As a potential home-buyer, are you wondering about the right time to buy a home? Are you caught up in a rabbit-hole of factors that you must consider when answering this question? Well, your thoughts and concerns are valid because buying a home is a long term commitment, but don’t let this question hinder your search for the dream home! Here is a list of 6 factors that we have narrowed down that you should be considering while deciding when is the right time for you to buy a home –
● Affordability: One of the most important factors to be considered is your affordability. The current state of your finances, financial stability in the near future, and the needs of your family have to be calculated before you can decide on buying a home. If you have sufficient funds and can afford home loans, it is definitely the right time to buy a home.
● Location: The location of the property defines the value of the investment. It is imperative to look for a place suitable for the family’s aspirations as well. So, if the location of the home is ideal, then you can consider buying it while keeping the other factors in mind such as the accessibility to major destinations, availability of resources, etc.
● Builder: The builder that you associate with sets the precedent for the home-buying process. If you find the right builder, then it is the right time to go ahead. It is always suggested to go with branded developers, ideally a tier-A developer, who have been spearheading the real estate scene for generations with quality homes that’s right for people in every front. A tier-A developer guarantees clear documents without the hassle of illegal land disputes.
● Resale value: When are you buying a new home, you must consider the resale value that the property holds. How is the value assessed? Some of the factors that influence this value are location, home-size, builder, layout, view, and so on. So, make sure that the resale value is financially beneficial for you. If it is, then it is okay to proceed.
● Plot value: If you are looking for a healthy Return on Investment (ROI), then plots strike gold. So, knowing completely about the plot value is essential before buying it. This is determined by the location, the builder or developer, and the size of the plot. Thus, if the plot does have a good value, then you should not hesitate!
● Registration: The registration process is an important factor to be noted. This includes understanding the registration costs and stamp duty that you have to pay up for the property. With regards to registration costs, it adds up to one percent of the ‘agreement value’. The stamp duty amounts to about 5% of the market value of a property. So, if these costs are within the budget that you set for home-buying, it is the right time.
Above are some of the crucial factors that you should think of when deciding to buy a home. From choosing the right builder to assessing your affordability- each decision acts as a cornerstone for your dream home. It is a step towards accommodating your current liabilities and future responsibilities. We hope that this article has provided you with the right guidance and helped you assimilate the importance of the right time to buy a home. Home-buying is an enriching experience when all your doubts and complexities have been sorted out. So, go ahead and enjoy this process!