HOME TRIP - Plan now for your new home this Diwali!
Many Indians consider the festival season to be an auspicious time to buy a home with a large number of prospective homebuyers planning to close the deal around this time.
And, with discounts, special payment schemes, and freebies on offer, the market turns its full charm offensive on homebuyers. The buyers then find another reason to make a move and go in for that property.
Many prospective homebuyers who have been putting off the decision to buy a home come into the market at this time. A systematic approach to homebuying makes the process of acquiring new property that much easier. It will also help in mak ing repayment of the loan easier.
A home is easily the largest financial commitment many make in a lifetime. It is therefore necessary to spend time on the due diligence and planning to ensure it is a sound investment and serves one well. Here are some tips for prospective homebuyers: End users: If you are planning to go in for a property to live in, you should begin on shortlisting property based on its location with reference to your workplace, places of frequent visit, children's school-college, and physical and social infrastructure that add value to the property. It is a balance between budget and location of choice. Investors: If you are planning to buy a house as an investment to be liquidated later for capital gains, the parameters are different. In this case, you need to evaluate the property in terms of the development potential in the vicinity. Emerging localities with commercial development potential will work well as the present rates will be relatively lower. Here, the rates will go up sharply as the commercial development planned around unfolds.
Plan finances: Whether you are an end user or an investor, it is time to start getting your finances in order. The earlier you begin on financial planning the easier will be the process of availing a loan, and then its repayment.