10 Important Factors to Consider in Home – Buying Process

Bangalore is a potential property destination for investors and home buyers alike. This makes buying property in Bangalore a ‘dream come true’ for many. People do everything in their ability to buy property in this city. If the property is in a premium location, then the value of the property and the desire to own it also increases.

Buying an apartment in a city like Bangalore requires meticulous planning. Finding the perfect apartment – for investment or living – can be challenging. So, as an aspiring home owner it is important for you to thoroughly prepare to face this challenge and find the right apartment for you. After all, this could even be the decision that might take up your life savings.

Here are 10 essential points one must consider while buying a home in Bangalore or anywhere in general.

1. Location

The location of a property is very important. You must consider premium locations while buying a flat or an apartment, even if the property you buy is quite old. Experts say, considering only the age of an apartment is not always the best idea. Instead, checking its location and the neighborhood around can be a great way to go about home hunting. This gives you a good idea about the safety as well as the resale value of the apartment that you plan to buy.

2. Accessibility

Whether you are buying a plot in a gated community or in a common locality, the location plays a vital role in analyzing how your property will sell in the future. Furthermore, if your apartment is close to the main road, then the commute noise can be a real nuisance for you. On the contrary, in case you chose an apartment in the city’s interior localities, then the travel expense can be more expensive than you would otherwise incur. So, carefully decide where your plot should be – near your workplace, your children’s schools, healthcare centres, etc.

3. Proximity to the Best Educational Institutions

It is a known fact that most of the old educational institutes of repute are in prime locations where the property is saturated. However, many new international schools of repute are coming up, which are good as well as conveniently located. Finding apartments that are near these institutions help you resell your property easily, even if your own kids have grown up and don’t go to school.

4. Safety and Security

An extremely important factor you need to consider is the safety and security in the area where you plan to buy your flat. If it is in close proximity to premium locations, then you can rest assured that the area is safe. However, it is always good to do your research to stay away from the areas where the safety and security is low because the chances of getting a good resale value for your property in such areas will be very less.

5. Facilities in the Neighborhood

The price of a property shoots high if it has hospitals, educational institutions, recreation centres, and offices in its vicinity. If you buy your flat that is in close vicinity to these facilities, which you access on a daily basis, then the resale value of your property will also automatically shoot up. However, if you haven’t exactly chosen a prime location where the places you visit on a daily basis are not within a short distance, then you will end up spending a lot on commuting.

6. Evaluate the Apartment’s Interior Fixtures

Many realtors play a prank and don’t actually provide quality fixtures like electricity boards, plumbing gears, etc. They just include some luxury decorations to make the property look plush and nice from the outside. Quality interior fixtures are important and should be made of the best quality materials. Else, you will end up with more expenses than what you can manage at the time.

7. Talk to People around and Analyze their Community Experience

The kind of community you are going to live in is very important than just buying a property that looks good. You and your family will always want to mingle with the people around and be an active part of the community. In case the community does not match up to your lifestyle, you would feel socially deprived.

8. The Size of the Home You Need

There are 1 BHK, 2 BHK and 3 BHK apartments that are usually up for sale. You should know your budget and your needs before freezing on either one of these types. Being extremely meticulous in understanding what your requirements are and what you can afford is extremely important. Realtors can be persuading and their pep-talks can make you buy something that does not cater to your needs or fit your budget.

9. Checking for Loan Approvals and Down Payment Options

Knowing the kind of banks attached to the property you are buying is very important. In case you wish to buy a property, please ensure that the banks providing loans come under government, such as State Bank of India or Life Insurance Commission. However, if international banks are involved, then make sure you understand their interest rates well before applying for the loan.

10. Light and Ventilation

It is very important to buy an apartment that is well lit and well ventilated. Natural light and cross ventilation are two important factors that aspiring home owners like you should consider. For this reason you should go and inspect the property during the day. Sunlight and air circulation is very important for you to stay healthy.

To Sum Up

There are several points to be considered while you zero in on an apartment. Buying a property can either be a ‘dream come true’ or a ‘total nightmare’. However, this depends on your preparation and the decisions you make. Hope these 10 points help you choose the best property, which can be cherished for a lifetime.