Home Buying Tips For This Festive Season

 

Diwali is a five-day celebration that begins with Dhanteras, a day dedicated to new beginnings, health, wealth, prosperity, protection and togetherness. On Dhanteras, devotees offer prayers to Lord Dhanvantari and Lord Kuber, the God of health and wealth respectively. and this day is considered auspicious to buy new things like silver, gold, property, or even a new home, with gratitude and prayers for future prosperity.

If you’re considering to buy a new home during this auspicious period, it’s essential to ensure that your decision is financially and practically sound. 

Here are some key factors to keep in mind when making your home purchase.

 

Finance or Budget and Legal Documents

The first step to consider when buying a new home is your finances or budget. Have a look at the following points to make a wise financial decision:

• Budget Evaluation: Determine how much you have and whether it’s enough to cover the cost of the property, or if you’ll need a home loan. Typically, home loans cover around 80% of the property’s value, while you’ll need to arrange for a 20% down payment.

• Evaluate Interest Rates: Check interest rates and EMIs (equated monthly installments). During the festive season, many banks and financial institutions offer discounts and deals on interest rates, making it a great time to secure a loan.

• Ready your Documents: Ensure you have all the necessary legal documents in place. Create a list of the required legal documents that you may need. Be sure to read through all documents related to the property’s registry, as well as any developer agreements and loan terms.

Although this planning is essential whenever you buy a home, the festive season often brings added advantages, such as special offers or exclusive deals.

 

Type of Property and Developer Reputation

Are you purchasing the property for investment purposes or for personal use? The type of property you are investing in is an important consideration. Below-mentioned points can help you in making the right choice:

• Location Preference: If it's for investment, focus on areas where rental and resale values are expected to rise and explore the current real estate market trends to make an informed decision.

• Possession Status: Ensure whether the property is ready-to-move-in or under construction. Under-construction properties often come at a lower price, but there’s a waiting period until possession, while ready-to-move-in homes offer immediate possession, allowing you to move in right away or start generating rental income.

• Developer’s Reputation: Check their track record for project delivery, construction quality, and customer satisfaction. This ensures that your investment is in capable hands and minimizes the risks of delays or construction issues.

 

Location and Surroundings

Location and surroundings are crucial factors to consider when buying a home, and the following checklist can assist you in the planning process:

• Location Connectivity: Evaluate the connectivity of the location, such as proximity to public transport, major roads, and highways.

• Proximity to Amenities: Consider how close the home is to essential services like schools, offices, hospitals, and grocery stores to meet daily needs. The convenience of having these amenities nearby can greatly enhance your quality of life.

• Neighbourhood Safety: Assess the safety of the neighbourhood and the community atmosphere—whether you're choosing an apartment or a builder floor. It's important to feel secure and comfortable in your surroundings.

 

Amenities and Other Requirements

For a peaceful and comfortable living experience, it's important to consider the following factors that can enhance your lifestyle:

• Safety and Recreation: Look for homes with 24-hour security for peace of mind, as well as kids' play areas, parks, or gardens for recreational activities.

• Lifestyle Amenities: Some developers also offer additional amenities such as swimming pools, gyms, and outdoor sports facilities, which add value to your living environment.

• Personal Comfort: When it comes to personal preferences, consider a well-ventilated home with plenty of natural light, adequate open spaces, and a layout that fits your needs.

• Practical Considerations: The size of the home, including carpet area and storage spaces, is also essential for comfortable living. Don’t forget about parking facilities and proximity to important locations like schools and offices to ensure convenience in daily life.

 

Home Insurance

It's equally important to consider home insurance to protect your property. Home insurance provides coverage for unforeseen natural calamities like floods or earthquakes, as well as man-made incidents such as theft or robbery. It often covers the contents inside your home, including electronics, jewellery, and even injuries sustained by individuals during unfortunate incidents. You can select your policies that meet your needs and ensure peace of mind for both your home and your family.

 

Conclusion

Dhanteras is a festival that celebrates health and wealth. On this day, we offer prayers to express our gratitude to the deities, welcoming newness into our lives by buying new items, which may include a beautiful new home. As we explore key considerations for buying a home—such as finance, legal documents, location, developer reputation, connectivity, and safety—it's also important to take practical measures to protect ourselves, our loved ones, and our home with a home insurance policy.

 

Disclaimer

This blog is for general information and suggestions and should not be considered as advice or any form of opinion. For home insurance, please consult a qualified insurance advisor and seek professional advice before making any financial decision.