Tips for Purchasing a Home

What are you looking for in a home?
Must it be a bungalow, a condominium, an apartment or a penthouse? The actual area and size will depend on the size of your family as well as your own personal requirements. Think long term. Maybe you and your spouse require just a one-bedroom apartment at this point in time but plan to have two children later. In that case, a two-bedroom or even a three-bedroom is a better option.

Why do you need one?
Are you purchasing it to reside in it? Or do you view property as an investment and you are looking at capital appreciation. If you are buying to reside in it, you may consider a 3-bedroom apartment. But, if you are planning to rent it out, even if you can afford a 3-bedroom apartment, you may want to settle for a 2-bedroom because the chances of giving it out would be easier. Also, if you are looking at capital appreciation, you should consider making the purchase in the suburbs, where the price appreciation will be higher than in the case of prime property.

Where is it going to be?
Have you decided in which city or state you want to buy your home? Are you looking at a place where you can eventually retire? Are you considering your home town or a rural or semi-rural set-up? In that case, do you want to buy land instead and construct your own home? If you are purchasing a home in a rural set up or in an area where you are not currently residing, you may have to give a Power of Attorney to someone you trust to handle all the property matters.

If it is a resale, have you taken a good look at the inside?
Are you happy with the size of the rooms? Would your furniture fit into this house? Does this home receive adequate sunlight? Would you prefer your entrance facing a particular direction? Are you happy with the flooring, wiring and the tiling? Is the paint peeling? Has the plaster cracked? Are you happy with the plumbing? Is there any evidence of termites? Does it have adequate number of bathrooms and toilets? If you had to do work in the house, get an estimate of how much that is going to cost you.

Have you taken other factors into account?
If it is an apartment, you will have to check out the building too. Is parking available? Is it open or covered? Is there any security provided by the society? Is security provided round the clock? Do you know anything about your neighbours? Is the building well maintained? Does it have a garden? Are you on the lookout for a housing complex that also has a pool and a gymnasium? Is the monthly maintenance affordable? What about water supply? Is it 24 hours?

Are there many power cuts in the neighbourhood? What is the distance from your home to the market? Are you comfortable with it? Are you children's schools nearby? What about a hospital or nursing home? What is the distance from the main road? Would you prefer it as far away from the main road as possible. Is public transport easily available? Is there a club nearby? Is there a bank branch in the vicinity or at least an automated teller machine (ATM)? Are you happy with the greenery? How far away is it from your workplace?