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Important questions first time home buyers should ask

We’ve all been there, right — you find an amazing designer for your close relatives wedding, pick out a trending dress design and schedule an appointment with the designer. He/ She is a professional and renowned designer, so what can go wrong?

Week later, you’re staring back at yourself in the mirror wondering where the nearest ready made dress store is and cursing yourself for not doing some more research. Fortunately, the dress can be altered, restitched or even brought in next couple of days or max weeks. Making an investment in a house however, is something that will definitely be for years, maybe decades. If you don’t ask the right questions before buying your house, you could be stuck in another “dress” situation. Making a mistake with the home you choose could have devastating effects that will last much longer than a bad dress, wrong shoe size or even buying the wrong piece of jewelry.

Purchasing a home is likely to be one of the biggest investments that you will make in a lifetime, so you should be absolutely sure that you know about if there are any issues that are present in your new home! Trying to do as much research on the same is necessary.

LOCATION

Can’t stress how important this aspect, It’s easy to get caught up in looking everything else on your wish list, it’s most important to pay close attention to the neighborhood. After all, a house can be updated, upgraded or fixed but you can’t change its location, the vibe of the community or your neighbors. Start with safety, amenities and accessibility.

WHAT ARE SIMILAR HOMES SELLING FOR (THE PRICE POINT)

WHAT ARE SIMILAR HOMES SELLING FOR (THE PRICE POINT) – Alright, now let’s dig into the home price. This is a question your real estate agent can help you with. They’ll have insider knowledge of current home sales and home types in the area where you are looking to buy a home. Answering this question can help you see if the home you want to buy is set at a fair price or not. Just so you know that this is called a competitive market analysis (CMA) and if you are paying a premium it is justified.

AMENITIES OFFERED

Changing lifestyle pattern has created spaces for innovative and amazing ideas to accommodate in residential projects, and we realize the amenities also play an essential role in affecting onces lifestyle and overall health.

While buying a home it is also important to consider the whole cost of the house. Amenities like limited apartment privacy, superior air quality, WIFI facility in common area, ultra-modern Gym & Spa, outdoor yoga & zumba deck, dedicated senior citizen area, zero noise pollution, rain water conservation etc. Holistically consider the lit of amenities along with price quoted.

WHAT IS YOUR HOUSING BUDGET

It could be a waste of time to start looking at houses without understanding how much house you can afford. There are additional expenses also which one needs to keep in mind over and above sales price which are property taxes, homeowners association dues, homeowners insurance, ongoing home maintenance and any additions you want to be done along with society charges Many reputed construction houses have begun quoting an all-inclusive price so that the customer exactly knows how much he is paying for and there are no hidden costs. Most government taxes and other maintenance charges for a particular period are included. Maintenance is a huge aspect to be looked on.

NEIGHBORHOOD

You can always change a house and fix things you don’t like, but the neighborhood is there to stay almost forever. It’s necessary that you like the environs you’ll be living in for the next 10, 20 or 30 years. Your Realtor can assist you find out important information, such as community amenities, crime statistics, school ratings and how busy traffic is where you will be living.

Thankfully, the internet is also a great resource where you can research schools, home owner’s association rules, nearby parks and a lot of other amenities. And don’t forget to calculate your travel time to work, which might be a deal breaker.

PAST RECORD OF THE BUILDER

Again to stress a home is typically the largest single investment you’ll ever make. By the time you’re ready to buy, a lot of time would already have been spent and you will know a lot about the house. However, it’s a good idea to do a little more detective work and get answers to a few investigative questions about the builder, his track record and his financial stability.

ACCESSIBILITY

Even though with the covid 19 situation, there has been a change in the mind set and a lot of people are working from home but accessibility is extremely important, as even during this situation the distance to town Centre of suburb has either been a blessing or a curse.

PARKING FOR YOUR CARS & YOUR GUESTS

One more important aspect is parking spaces and efficient management of the same. Usually apartments with numerous units do provide for a separate guest parking to ease the parking for residents. Guest parking areas mostly are kept apart from regular resident parking.

NOISE POLLUTION

When it comes to a home’s value (and your sanity), noise pollution can be a major downer. But what is noise pollution exactly? Different definitions of noise pollution are, sirens to a barking dog, or the noise of traffic on the street outside or some from religious sounds.

While outside noise isn’t totally avoidable, home buyers will want to be on the lookout for low noise pollution, because it could affect a property’s value. In the long run, no one wants to live in a place that requires a lifetime supply of earplugs

AIR QUALITY

The AQI is the air quality index with rising health issues and the government trying to keep a check on monitoring the Index daily, it is reported that a noticeable difference in the index. Even if one is living in the same pincode but closer to more dense greenery.

Living away from congested roads and streets, near some open space plot is like a dream come true in Mumbai which can make a huge difference in onces lifestyle, health etc. They play an important role in creating healthier and more live able communities by providing positive environmental, social and economic benefits.

PAYMENT

Paying a larger sum will reduce the quote usually the rate quoted is also subjective to the payment plan. Currently due to the low rate of interest on housing loan it is preferred that one gets that disc in the rate count by making max down payment, Do your math!

13 reasons why Mumbai is the best place to live

Despite being the high-priced real estate market of the country, Mumbai’s realty holds an exceptional place for people in the city.

Surplus options to choose from
One always manages to find a deal.
Prices are always rising; your value goes up eventually.
Buying is more profitable than renting in the long run.
One can generate Rental Yield
You investment has potential to grow
Easy financing
It’s always a status symbol to afford a home here!
Current home loans interest rate at its absolute lowest
Stamp duty reduced by government to 2% due to the current pandemic situation which makes the perfect time for investing in a house.
Better Quality of construction.
Advanced amenities
Cosmopolitan city, which ensures any citizen from anywhere in the world can reside without any fear.

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September 18, 2021 at 10:52 am

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