Why buy a Home?

1. Being a home owner gives a sense of independence.

2. Why pay rent when you can pay EMI ? Get relieved from rent spikes, No worries about changing the house every two years and No need to tip-toe around sulking landlords :)

3. Pride of ownership - A house is a milestone for most of us, isn't it?

4. A house value always appreciates !

5. Did you know your own house can be your Tax Shelter ? (Learn all about Sections 80C,24 & 80E)

6. Be answerable only to yourself ( Paint it as you please, Turn up the volume, Drill the nail! without disturbing the neighbors of course )

7. A home give you roots. You get a permanent abode & grow with the community.

8. With each EMI Payment, you pay down your debt and accumulate equity.

9. Home loans are inviting and much more beneficial than ever before.

10. When you purchase a house, the Income Tax Act provides for deduction on interest payable and also on the principal repayment on the capital borrowed.

11. A house is one of the best investments one can make and with fantastic returns.

12. Accomplish outright homeownership and enjoy saving or spending the significant portion of your income previously assigned to housing.

Choosing the location

1. Transport to work and school - What will be your daily commute time to office and kid’s school? Are there good/established schools in the neighborhood?

2. Health care Facilities - Are there reliable healthcare facilities & medical stores in the vicinity? If there is a 24x7 medical facility nearby, nothing like it.

3. Availability of retail stores or local markets - Can you buy all your day to day needs within a 3 km radius?

4. Access to places of worship - If you or one of your family members is habitual to visit a place of worship often, better to check this out.

5. Public transport - How far is the bus stop & where is the closest metro/railway station? Places with easy access to multiple modes of transport should be preferred. A metro station usually means the area is going to develop soon.

6. Recreation - Are there parks, walking tracks, toddler play areas , gardens in the vicnity? If the builder provides these, you should go for it.

7. Sports Arenas & Gyms - Are you a sportsman or a hobby player? Look for sports courts in the surroundings. If you are regular gym goer - look out for same or spend a little & set up a mini gym at your new home.

8. Roads - How are the roads in the area? You don't want to be jumping for every brake or get stuck in the narrow roads, right?

9. Future price - If in case you decide to sell the house in future, what price will you get? Look for a locality that has seen growth in the past or expanding in future.

10. Developments in the area - If there are proposed or sanctioned developmental projects in the area, sure shot the area will boom in the future.

So do a little research. Overall, Drive around, put out feelers and pick a location with good infrastructure facilities.

Choosing your house

1. The size - How many members are there in your family? Do you plan to expand the family in near future ( Wedding / Kids / Pets)? How many bedrooms will you require?

2. Budget - What numbers do you have in mind? If you have to spend a little more than your budget, is it worth it? How to plan your budget is a separate subject.

3. Parking - How many vehicles do you have? Do you plan to buy more vehicles in future? Is enough & apt parking available? it is better to get a parking spot even if it means paying a little extra, you’ll not regret in future.

4. Quality of construction - Visit the site, get an idea of the materials being used in the construction.

5. Timely delivery - Speak with the previous customers and may-be-future neighbours & get an idea whether the builder sticks to their timelines.

6. Quality of life - Will your quality of life improve if you buy your house here?

7. The Plan - Have a look at the plan of your proposed home, are you happy with it?

8. Provision for all appliances - Does the house have provision for all the basic appliances like Fridge, Washing Machine, Air Conditioner, Kitchen appliances etc. Builder’s provide you with provision for special appliances , if you specifically ask for it (Dishwasher, Oven etc.)

9. Amenities - What amenities do you get along with your home? Projects with wide range of amenities should be preferred.

10. Builder’s support & Transparency - Understand how the builder will support you throughout your process, Are they willing to go for the extra mile to answer your queries & guide you? Are they transparent with the whole process?

Visit one of the builder’s completed projects for better idea.

11. The stage of house construction - When do you want to move into the house? Based on this you need to pick one of these

* Ready for occupation - if all finances is set, you can go for this

* Under construction - if you want to ease your financial burden, you should go for these.

* Planning stage - if you want to be part of every stage of construction & decide every detail of your house, you can go for this.

12. Maintenance - Decide how to maintain your house. Established builder’s give a period of free maintenance, get these details & After that period plan your maintenance

13. Differentiate Needs and Wants - Get clarity of what you need and what you want, sometimes you may have to let go of want you want for the greater good.

How to plan your budget

Now coming to the most important part. One may have a rough figure in mind, but how to make it work for you & plan based on your financial inflows & outflows. Ler’s have a look.

How much do you earn, all family members put together? Now set aside amounts for

1. Household Expenses ( Provisions, Groceries, EB & Water Bills, Eat outs, Birthdays etc)

2. School fees & Needs

3. Travel/Holiday Plans if any over the period of house construction.

4. Gifting & Occasions

5. Credit card bills & Other loans (if any)

6. 5% for unplanned expenses.

Think of avoidable expenses & remove them (Be practical!)

The amount you arrive at, will be the EMI you can pay month on month

Having said all this, trust your instincts & go for it. Good Luck with your new home!