Five things to take into consideration when purchasing homes

Purchasing a house remains one of the most significant milestones for any family. People will put their entire life savings into that asset, and so it requires considerable thought to be given before the purchase is made.

This goes beyond what meets the eye, and here we list down some of the most critical parameters that need to be seen.

This is definitely a non-negotiable! Every family or individual has different requirements, and so the configuration and size will vary accordingly. One might prefer a 2 bedroom with a study room if the purchaser follows a work-from-home schedule. On the other hand, someone else might prefer a 3-bedroom, which accommodates the husband/wife in the master bedroom, the children in another bedroom and guests in another bedroom. For the same price you might get a 2BHK in a prime location and a 3BHK in a ‘not so prime’ location. If Vastu matters to you, you would want the house to face in a particular direction.

So you much make your choice accordingly not just considering the present but also the future in mind.

This has been the real estate wisdom that has been passed down for centuries. The way life will be construed for any family will depend heavily on the surroundings and facilities available there. You would want it to be in close proximity to pre-school/school to make it easier for kids. If you are someone who regularly commutes, being close to a metro station is an added bonus. You might want to check the distance from malls, hospitals and future prospects of the location. There is always a balance to be maintained between steller location and budget.

This is one of the most important, if not the most important, factors that need to be considered, seen, read, re-read and verified to the last detail. One must check all the proofs of ownership, and ensure the land documents are legally cleared, and there is no litigation running on the property. This must be done by a professional lawyer always to avoid uncertainties that might come up in the future.

When you purchase a property, a lot of minor things might go unnoticed. Is the plumbing work done correctly? Is there any seepage issue? Are all the electrical lines working? Is there any major carpentry re-work needed in the wardrobes or kitchen? When all these are combined, it can create a big hole in one's pockets. It is advisable to get the home inspected by a professional vendor to estimate the cost of renovation.

Besides being a milestone, buying a house is also a valid investment decision for most of us. In fact, it will be the most significant investment which most people will make to date. It is essential to consider two things in this regard - the rental yield (for recurring income) and the prospect of future appreciation (for long-term).

Most of the hassles can be mitigated if one considers these major factors before buying a house.