Going Home Shopping? Doing Everything Yourself May Not Be A Good Idea
When designing your home, you must have heard of and even applied some do-it-yourself (DIY) tricks. Here is a suggestion. Do not DIY when going home shopping. When beginning the process of property hunting, take along a professional or an acquaintance along for a review. Here's why it should help:
Most youngsters today are pro-investment and gather a large part of their information either from their peer group or using the internet. In fact, the peer pressure also drives some of their life decisions, too. For instance, if A buys a home, his friend, B would definitely consider buying a home because the idea of investment and security through an investment in real estate is appealing. Online real estate has also made its inroads in the Indian market. Furthermore, new technologies, such as augmented
Moreover, now that online real estate has made inroad with new technologies such as augmented realty and virtual reality, home assessment can now be done at a minimum cost and time investment. Therefore, you don't need to be in that particular city to skim through the properties there. So, today's home buyers need to channelise their energies into the aspect of reviewing, assessing and buying the property. Now, how do you do that?
Depend on formal indices
You may know a certain location by the news that circulates around it at present. But do you know the potential of the locality? Whether it is in the masterplan, whether an infrastructure is planned here in the near future, whether the residents in a particular locality complain of certain issues? Formal research reports released by real estate consultancies and portals can help you understand the track record of a locality better. At most times, these also help you assess the future potential. Real estate portals also help in creating awareness through their articles, assessment and ratings. You can access one of such knowledge section here.
Consider hearing words of wisdom
Surely, the world has changed. The way your parents invested their money and the way you want to park your money could be way different. Sometimes, it is also difficult to comprehend someone else's idea of investment. But there is always a lesson or two to be learnt. Did their investment reap the benefits or did it not? You have every chance to assess this. Also, even if you do not agree, there is no harm seeking advice.
You would be surprised to know that sometimes the older generation has far more fruitful experience to share than you would even expect. At the same time, do not blindly give in either. Home loans, payment schemes, customised packages and even the cost of property has changed over the years. So, an investment planner, a lawyer and a professional real estate broker could be of more help than plain advice. In a traditional country like India, family is usually first but there is no harm trying other helping hands as well.
Women of the house
It may sound prissy. However, while real estate is often looked upon as a man's domain, women are decision makers to an extent too. Call it nature or a talent, women have an eye for detail and are often believed to be more observant and focused in terms of analyzing the need of the house, space allotments, design and such finer aspects. Eight out of ten women brokers we spoke to said that women clients were much focused and often accompanied their husbands actively to take a mature decision collectively. Women power at its best!
Spend some money
A new home brings along with itself a lot of costs, some expected and some others totally unexpected. But rather than trying to shrink costs, try reserving your budget for what really matters. For example, a lawyer may charge you but given that he/she can help you verify the legality of the structure, can check the approvals on your behalf and can also give you sound legal advice, that money you spend on such a service can never be waste. Although there is a volume of information online, there is often vast knowledge but too little time or even knowledge to gauge the meaning. Also, guidelines may change by the time you plan to zero down on a property.
Similarly, the services of a real estate broker, structural engineer, an architect may be useful. It is better to seek it early than try to DIY.