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''Hard work is like a staircase and luck is like a lift. Lift may fail but staircase is sure to take you to the top'' -- unknown

To be fearful when others are greedy, and be greedy when others are fearful -- warren Buffet

I am better investor because I am businessman,better businessman because I am no investor. -- Warren Buffet

3/09/2007

Planning to buy a dream home?




Dreams, aspirations, lifestyle

This is something you have to figure out by yourself, perhaps with the help of your family. Your home represents what you are and what you want to be. Think clearly and decide what kind of lifestyle you and your family would be comfortable with. Villas, apartments, individual home, an executive floor, all entail a particular type of life.

What's the size of your pocket?

Figure out your loan eligibility from a housing loan company or a bank. Look at your resources and decide how much money you can pay up in lump sum.

Study the market

It is important to do your own research on the property market while buying a home. There is a very good reason for this. A lot of people take property decisions based on the advice of someone they know. Take the case of a software engineer Anil Yadav from Delhi. Anil once bought a small two-bedroom apartment in Ghaziabad because Rakesh, a close friend was also investing in the same complex. A couple of years later, he needed money and decided to sell the apartment, thinking it would have appreciated and would yield him good returns. He was shocked to find that the construction of that complex had stopped and the values had hardly gone up. He contacted Rakesh who had not bought a flat there and had instead invested in an adjoining property.

Study the market

This is a common story. Don’t be in Anil’s shoes. Do your own research. How? Start looking at property supplements and trade magazines and cut out clips of properties coming up or articles about the areas that you are interested in. Visit brokers visit exhibitions, then shortlist properties based on your requirement and budget.



Location is king

Find places near to work, to the kids school, to a shopping centre and other conveniences. Also figure out how good the access is, what the neighbouring areas are, the quality of roads and infrastructure. It is a good idea to find out what’s going to come up in an area in the future. A visit to local brokers and a contact with the planning department of the local area might yield some results



Layout is vital


Study the layout of the apartment well. Making changes to an apartment is possible, but it is time consuming and costly. First of all, see if there are enough rooms for your family. The same area can accommodate 2 large bedrooms or three smaller ones.

What you need is dependent on the size of your family. Check on the size of the living, dining and kitchen. Many people like a continuous space for living and dining, others like separate areas. The sizes of the bedrooms should be able to accommodate double beds easily.

Check if there are provisions for electrical equipment, airconditioners , washing machines .


Finishes and amenities

With apartment developers going all out to woo customers, you have a lot to choose from. Don’t get taken in by all the jazz though. Figure out what amenities you would really use and whether they are there or not. Security mechanisms, power back-up, open areas and basic sports facilities would be essentials , but beyond that its up to you.

Interior finishes is also a subjective area, but you need to remember that the sample flat is not necessarily what your apartment will look like. While Italian marble may sound very good in a specification list, you may discover that it is too slippery and smooth for your old father to walk on



Background check on the developer


Once you have zeroed down on a residential unit, it is important to look at the track record of the builder. Find out about the builders last few projects. Visit them and study the finishes, speak to residents about the quality of construction, delivery time and maintenance arrangements.

Source: CREDAI

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