Figuring out how to buy a house is no small feat—particularly since the rules keep on changing. More than the rules, there are other subjective factors that we tend to overlook in the decision to buy a house. On the whole, buying a home in Guwahati or anywhere takes time and you have to give that much time.
Here is a list of five points that are normally overlooked while working out the modalities of a home loan and other supposedly serious considerations:
1. Hire a Lawyer
First, hire a lawyer by paying him Rs 5,000 to Rs 10,000 to go through all documents on the land and the property. It is difficult for a consumer to understand title-deeds, land use agreements, mandatory approvals from municipality, occupational certificate, taxation etc. Since buying a home is a long term purchase or an investment, it is imperative that we don’t get surprises after the purchase even in the distant future.
2 Estimate Total Cost of Ownership
The total cost of ownership most often is more than an agent or a builder quotes. We must include parking charges, stamp duty, registration charges, maintenance charges, property tax, increased commuting charges, electrical gadgets etc in the calculation of the total cost of ownership. All this could contribute to almost 10-20 percent of the bare cost of the apartment.
Moreover, it is important to understand the final usable area of the apartment, especially in case of apartments under construction. Most of the times, the sale would be on super-built up area and it affects the cost to benefit analysis.
It is safe to check whether most of the other occupants in the building are like-minded and in the similar age group. If the residents are not like-minded, conflicts emerge eventually over a period of time creative stress. Decisions about how to maintain the building, adjusting on parking spaces, whether pet animals are allowed, how many security men, use of lifts, terrace and other common areas etc may become very discomforting if the co-occupants are not homogeneous.
Some people avoid staying in buildings with a mix of 1BHK, 2BHK, 3BHK apartments as income levels of occupants differ and cause grief in the long run.
You should speak with the watchman or the watchman of the neighbouring building to find out the situation of water supply, electricity supply, availability of domestic help, level of security and safety, neighbourhood grocery stores, deliveries from restaurants, gyms, day care centres, hospitals and schools etc, depending on your life situation, and your needs.
We need to find out if any neighbouring small building or bungalow has the potential to be converted into a taller building, which can block your view in the next 3 to 5 years.
If you are buying the apartment as an investment, think through the profile of your typical tenant and whether the location of your apartment is good enough for such a tenant. If it is a commuting couple, see if the apartment is close to the railway station. If there is a parking space, check if you require two parking slots.
5. Know your builder
The real estate company or your builder in Guwahati has to do a lot right to give you your dream home without any hassle. Even if you need to pay a premium, a credible builder is worth that premium, considering a life time investment and peace of mind. We need to do research on the other projects that the builder has delivered or is under construction, by speaking to other home buyers.
Starting from the water quality, quality of build and amenities, there are other serious issues like commencement certificate, land title deeds, approved building plans and clearances by various authorities like the municipality, the environment etc, that depends on the professionalism and ability of the builder.