In Buying a resale flat? 10 questions you must ask and What to look for when buying a home, we told you what to look for in a housing society and when buying a home.
Here, we suggest three questions you must answer before you start house hunting. Not only will it give you a clearer picture, it will also help your broker shortlist the right places for you.
How much can you afford?
Visit a few home finance companies and see how much of a loan you are entitled to. If you are married, club your spouse's income and your own to avail of a higher amount.
Remember, a home loan company will not fund the entire amount; they will loan you about 90% of the cost of the home. You need to be able to put up the balance amount.
Running short of money? See if you can sell any shares or investments to help you get that amount. Maybe, a bonus is coming your way. If not, see if your siblings or parents are willing to help you out.
How would you like your space?
It makes sense to have both the number of rooms and the area in mind.
People often say they want a two-bedroom apartment but don't mention the space. You could get one for 800 sq ft or even 1,200 sq ft.
It will all depend on the size of the rooms.
I know someone who was wanted a three-bedroom apartment even though the area was 950 sq ft. Though she could have got a comfortable and spacious two-bedroom apartment within this area, she wanted three bedrooms though the rooms would be smaller. Since her father-in-law stayed with them, she wanted him to have his own private room while she and her spouse had their own space. So did their child.
On the other hand, there are those who don't need to accommodate any family members, so this issue may not crop up. In such cases, the number of rooms may not be an issue, but spacious lodgings could be is a priority.
What you won't compromise on
This is what you need to look at first.
A friend of mine told me once he would never reside in any apartment below the second floor because you just cannot get any privacy. Some don't want an apartment just under the terrace.
My aunt could never do without a balcony. For her, at least one the rooms had to have a balcony.
Another friend felt lots of ventilation is a must. As was bright sunlight.
Pick up an aspect you MUST have in your home.
What you will compromise on
There are extremely slim chances that you will get the house of your dreams in the locality of your choice.
You may end up with a lovely, spacious apartment in a suburb you do not like or cannot afford.
Or, you may find the rooms a little too small in the suburb you do like and can afford.
On the other hand, you may get a great house in a great locality. But it would entail a long travel to work. Are you up to it?
Or, you may get a lovely house with great ventilation and lots of balconies on the second floor (when you want to reside only on the third floor upwards).
Of course, you will not be able to really answer this question unless you see the house. However, it is only when you are clear on what you are getting that you will be in a better position to decide what to let go of.
Part I: Buying a flat? 10 questions you must ask
Part II: Buying a home? What to look for
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