So, you want to buy a home?
I felt the need of a home of my own a decade before my retirement. This is the time when most of the people lift their heads, look around, not to see what’s around them, but beyond the obvious. Why?Children are about end their education and on the threshold of settling in life after marriage or continue their education. So, I thought it’s high time for me to think of my new action plan keeping an eye on both immediate necessities and priorities and long term necessities and priorities.Got up from my casual and lazy stance, walked towards my desk, took a scribbling pad and a pen, I started writing
What I need?
I needed a condominium located in a place that is nearer to most of my venues, if not all that cater to all my present and future needs. For example, presently I’m staying in a rented house which is nearer to my office. But far away from all the educational institutes, important malls and good medical facilities. But in the long run, I have to shift to a centrally located place because, I’m intending to take an early voluntary retirement which offers me more financial benefits than the usual retirement benefits. In addition to this, with the early financial benefits due to my voluntary retirement I can take care of my present cost of my flat, which may sky rocket at the time of my actual retirement.
Location
So after deciding tentatively, the time of my buying my flat, it’s time for me to go on a hunt for flats located in my preferred places.
Long term needs or short term needs?
I need a flat with 3 Bedrooms. For the present, it’s adequate for me. But, may be after 4 to 5 years, children may be married or may leave for other places for advanced studies. In that case a 3 bed roomed flat will be too big for me and for my wife. But I decided to settle with 3 bedroom flat because after fulfilling all my family obligations like children’s marriage, if I want to go for a smaller home , the cost of a smaller flat or home now will be much more than the price with which I bought a bigger flat years ago.
Why should I own home?
Certainly for living. Not for the sake of adding another asset, because, I have no place to live after my retirement.
Keeping in view, the present economic turmoil and high rental costs in urban localities, a middle class man like me would certainly think of the basic amenities, Roti, Kapada aur Makan (Food, clothing and a home).Additionally, investing on a home will have its own rewards. After my retirement, my regular income in the form of my salary will come to a grinding halt. If I don’t own a home,, after my retirement, paying exorbitant rents will tax me with an increased impact.
Keeping the above facts in view, I strongly felt, “If not now, never I can.”
Why Urban living?
By birth I’m not an urbanite. But for a livelihood, I had to leave my rural settings. Moreover, the additional qualifications and skills I acquired during my stay as an employee of a well settled and reputed firm will be useful for earning extra money after retirement. It goes without saying, these extra buck making opportunities will not be available in rural regions. Besides, right now, my old parents live with me as there are no medical facilities for them in my village. Owing to this reason, I sold my ancestral home in the remote village.
Now, in search of a Builder.
I’m very clear about my needs. There is no ambiguity whatsoever. After jotting down all my needs and ways to achieve them, I turned my attention towards the most crucial part of my plan to own a Home.
How competent a Builder must be?
At the very outset, take out your Yellow pages from the shelf and go straight away to the “Real-estate page."Make a list of all those Building agencies about whom you heard or knew from known people or friends. Just call them and fix a date to check out their recent ventures. Most probably a reputed Realtor will offer a lift from your residence to his present site under construction. After seeing the works of the realtor, cross check the details of the Builder and his claims from some of those people who utilized his services.
Some more facts to be checked
Check if your builder/promoter has all the needed documented approvals from all the agencies connected with the property development like Municipal Corporation, Area Development Authorities, Electricity Boards, Water Supply & Sewerage Boards, Airport Area Authorities. This is not only very important but also to be checked and verified in the very initial stages.
It’s not all, verification is very essential of the documental proofs connected with Pollution Control Boards, Agriculture & Forest Authorities
Property
Check for proper documents related to Development Agreements and the approach road laying and other related developmental activities in favour of builder/promoter.
The title deed should be clear without any ambiguities drafted by registered document writer. Ensure execution of proper sale agreements on your initial payments.
See the sanctioned plan from the Town planning authorities and demand a copy of the plan alomg with your title deed. .Register the property.Verify the plinth and carpet area of the property
Amenities
Every builder specifies a particular type of material right from Bath room fixtures, kitchen fixtures, electrical fixture. Check the supplied material is in accordance with the assured material by the Builder. Insist on all the circuit diagrams of the hidden wiring.
Similarly, verify the flooring material used is in accordance with the specifications quoted by the Builder.
As far as possible be present at the building site while important and vital works are going on. Never take the things for granted while assessing the natural lighting, ventilation, water connection & sanitary connection status of your prospective property.
The builder charges for some common service areas like verandahs. Check them out and find out if the charges are reasonable or not.
Other factors
If it is an apartment, you will have to check out the building’s compound wall, Parking are and if there are charges or free, if the parking area is open or closed. Check out the maintenance costs and the security arrangements.
If you are interested to have an apartment with a swimming pool, find out the water source and it’s regularity. It has to be ascertained in the beginning of the deal all the facts mentioned above.
Regarding power supply, you have to check out if there is a provision for a generator.
Narrow the list. Retain only three builders with whose features of the ventures he has undertaken, and who you think is a reliable person who completes his work in the stipulated time sans hassles.
Talk with these shortlisted Realtors about your requirement and ask them to quote. Check and double check especially unrealistic quotes.
After checking the credentials of the builder and if you feel that his costs are higher, don’t step back. Its worth paying more to a genuine Builder than cheated by spurious, raw contractor who comes with tall claims without any proof of his claims.
Many states require a builder to have home warranty insurance to protect you against a inferior work. Check if your contractor extends such a facility to you.
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