5 golden rules for a new age homebuyer

By Arvind Kumar Kadam, Co-Founder and Chief Executive Officer, Zaasna

A quick glance at the last five years will tell you one thing –customer preferences have evolved remarkably. Even in real estate, homebuyers’ preferences in the leading metros and tier-2 cities have undergone a seismic shift – culturally, technologically and emotionally. The new age homebuyers are well informed and know what they want. The Internet is a treasure trove of information if you know how to weed out ‘fake news’.

Still, amidst a sea of changes, navigating the real estate landscape with numerous stakeholders such as developers, government, society etc. is not a cakewalk. How do you align your priorities with the developer, basis your budget? What is the opportunity for returns if you invest in a particular location? Whatever your question, we are here to help turn your home-buying dream to reality, effortlessly.

1. Get a handle on your priorities

This is the starting point. If you don’t know what you want, you won’t be able to find it. Many homeowners end up regretting their decisions in hindsight because they did not invest enough time in figuring out what they wanted in the first place. While it’s great to ask for other opinions, it would not do to get confused by them, or deviate significantly from your original requirements. Remember – it’s YOUR dream home you are looking for. Many a times, last minute changes and fluctuations (that could be avoided) cost a lot of time, peace of mind, and money for both the buyer and developer. Save yourself this trauma by planning and prioritizing ahead.

2. Know what you can afford

Let’s be realistic. Buying a house is a massive investment and the EMIs seem to go on forever. Getting a sound idea of your projected future income, and other financial goals is important to determine the down payment and EMI you can afford. Trust us, you do not want to be stuck with EMIs thrice your annual income, for almost a lifetime! So budget, and also research around eligibility of loans, housing schemes from government, credit subsidy schemes. Find out any hidden costs that might come with the purchase, figure out the payment schedules that work for you, and once you’ve determined this, add a buffer of 10% to be on the safe side.  

3. Learn the ‘reality’ market

While not everyone looking to buy a house is expected to be an expert in real estate, it’s a good idea to know the market realities. In the digital age, there is a wealth of information available at your fingertips. It’s good to keep a look out for certain things – is this the right time to buy a house? Are the interest rates low? What’s the trend in property prices? Are there any schemes that could benefit you? Are there any development plans in the area that’s got your interest? You could look around for this information or sign up on Zaasna to get regular market updates.

4. Check everything. Then double check

There is a difference in being paranoid and being cautious. With an investment like real estate, it’s better to err on the side of caution. A deal that looks too sweet, a developer who is the next best thing to Abe Lincoln – what could you possibly have to worry about? Turns out – a lot. Even with policy changes bringing in more accountability and transparency in the system it’s good to know how compliant the builder is. Check if they have the required approvals. For example, if you are planning to buy a home in Bangalore, does it have BDA and BBMP approvals? Have you received the Occupancy Certificate? Find out what’s their project plan and if they are proceeding as per plan. Check with people who’ve already purchased the property, how their experience has been. You can even find out if your project is on Zaasna and streamline the documentation process.

5. Figure out your investment rationale

Are you investing for ROI? Or is your decision driven by the emotional need to own a home? Your outlook will determine the factors involved in making the purchase. In the long run, property prices usually appreciate and realty is an ever-booming market.  It’s always feasible to keep in mind a combination of ROI and emotional needs while choosing a place because as an investment, your property will always be your back up and you can always take pride in being the owner.

Now that you know what to look for, all we can say is “Happy House Hunting!”

Corporate Comm India(CCI Newswire)