If you give it some thought, you'll realise that buying a home is not just looking for a house that fits all your requirements; house hunting is an experience in itself. It has its highs and lows, it has its hyper phases and sluggish phases, almost like a roller coaster. You start out getting all excited about owning a home. The search starts in all earnest. You soon get exhausted, and later this exhaustion gives way to frustration to complete disinterest. You resign yourself to failure.
Then one fine day a friend suggests a property on sale that will rekindle all the fire of owning your own home. Or something happens that makes you rethink about house-hunting. And, the cycle begins once again. Hot Property takes you through the phases home-buyers have to go through before they own a property in Mumbai:
1.Enthusiasm
All of us start our home search on a high. In this phase, nothing can come in the way work timings, finance, weather and so on. "I was very gung-ho about looking for the perfect house when I started my house hunt a year back. Every weekend my wife and I would go searching for a house. At times I would even rush to check out a flat in the middle of the day or after work," says Neville Bastawalla, who's staying on rent in Mahim, and has been desperately seeking a 1BHK in the same area.
2.Exhaustion
However after a year, Bastawalla's enthusiasm has given way to exhaustion. It is a common enough story. High prices and few properties make things difficult. "Every weekend you have to trudge around town with different brokers to look at flats. After a hard week, when one needs a restful two days, I keep looking at houses. The hours can be odd and you just can't plan your day. It's quite stressful," says sales professional Gaurav Bhatnagar, who has been looking for a 3BHK in Mulund or Thane for more than two years.
3.Frustration
"My spirit is dead." Bastawalla's strong words perhaps mirror the state of mind of many home-buyers after a point when the tiredness is not just physical. One reaches breaking point emotionally.
"The time has come that different brokers are showing me the same flats that I've already seen. There are no genuine sellers in the market. The prices are inflated to such an extent that a 1BHK flat in Mahim which should cost you around Rs 65 lakh is being quoted at Rs 90 lakh. The rental flat I'm staying in has lot of defects, but I can't even do any major renovation because I'll be moving from there and it will be a waste of money. Everyone keeps saying that correction is expected and I am dying for it to happen at the earliest. But I can't count on it," he says.
4.Disinterest
Ultimately a fruitless search can make you lose interest in a home altogether. "This is what is happening with many home-buyers. Even if they have the funds in place, not being able to find the desired property, like a sea-facing flat in Bandra or a terrace flat with a panoramic view, can slowly lead to disinterest," says real estate agent, Jijo Billimoriya from Mithra Realtors.
Bhatnagar adds, "I had stopped my house hunt since last couple of months because of the sky-high prices. However, with the correction expected soon, my hopes are building up again. Last week I went to check out a project in Pokhran Road II, Thane. Maybe instead of a 3BHK, I'll buy two 1BHKs."
5.Compromise
Well, whatever happens the dream to own a house can never vanish just because you aren't getting the home you desire. Like with other things, this lean period wanes away and something might come up that forces you to rethink your priorities and reach a compromise that will bring your home within reach. This time the real estate market correction is proving to be the silver lining in an otherwise frustrated market. So guys, start your calculations once again and get ready to grab the best property that comes on sale once the much spoken about prices show some signs of relaxing!
Are you being too choosy?
You are too finicky about your dream home, if:
* The patterns of the grills on the windows don't suit your tastes
* You think the flooring won't match your furniture
* You find your neighbours too unsophisticated
* You think your painting collection will not look good on these walls
* If you think your cars will get dirty in the common parking lot
* You don't like your neighbour's cat and dog
