Essential factors to consider when deciding on a house: A how-to guide

Finding the appropriate property to purchase or rent may sometimes be a lengthy process. Purchasing a home is frequently regarded as a significant life milestone. It is a profoundly moving and life-changing event. Buying a home in India requires careful thought and strategic preparation because the nation is known for its diversified landscapes, lively cultures, and active real estate market. Finding the right house necessitates navigating a wide range of possibilities, rules, and financial issues, regardless of expertise level in real estate. Thus, it makes sense to become over-excited when you discover a house that appears reasonably priced and meets several of your requirements. 

To minimise complications, inspecting a few features of the house before signing the contract and moving in is a good idea. It will remain your house for the foreseeable future, after all.

This helpful guide from Lets Rentz will assist you in setting priorities and finding a house you would want to live in! In addition, it’s a significant financial choice, making it seem unsafe to many. However, achieving this aim is simple if one plans well and keeps a few things in mind. This article goes over the important aspects to consider and the planning process when buying a property in India.

Renting a house

It can not be very safe to move to a new city. However, many Indian professionals and students—especially millennials—see it as inevitable. The first thing you’ll need to do after you move is to find somewhere to live. In India, 28% of city dwellers rent their homes, according to the Economic Survey 2017–18.

When searching for a place to rent, you may come across landlords who have their own rules and regulations or who insist on raising the rent yearly. To avoid being taken advantage of as a tenant, you should understand your rights. Here is a list of things you should know before moving into a rental property.

Create a prioritised list.

Have you got a checklist already? Excellent, but is it given priority? Putting the characteristics you absolutely must have, and those you would like to have in distinct columns can help you visualise the kind of house you want quickly and more clearly.

Access to public transportation is of greater significance than having a parking space, for instance, if you don’t own a car. Alternatively, it’s essential to find out if the landlord allows pets and whether the neighbourhood welcomes them if you have a pet.

Rental and growth

A property’s location, age, building quality, and amenities are just a few variables that affect rent. Rentals are charged between 2% and 4% of the property’s value. Suppose the location is desirable and in high demand. According to Ramesh Nair, country head and CEO of real estate services company JLL India, a premium is associated with the property value.

The renter and landlord will determine the rate of increase, and the landlord is not allowed to raise the rent excessively. Nevertheless, rentals have been impacted by the real estate downturn. In addition, rental market trends differ from one city and neighbourhood to the next, so you have the flexibility to haggle over the amount rather than paying the whole amount stated in the lease. The simplest way is to talk to your landlord and agree on an acceptable increase.

Maintenance and safety

What level of safety is your house? Without a doubt, the first thing in your thoughts would be this question. Examine the house’s inside in detail in addition to the surrounding area. Is piped gas available, or are gas cylinders the only option available? What’s the age of the fixtures? How about leaks of water? Create a list of essential inquiries that will help determine how much maintenance will be required. Find out the neighbourhood’s crime rate and note the location of the closest police station in addition to inspecting the home’s security measures, such as its solid locks and video calling capabilities. 

Security deposit

In Indian cities, security deposits are typically requested by landlords. The sum may sometimes reach up to a year’s worth of rent. The deposit amount varies from city to city based on local market practices. It also depends on the type of rental property that you have. One month’s rent may be sufficient if the apartment is unfurnished; however, if the apartment is equipped, the rent may be more significant. Landlords often request a deposit to protect their interests if the renter leaves the property without paying the utilities or causing damage. You can negotiate this sum. Make sure the rent agreement specifies the deposit amount as well.

Could you make some decorations?

Some landlords strongly oppose posters or artwork being displayed on their walls. Indeed, they might not approve of any changes made to their home. Getting permission from the owner before signing the agreement to install traditional wall hangings or paintings is advisable. Remember to enquire about other valuable things, such as installing shelves or upgrading furniture.

Investigate the area at night.

As the day draws to an end, a place’s character shifts. Take a little night time drive or stroll around the neighbourhood to observe the bustle. Are families out and about? Is it a lonely place? Do the street lamps work? You can gauge the neighbourhood’s level of safety by observing these characteristics. To get an idea of the noise levels and other disturbances, you may have to put up with; it’s also a good idea to see whether there are any cafes or pubs close to the house you are considering renting. 

Consider the lengthy journey that lies ahead.

It is essential to plan for the future when designing your home now. It is necessary to consider the presence of elderly parents, small children, and pets. You might also need to consider how guests enter your house and whether a home office is necessary. Thinking about privacy would be important in this. You might also need to book rooms on the first floor for easier access. The unimportant thing about planning for the future is that, in addition to trying to decide what your ideal home’s facilities are, you’re also planning what kind of family you want to have in the coming years.

Pick the Spot Carefully

It has more to do with your house’s location than just how good it is. Consider your family’s amenities needs before deciding on a neighbourhood or place you want to call home. For example, if you have growing children, living in areas with access to the city’s finest schools is best. Alternatively, if you are a working professional, look for places with good access to leading business hubs and the rest of the town. Before deciding on a neighbourhood, it’s crucial to consider your home’s function. If you want to invest in real estate, pick a place with continued demand, as this will raise the property’s resale value.

Buying a House

Buying a house is probably one of the most important choices a person will ever make. When choosing the ideal home for our loved ones, we all want to ensure that every detail is considered, whether in terms of pricing or quality.

But there are a lot of factors involved in buying a house, so ignoring even one could not end up being a wise decision. A few rules that every potential property buyer should abide by before sealing the contract are listed below:

Start by creating a budget.

Budgeting is the first and most crucial stage in the home-buying process. Before making the decision to buy a house, thoroughly consider your financial status and how much you can afford to spend for the property’s purchase, upkeep, and repairs. When purchasing a home, be mindful of your financial obligations and ensure you live within your means. Having substantial savings is always advised before investing in a house. To ensure that you stay within your budget, you can utilise an EMI calculator tool to provide you with an approximate monthly outgoing amount. This can then be multiplied by your monthly income and the emergency reserve to get a reasonable monthly payment amount for your house loan. 

Examine the best school districts.

Before making a purchase decision, look at the area school systems if you plan to move between them with children or if a baby is on the way. Where you look for your next house may depend on this factor. Verify that your children will thrive in the school system with simple access to your home before committing to a community.

Consider the lengthy journey that lies ahead.

It is essential to plan for the future when designing your home now. It is necessary to consider the presence of elderly parents, small children, and pets. You might also need to consider how guests enter your house and whether a home office is necessary. Thinking about privacy would be important in this. For easier access, you might also need to book rooms on the first floor. The unimportant thing about planning for the future is that, in addition to trying to decide what your ideal home’s facilities are, you’re also planning what kind of family you want to have in the years to come.

Examine the Real Estate Industry

It is advisable to assess the current state of the housing market before making a hasty decision to purchase a property. This implies that you ought to take into account the real estate projections for the location and neighbourhood of your choice in order to make an educated choice about your residence. You may find towns and regions that are in demand now or will be in the future because of cheap rent or planned infrastructure developments by following real estate projections. Before choosing a house to purchase, you might also think about speaking with architects and real estate professionals. 

Examine traffic patterns and your commute to work.

When first-time homeowners discover how tough or time-consuming their journey to work has become, they could be thrilled about their new acquisition. Learn about the local traffic patterns on the street and in the neighbourhood before making an offer on a home. For an idea of what to expect, check your commute to work during peak hours.

Look past the colour of the paint.

Don’t let outside aspects deter you from identifying desirable qualities when you’re buying property. Although the paint colours for the interior or outside may not be perfect, these things are simply adjustable. Even if the property could use some repair, new paint, updated appliances, and upgraded lighting, it can transform an ugly house into one with exquisite design. Purchasing a new house may be an exciting and joyful process. Choose a place you adore for your new home by using these suggestions and ideas.

Beware Of High-Cost Repairs

Be careful—there may be unseen repairs hiding around corners. Schedule a home inspection to ensure that the essential components of a house—such as the roof, foundation, construction, and wiring—are in good operating condition. While certain flaws could be readily apparent, an inspector could find others. You might be able to bargain for a cheaper price if repairs are required to help pay for them.

Check your eligibility for a home loan by checking your CIBIL score. 

It is essential to make sure you have sound financial standing before taking out a home loan to buy a property in India. In large part, your CIBIL score determines whether you qualify for a home loan and whether you can obtain a decent interest rate. Based on your past borrowing and repayment behaviour, this three-digit score provides a numerical overview of your credit. Your chances of having a higher CIBIL score increase if you make timely loan repayments, pay off credit card debt and avoid defaulting on your obligations. By managing your money and making sure that payments are made on time, you may raise your CIBIL score and use credit responsibly.

Why Is This An Excellent Time To Purchase A New House?

A growth rate (CAGR) of 9.2% is anticipated for the Indian real estate market between 2023 and 2028, according to IMARC Group. It goes without saying that during the past ten years, the real estate market has undergone significant transformation. A few real estate market trends that will keep the buildup of demand for properties going are eco-friendly architecture, landscape design, gated communities, enhanced amenities, reduced mortgage rates, tax advantages, greater transparency, and government assistance for low-income individuals. Therefore, it is anticipated that the real estate sector will expand significantly in 2023. 

Put the function ahead of the flow. 

To make the most out of spaces, the function must come before form, as the architectural legends would have it. Before you finish the layout, consider the room locations, the light that enters each room, the direction of the breezes, and the views from each room. 

Prior to moving forward, decide on a design style to ensure that the house you want to develop is what you want. Your home should be as personal to you as possible, whether it is open and airy, sophisticated, elegant, minimalist, or ornate! With this post, we hope to have given you more clarity on what your ideal house looks like. If you are moving to tricity and looking for renting an apartment, house or even PG you can visit Lets Rents’s website to find your home in a new city. We hope you can soon build the home of your dreams by taking your time and carefully considering your ideas before moving forward.