Buying a House? 5 Key Factors to Keep In Mind

Posted on 25th July 2018 Author: Planet Homes

Buying a house is always challenging yet a fun task. It’s a long term decision and a lifetime of savings goes into buying your dream home. Thus you will look out for properties that will keep your family happy for long-term.

Here are the factors to keep in mind before purchasing a house –

  • Location

Whether you are planning to invest or buy a home for personal use, location plays a vital role. It becomes the deciding factor whether you should purchase a house or not. A house in the area that is well connected to markets and near-by transportation will cost more in suburbs. Normally every location has its own unique advantage.

  • Security

Whether you are staying alone or with family, this factor is very crucial to weigh in before purchasing. Most of the buyers consider it as an important factor and undoubtedly it is. No one would like to purchase a home in dangerous areas or in crime zones. Some developers offer CCTV security monitoring to avoid and serious incidences. Nowadays, people don’t even want to buy homes near hutments (‘chawls’ in local language) or in unclean surroundings!

  • The Condition of Real Estate in that Area

Regardless of whether you're moving to a different state or same suburb, you ought to do your research before spending excessive money on real estate. The costs of properties frequently go up and down depending on the market conditions. If the property rates are going in upward direction, it would be a good idea to purchase a house in that area, but if you see the rates declining in that area, you could consider having a chat with broker whether to buy a home now or to wait.

  • Affordability

Can you afford the house you are looking to buy? Include the other expensed such as property tax, insurance, maintenance cost, etc. that will add up the cost of ownership. When you purchase a house for a price more than you can afford, it can be stressful in the future. Modify your expectations based on the affordability and set a budget you can easily pay.

  • Amenities

Lastly but certainly not the least – Amenities. Nowadays people consider this factor very crucially before buying a house. Parking facilities, club house, gym, swimming pools, etc. are essentials to be provided by the builder.

Buying a house is a slow process. Don’t rush into the decision without proper & careful planning.

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