Buying a home is a dream for most of us. After all, having your own home is much more than just buying a house with four walls. It is a place where we live our life, raise our families and form some of our most important memories. But buying a dream home is often confusing as well with so many factors to consider. After all, it is a lifetime investment. Here are 5 things to keep in mind before buying your dream home:

1. Budget:

It is very important to first decide upon the budget we have. When I was buying my home, I remember that my husband and I had first zeroed in on the budget and the maximum amount we could stretch it to. This is important because it is quite easy to get carried away and stretch our reserves much more than we could afford to. Remember that the house will require woodwork, furniture, décor etc. hence keep aside a budget for that. Of course, if you and your spouse are salaried, then you can apply for a housing loan. That way, you can get a tax benefit as well when paying off the loan and this allows you to stretch your budget a little. If you are looking to buy a large house/apartment, do consider villas. Luxury villas may be slightly expensive than a penthouse but they offer you comforts like a patch of lawn, your own land rights and an opportunity to indulge in a bit of gardening.

On my last trip to Tamil Nadu, I came across these stunning villa projects in Coimbatore. Wish we had something similar here in Bangalore as well.

2. Location:

Whether you are a couple or a family with young kids, it is important to plan long-term when planning to buy your dream home. Proximity to offices, ease of commute like good Metro and bus connectivity, proximity to important conveniences like hospitals, good schools, good stores, malls etc. are also equally important for a good quality of life. You will not be moving homes in a while once you buy your own home so definitely think of all your needs even a decade down the line when thinking of a home. Choose the location wisely, while making the choice between living in a very expensive home in the centre of the city or living in the outskirts in relatively affordable homes but with fewer amenities.

3. Luxury Amenities:

These days a plain Jane apartment will not cut it out for most of us. With projects outdoing each other in luxury amenities, we now desire a secure, gated community with a Club House and swimming pool. Party halls are important for most people as there are open areas and courts where the children and adults could play and stay active. Lots of landscaping and greenery make such projects a joy to live in. Having good quality roads, solar heaters, power backups, grocery store, doctors etc. are like the icing on the cake in such projects and are really preferred even at a premium price by many new-age families.

Gated communities like these luxury villas in Coimbatore offer luxurious and comfortable living that is aspirational. These are also more secure and exclusive thus more tempting.

4. Builder’s credentials:

Always check the credentials of the builder before investing in a project. After all, you are investing your savings and dreams in a home being built by them. Check their track record and other completed projects. This will ensure that you are getting a good quality home built to perfection and that gives you complete value for your money. When looking for it, go for a builder with an impeccable reputation and a good record of delivering on their promises. This will be prudent for you financially.

5. Availability of Home Loans:

Since most properties these days are bought after taking home loans, check if the banks you are planning to apply are offering home loans on this project. This is very important as this lends credibility to the current project and helps you plan your financial outlay effectively. Banks also do their due diligence on projects thus giving you a vote of confidence that the basics in terms of legal requirements and permissions are in place in the project that you are investing in.

With a good home loan, you can stretch your budget to buy a luxurious villa like this villa in Coimbatore.

So do not wait any longer. Start looking around for your dream home to invest in now.

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10 Thoughts on “5 Things to Keep in Mind Before Buying Your Dream Home

  1. Good points. We struggled when we were buying our first home and this is really laid out well?

  2. Good points, which would serve as a good guide for anyone looking to buy a home.
    Helpful guidance makes home buying a happy experience.

  3. Great pointers, Rachna. And those villas are indeed beautiful! In-fact I got so busy browsing through them, I forgot to hit submit on the earlier comment I had typed. 😛
    shanayatales recently posted…Why I Stopped Posting Quarterly Goals on My Blog (Among Other Things)My Profile

  4. Valid points there. We love Villas and maybe someday we’ll own one instead of a flat.

  5. Excellent pointers, Rachna.

    We just picked up an apartment and I’m glad we kept all these in mind.
    Soumya recently posted…#FeministMondays | Believe Survivors, Believe WomenMy Profile

  6. Good pointers..we are looking to buy a new home… This definitely helped

  7. Good points for buying a house to live. Among these, the most important is the credibility of the builder. In these times, when projects get started but the completion takes a much longer time and in many cases as in the NCR region, the projects have been standstill since the last 8-10 years. Property buying, especially under-construction projects which offer the benefit of construction linked plan, has become tricky.
    Anamika Agnihotri recently posted…Golden childhood: My pet dog story Part 1 #MondayMusingsMy Profile

  8. This are all practical tips for home buyers. First time buyers often make simple mistakes and these tips will certainly help them.
    Priya recently posted…Puffed Rice Recipe for Kids : Murmura Laddu Recipe for KidsMy Profile

  9. These are such valid pointers!

    xoxoxo
    Ritcha
    http://www.RitchStyles.com

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