Wealth Guide: Real Estate - 5-point guide by expert for buying right home for your family

Wealth Guide - Real Estate: Buying a home is both an emotionally and financially intensive decision and one tries not to compromise on his and his family’s aspirations. While searching for a home, thorough research and planning go a long way in finding the home of your dreams. Suren Goyal, Partner, RPS Group, shares his knowledge on realty market and suggests a five-point guide for buying right home for your family

Location is Paramount

"When you are searching for a home for your family, you just cannot avoid the presence of basic amenities around. Social infrastructure such as schools, hospitals, parks, community centres and recreational facilities are a must for the entire family. You must do thorough research about the location and the growth potential of the entire region. After all, you and your family will spend a significant portion of your life in this home. A remote and unconnected location is not conducive from a quality living perspective. Do proper research, and go for a property which has access to physical infrastructure and basic amenities," Suren Goyal suggested.

Connectivity

"When you are looking for a home from the residence perspective, you must factor in the element of connectivity. A remotely located home with poor public transport and lack of road connectivity will make your life burdensome. While doing research for the property, you must ensure that the property is well-connected with the public transport system. The slow pace of development in the region might indicate that the transportation facilities might remain elusive for a long time. In such cases, you must reconsider your decision, even if it means shelling some extra bucks," Goyal added.

Budget

"The decision to buy your own abode is a financially heavy decision. While searching home for the family, you must consider the factors such as the size of the family, the type of property required and the construction status of the shortlisted property. If you have a small family, you can be better off with a 2 BHK flat than a villa. However, in the case of a large joint family, a mansion or duplex might be considered. However, the price points will vary proportionately. If you do not have an immediate need and arrangement of finances at once is also a challenge, you can go for the under-construction project. In such projects, the payment plan is tied with the stage of construction and you do not have to incur a lot of money at once. Moreover, almost all under-construction project developers have collaborations with the financial institutions and you can get up to 80 percent of the property cost as a home loan. Again, a comparative study of the home loan rates and financing institutions can lower your Equated Monthly Installments (EMIs) significantly," he explained.

Approvals 

"As they say, you generally buy your dream home once in a lifetime and you would not want this dream run to get ruined by the lack of necessary approvals and permissions. It is always advisable to go for projects from reputed developers only. Large developers are generally registered with the Real Estate Regulatory Authority (RERA) and have a valid registration number. You can also ask the developer to show the necessary approvals and even get a copy for your satisfaction before making an investment," he further added.

Resale Potential

"Even if you are buying the home for your family and do not plan to sell it anytime soon, you must consider the factor of resale value and property appreciation. If after some years, you change your mind and wish to move into a bigger abode, the appreciation potential of the current property will fetch you a good Return on Investment (RoI). Conclusively, proper research and planning can go a long way in getting a well-connected and investment-worthy property," he concluded.

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)