A SINGLE’S HOME BUYING GUIDE
Over the past few years, people have been shifting to cities at an astonishing rate. Now more than half of the world population is urban. In such a scenario, where buying a property is insanely expensive, making the right choice of property to buy does not come easy. Moreover, the transition from a tenant to an owner is considerable and involves many firsts, especially when the buyer is single.
There are various factors that a single buyer needs to take into account while zeroing in on the right property. It includes pledging one’s life savings or earnings, relying on one’s own income to pay bills, to finding the must-haves about the property. While the task is overwhelming, lucrative deals on the projects, loan options, easy access to information on existing and ongoing projects and numerous options to choose from, can make the decision more complex and confusing. Remember, Home buying is an important milestone in any person’s life, so listen to your inner instincts and let this process be fun rather than taking it as a burden.
To help such single Homebuyers, here are some important tips:
CARRY OUT A GOOD RESEARCH
Initiate the home buying process only after a thorough research. Knowledge of the neighborhood around the property is key. It is equally important to ascertain whether the project is RERA approved. After RERA coming into force, the interests of the Homebuyers are now more protected than ever before. Besides this, access to basic infrastructural facilities like school, hospitals, market and public transport is vital.
FIX A BUDGET
It’s imperative to know your budget before you get into the buying process. You need to set aside the monthly expenditure and other commitments or exigencies before making an investment. This will also ascertain what kind of property you are looking for like 1,2,3 BHK, Independent floor or Villas. Though Home loans are available, banks have strict lending criteria for single home buyers, which can pose a challenge. Therefore one should approach a bank, which has single buyer- friendly schemes. Buying Home is a big step towards financial future, but it should be within one’s means.
SAFETY & SECURITY
Being single, safety and security becomes prime and should not be ignored at any cost. A well- gated community and crime-free neighborhood is what should be the ideal deciding metrics.
RESALE & LONGEVITY
As it is a long-term investment, a single home buyer should think twice before purchasing a home. It is of prime importance to ascertain the resale value of the property to plan for inevitable circumstances, such as relocating to a different city or country for a job or any other reason.
KEEP FUTURE IN MIND
The purchase which is being made today keeping in mind the present requirement might change in near future because one will not be single always. Hence additional space that can accommodate a family would be better to consider as a part of the future plan. For Instance, 1 BHK A SINGLE’S HOME BUYING GUIDE may be suitable today, but it will be wiser to go in for 2 or 3 BHK keeping in mind the future requirement if one can afford.
To sum it up, let the home buying be a pleasant and fun experience.