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It’s a great idea and here are some tips to help you choose wisely. Shortlist properties based on these concepts and you should find the entire process less confusing than you think it is.
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While you may want the moon, think clearly and decide what kind of lifestyle you and your family would be comfortable with. Villas, apartments, individual home, an executive floor, all entail a particular type of lifestyle. Deciding between living in the inner city and a suburb is also a lifestyle decision. If you like a quiet laid back life, choose a suburb. If you like being in the hub of things and having everything nearby, but are willing to settle for less space and more noise, the city will work fine for you. Think of scenarios about 10 years into the future and identify a place that will suit your needs till then.
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Figure out your loan eligibility from a housing loan company or bank. Look at your resources and decide how much money you can pay up as a lump sum. That will help you do a back calculation and decide what budget you should have while looking for a home.
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It is important to do your own research on the property market while buying a home. A lot of people take property decisions based on the advice of someone they know. While trust is a good thing, this can also get you in trouble. Start looking at property supplements and trade magazines. Visits brokers, look at websites, visit exhibitions, then shortlist properties based on your requirement and budget.
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Study the layout of the apartment well. Making changes to an apartment is possible, but it is time consuming and costly. First of all, see if there are enough rooms for your family. The same area can accommodate two large bedrooms or three smaller ones. What you need is dependent on the size of your family. Check on the size of the living, dining and kitchen. The sizes of the bedrooms should accommodate double beds easily.
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With apartment developers going all out to woo customers, you have a lot to choose from. Don’t get taken in by all the jazz though. Figure out what amenities you would really use and whether they are there or not. Security mechanisms, power back-up, open areas and basic sports facilities would be essentials, but beyond that it’s up to you.
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Take time to study the fine print lest there are loopholes later. Make sure the property is registered and apartments will be registered on completion.
Many developers, like CREDAI members follow a code of conduct that insists transparency and ensures that the builder honours the agreement that is signed between the buyer and the builder. The Code also insists that the developer clearly defines the terms in the agreement.
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Once the property is in your name, you need to ensure that you pay your loan installments in time. Once you occupy the apartment, be pro-active and maintain it with utmost care.
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