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Home of my dreams

Updated on December 25, 2015

Dream home

My dream home

First home is the dream of every common man present on this earth and each one us wishes to make it special and memorable. Out of the three basic needs i.e. food, shelter and clothing, shelter is the most expensive and difficult to manage. That’s why renting business is always at its peak as most of the people opt to live on rent until they get sufficient funds to build their own property. Owning a home is actually a one time opportunity for at least 80% of the population as it includes the investment of your lifetime savings. That’s why it becomes even more significant to take this decision very carefully after considering all factors.

First of all one has to be mentally and financially prepared before taking a go ahead to your decision. This is a very common factor that usually a person spends at least 15-20% more than the budget planned, which in turn affect the other expenditures. Stay firm to your decision and consider this 20% hike within the budget itself. Apart from preparing financial budget, make sure that you are actually ready to purchase a home in terms of your Job stability and family settlements. It would be advisable to prefer a rented home in case you have plans to move on to other city within 2-3 years.

Plan your search

Once you are ready to search for home in aspect to your financial and mental stability, next action suitable is to filter your choice. There are endless options available in the market and they will do nothing more than to confuse you and divert your mind to a wrong track. Be realistic and filter your options very carefully and then give a go ahead to your next action. Have a look at the following common factors that needs to be filtered.

  1. Location – It should be approachable from your workplace, nearby markets and local school and hospital.
  2. Budget – Never visit a property that exceeds your budget as it will create higher expectations within you and finalizing a property within the budget will be a complex job.
  3. Type of property – It can be 2 BHK/3BHK or Plot/Flat/Villa. It varies from individual to individual and also according to the property rates prevailing in your desired location.
  4. Nature of property – This means the property available in resale market or directly with the builder. It is important because price varies of the same property in open market and with builder.

Start your search from browsing the internet once you are sure with the kind of property you are looking for. Gather the list and complete information of all the properties within your selected locality that are available for sale according to your requirement. There are few websites that can help you out in a best possible way like,,, These websites provide endless options for sale and you can filter easily according to your choice. Definitely you will be meeting the brokers, property owners and sales representatives once you start visiting the property physically and it’s important to have the complete knowledge beforehand to avoid any kind of manipulations by them.

Personal Inspection

Once you have a list of selected properties, visit each property personally and make out all positive and negative points of the property. Try to speak to multiple people regarding each property so that you can get the actual information. If possible, try to speak to few of the existing customers also as they are the best owners to provide you the better information. Feedback of a property is quite important as there are multiple fraud and cheat builders working in the market and brokers are there only to misguide the fresh customers. Make sure that you are purchasing a right property having all legal papers in order and proper feedback from the existing customers. You can visit customer forums online like to have the exact picture of the property.

After finalizing from the visited property, next step is to negotiate with the owner or the broker. It is quite essential to evaluate the actual value of the property that can be analyzed only after talking to multiple people within that locality. Never show that you are keen to purchase that property, else it will put you on the dominating side and it’s better to keep at least 2-3 options for bargaining. Assistance from any of your experienced friend or relative may add value to your search and will also prevent you from being cheated. It’s a human tendency that everyone is ready to offer you some kind of advice but being a sensible person it is your verdict, whom to listen and up to what extent.

Facts of real estate

It is quite natural that being a fresher in this search you may not be aware of few of the facts that need to be taken care seriously. Do not go ahead only with the outer finishing of the property and flattery description given by the broker. Few of the practical things need to be cross checked properly before submitting the token amount.

  1. Finance Available – Banks offer finance facility to only those properties which are legal in all terms of documentation. Crosscheck with your bank representative whether the property opted by you can be financed or not. Always finalize your loan sanction prior to you property decision. It will give you the exact picture of your budget.
  2. Black and white money – 70-80% of the transactions in Real estate market involves black money transactions to save tax and registry cost. But it may put you in big trouble if caught by income tax department. Try to stay away from such illegal things as much as you can.
  3. Circle Rate – Circle rate is the rate decided by the authority below which registry of a property is not possible. Check out the circle rate of the locality as your property cost should be equivalent to circle rate or above it.
  4. Construction Quality – Beautiful colors and attractive design may be eye catching but needs to be checked very carefully. Cement, Brick and steel used in a property decides the age of the property. Poor construction quality is the major problem that most of the real estate buyers are facing today. Check out each and every corner of the property along with fittings and wood work done.
  5. Over and above expenses – Most of the buyers miss the part of calculating the expenses above the basic price of the property. Be alert and make estimation of additional expenses that may include maintenance, Repair, Brokerage, property tax, Service tax etc.

Property finalization is a very crucial decision to take but one can convert it into an actual dream home by taking intelligent and wise decisions with the help of proper research and patience.


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