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Saturday, 19 February 2022

3 most important things to consider before buying your dream house



For most people, purchasing a home is one of their top priorities. At the same time, purchasing a home is the most time-consuming and energy-intensive activity we have ever undertaken.

'Five years ago, I bought a house for 'x' sum. Many people ask me, "How come my friend who invested the same amount in other sources got twice as much as me?" What may go wrong while purchasing a home? I thought I'd create a post about three crucial variables to consider while purchasing a home.

1. Where do you wish to buy a home?

Before purchasing a home, the location is the most important element to consider. What part of the world do you wish to reside in? Is it better to live in a city or in the country? Look for areas where you can make concessions. Assume your children are enrolled in a reputable school near your new house, but your workplace is quite a distance away. Look for ways to relocate your career to be closer to your new house. Or are you willing to travel a little further for your job? Before purchasing a home, make a list of similar variables and select the ideal combination.

Keep in mind that safety is paramount. Check to see whether there are any public services nearby, such as hospitals, police stations, or fire stations, to ensure that you are safe in the event of an emergency.

2. Do you know how much the house you wish to buy will cost in total?

Everything in our daily lives is determined by money. The amount of money you want to put into your new home is the second most significant consideration. Examine the cost of the purchase. You must consider the impact it will have on your current savings as well as other monthly expenses.

When it comes to budgeting, your work or earning power is really vital to consider. Do you have a steady work or a regular income? If not, consider how buying a property will influence your spending if you don't earn consistently for a period of time. In most cases, we presume that the property's price represents the total price. If you're buying a house with a loan, add the down payment, interest, and the entire cost of the house to get the total cost. The total price can also be used to determine the monthly payment.

Check the house's entire price to see if it will have a long-term net worth. If you wish to sell your home in the future, you'll need to have an estimate of how much it will cost. Check the purchase price and the current value in the surrounding houses to forecast it. If the difference is significant enough, you can be confident that your home will provide you with a good return in the long run. However, you should be aware that the builder's reputation, as well as the size of the property, may cause you some concern in the future.

3. What kind of house do you wish to buy?

Have you ever wished to live in the same house as Tamil poet Bharathiar? A house with lovely pillars, a pond, ten or twelve coconut trees, moonlight shining like a gem, nightingales singing softly, and a pleasant breeze to make you happy. You will be ecstatic to have your own house with your own garden and seclusion. At the same time, you must be aware of the duties that it entails. The maintenance and repair work is exclusively your responsibility. If you're ready to take on this responsibility, a villa or a separate house is the way to go.

In comparison to villas, apartments come with less responsibilities. Apart from having your own living area, you will be sharing the shared space with others. Even though the home owner associations are responsible for the whole property, you are responsible for a portion of the overall building maintenance. The majority of apartment complexes will have control over the improvements you make to your home.

Before you choose your dream home, there are a few key questions to ask yourself.

a. Is the location suitable for my family and me to commute to job, education, and public services? b. Is this a place that I can afford? Will I be able to keep my current lifestyle once the house is paid for? b. Do I really require a villa? d. What are the drawbacks to having a villa? e. Will this apartment make me happy? f. How much does my house's maintenance cost? g. Will I be able to afford the monthly expenses after I own this home?

Nowadays, there are gated communities with villas and apartment complexes created by reputable builders. Look at the monthly maintenance fees that come with residing in these types of communities. You may be required to pay a large money on a regular basis in order to maintain the general community and security. Are you able to afford it?

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