7 Financial Factors When Buying a House in Hyderabad

7 Financial Factors You Don’t Want to Miss When Buying a House

Have you felt that buying a house is a big decision both financially and emotionally? Have you come to that perfect moment when you wanted to say yes to buying a home, but still held back because some hesitation holds you back? Have you felt that you need someone by your side who would explain all the important things to consider when buying a house? Property Adviser has taken upon that job. Read on to get an expansive view of what it takes to make a right decision when purchasing a home.

Everyone has individual priorities as per their requirements, the home buying process is complicated and takes time, and it’s simple to induce off the beam. So, it is better to recognise all the important things to consider when buying a house, while not forgetting several options that are necessary for you and your family. Understanding that options mean the foremost can facilitate eliminate homes that won’t work for you and compare the residences that may. 

If you haven’t already thought seriously regarding these important things to consider when buying a house, now’s your likelihood. And, if you’re looking on how to check the house before buying along with your special somebody? Speak with them to create a positive vibe regarding the importance of every feature. 

This is a two-blog series where we cover an exhaustive list of important things to consider when buying a house are specified that you need to consider when purchasing a home.

This blog, the first of the two, covers the financial factors and the growth prospects that influence your purchase decision.

Cost

The first important thing to consider when buying a house is to decide is your budget - fixed or flexible within a range. You will proceed to look for other items only when a home is within your budget. Your budget depends on the financing options available to you as well.

Before even trying, you ought to confirm your value vary and obtain pre-approved for a loan. Shopping for a single-family house is an enormous investment, and there’s continually a lot of to it than merely the acquisition value. Trust, however, all prices can have an effect on your finances and keep on with your call on value vary and mortgage payment.

Your budget should be more than the house price. Often houses are sold as bare shells. So, your budget should accommodate the cost of customisation (of internal structure, fittings, tiles, the door makes, interiors, furnishings, and so on). Based on the amount of customisation you need, about 2/3rds of your budget will be available to you to pay for the house.

Location

Buyers need to seek out a location that enables easy accessibility to the places they frequent the foremost like their work, school, friends, relatives, etc. You need to search for easy accessibility to the most roads and check traffic flow. Checking this out before a procurement will facilitate prevent from hassles obtaining out of the neighbourhood associated onto the most road or from an immoderately long commute. 

The location of the house inside the neighbourhood is additionally necessary for several individuals and is one of the important things to consider when buying a house. Some individuals like heaps close to the most entry, whereas others prefer to be off from traffic and any into the event. If there's a park, pool or recreation space, some homeowners would opt for the highest out there heap. 

The location is as important as the cost. You will choose a house that is located near schools, offices, hospitals, shopping areas, bus stops, metro station, and so on. Sometimes, having a support system in the neighbourhood plays a significant role in identifying the location of your house. For example, if you are a working parent of a toddler, you might want to stay near your parents or in-laws.

Size

The size of a house is dependent on the number of people living together in your family.  A nuclear family prefers apartments or even villas while working couples prefer gated communities. If you live in a joint family, an independent house, villa, or a big apartment is required according to your preference and lifestyle.

Also it among the important things to consider when buying a house, you must know the difference between carpet area, built-up area and the super built-up area of the house you are planning to buy. Carpet area means the room inside the house such as living room, bedrooms, dining room, dressing room, kitchen, bathrooms, stores and balconies, and any other room inside the house. It does not include external walls and common areas of the building.

Built-up area is the total area covered by the house. It includes a carpet area and external walls but does not include common areas. It is also called the plinth area.  The super built-up area is the built-up area + common areas apportioned to the house/apartment in a complex.

Future Prospects

Many people provide very little thought to the dimensions of the heap the house sits on. among a region, the heap sizes can be fairly similar. Once you’re aiming to showings and looking out at what’s accessible, you’ll before long see if you have got a transparent preference of huge or tiny, corner or interior. Looking on the amount of privacy, however, you'll use the field, and therefore the length of the road, this would possibly come to you. 

If there appears to be an issue regarding wherever one heap ends, and another begins, check the heap description and dimensions along with your broker. If you discover a house that features 2 tons, have confidence the chances.

It is one of the important things to consider when buying a house as while buying a house, you must consider buying a house as an investment too. The value of the house/apartment appreciates due to market factors and amenities and infrastructure development around the building. If you are expecting an absolute Return on Investment (ROI) on your property, you must choose accordingly.

Financing Options

Among the important things to consider when buying a house comes the funding of the projects. Most of the residential projects are funded by banks. The banks disburse home loans quickly and with very minimal paperwork for eligible customers. The government encourages buyers to take bank loan by giving tax deductions. Therefore, the real estate sector has seen a spike in Bank-funded projects.

You can choose from a range of financing options to finance the purchase as an important thing to consider when buying a house. Flexible repayment terms based on your ability to repay the loan is one such option. For example, banks allow a tenure of 15 to 20 years to repay the loan. While taking a loan, choose a bank that is known for its long-term service and is reliable.

Some projects are pre-approved by certain banks for sanctioning loans. Therefore, when visiting a property, check with the builder whether the project is pre-approved for loans by any bank. If the property is approved by good private banks or public-sector banks, your financing becomes easy. The bonus is that the banks verify the property’s legal documents for pre-approval. Therefore, you can safely assume that the property is in good legal standing and check your important things to consider when buying a house list.

Future Upgrade

The growing needs of your family may need you to build an extra room or extending the house by building another floor, and so on as an important thing to consider when buying a house. Find out if an extension is possible in the future. Over the long run, associate degree extension of the property is usually thought-about the foremost valuable sort of investment, one with the most effective money returns. Considering this important thing to consider when buying a house in future, you'll be able to expand your property as per your family needs without the need of changing your home.

For properties located in a gated community, an important thing to consider when buying a house is you should ask the builder before you take the buy decision. Some gated communities won’t let you build while others will have a long list of conditions to fulfil before you extend the house.

The aspiring home consumers do take a decent check up on the locations where the area is located at the city as an important thing to consider when buying a house. Level of quality of the world, clean surroundings, safety issues, Job opportunities, all play a major role in the future aspects of the area. Imagine the longer term of the situation for you to reside in a particular area.

Future Prospects of the Area

Buying home brings pleasure to tons of individuals as an important thing to consider when buying a house. In today’s world, everyone desires multiple amenities below one roof. Thus, one should have whole data of the amenities that are offered by the situation. as a result of investment in an exceedingly smart location with normal amenities is up to bearing loss at giant. So, rummage around for of these facilities area unit offered by the properties or not. It’s continuously higher to shop for homes in locations wherever the investment worth is guaranteed to go up with time, therefore select sagely for a profitable investment. 

Safety and security are the uppermost priority of the customer. a secure place with no crime scenes is important. it's the same that homes in high crime space area are more cost-effective. thus don’t choose low worth homes as important things to consider when buying a house or this may result in future if you would like to sell it, you’ll hardly realize any purchaser. 

Location is additionally an essential part of selling worth. So, it’s necessary to induce a plan of the sell worth before investment in an exceedingly plot. You must assess the prospects of the area such as value appreciation of the house. The appreciation is largely influenced by amenities such as roads, hospitals, bus stops, schools, metro station, and shopping malls. 

Final Words

Are there more important things to consider when buying a house? Yes. There are. The second article in this series covers individual and family preferences that are also equally important things to consider when buying a house before you shortlist a house.

Considering the above important things to consider when buying a house, Property Adviser gives a small dose of advice with some tips to buy a house in an easy way.

Before buying, it is important to analyze your financial situation. The most important thing is to determine our income and the capital that we have available to buy a house. If you search to buy a home for 50 lakhs, you can get comfortable services. Property Adviser eases your search with its Property Filters page with a budget range selection of house. Find several projects that provide all the facilities at a single click.

Many New Projects are constructed with comfortable facilities and Amenities to suit elderly couples and young couples with kids. Now a day’s many builders also offering zero per cent EMI on the purchase of newly constructed projects. 

Look for houses for Future Upgrade in Gated Communities. So experience the first-ever real estate property directory portal, www.propertyadviser.in and become the happiest owner of your dream home.

By: Lotus Tech & Govi