure that is the case arising out of pure necessity only. If you are pushing to move into your property fast on impulse, you may upset your budget among other things. That is something you will not like later. So, save yourself from impulse decisions and weigh your options patiently.

Check Also

Home Loan Rejection

9-Point Checklist To Keep In Mind Before Buying House In India

Settling down means a lot of things to a lot people like getting married, getting …

Leave a Reply

Your email address will not be published. Required fields are marked *