It feels great to have a permanent address one can call home. But before you take the plunge and put down all your deposit money, be sure you do your homework well. Research so that you are able to reach an informed decision. Here's what you can do:
* List your priorities: The first step is deciding what kind of home is ideal for you and your needs. The number of rooms, the amenities available, the location with respect to hospitals, schools, markets, railway and bus routes, all play an important role. This will help you short list the areas you will be looking at.
* Choose a real estate agent: Your friends and family circle will be of invaluable help in selecting a real estate agent whom you can be comfortable with. Speak with a few of the recommended ones and go with someone who has in-depth knowledge of the areas you are considering and someone whom you can trust. Alternately, look though the yellow pages and find a suitable broker.
* Know how much you can afford: It is best to approach a bank to get an idea of the amount of home loan you are eligible for. Once you have an idea of the total amount, the interest payments and the monthly outgoings from your household budget, it will be easy to stay focused while house-hunting.
* Speak to your prospective neighbours: Neighbours can be an invaluable source of information about the
actual travails of day-to-day living in a building or a society. There could be problems like building politics, noisy neighbours, inability to find domestic help, etc, which can be helpful information, if you are pre-warned, to make a decision.
* Go to the local municipal office: Very often one hears of unscrupulous sellers selling homes to gullible buyers without the requisite clearances. Using the Right To Information Act, you can approach the local municipal office regarding the status of the flat/building project in which you are planning to invest. Whether there would be curtailed water supply, whether the building has the required FSI, etc. These are some of the topics you should research.
* Speak with professionals: It is best if you speak with professionals like a lawyer to understand how the contracts for purchasing a home are drawn up and what kind of loopholes you should watch out for.
If you are comfortable with the lawyer, have him/her read over the contract before you sign on the dotted lines. Similarly, speak with an architect friend to find the telltale signs of damage, water seepage, etc. It's best to find a good surveyor you can hire to advise you, especially if you are going in for an old property.
Once you have your research down pat, it will be easy to keep a clear mind and choose the best home possible for you and your family.
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