Sealing the Deal with Confidence: Factors to Examine When Buying a Home
If you have finalized purchasing a flat, congratulations! It is a big life decision. For most — a bigger financial decision.
It is one thing to say — I will buy a flat, and completely another to go through with it. A bunch of things come your way when you go knee-deep into the plan. It is important to consider a bunch of factors before you finalize your new “home”.
Here are a few of the things I learned the hard way while buying a flat in an Indian city.
New flat vs old flat
We usually start with the dilemma of buying between old and new.
New flats
Even for new flats, you would have to do different considerations for newly constructed and under-constructed buildings.
Unfortunately, in big cities, new flats tend to be smaller. While the configuration of the house matters as much as the carpet area, the usable area does matter. Some builders do tend to provide extensive carpet area, but it can come with a hefty price.
Under construction flats can be slightly modified without extra charge given the builder’s consent. Most builders are looking to seal the deal and would accept a few modification requests without charge.
Tip: This works both positively and negatively for you. To avoid the builder making fake promises — get the things in writing on the builder’s letterhead.
Most new flats have a builder’s warranty on basic things like leakage and breakages. The old flat might also be under builder warranty, depending on the age.
Old flats
Old flats can need a few fix-ups depending on the age of the flat, and the condition maintained by the previous owner. It is important to check the flat for such costs, adding it up might be the monetary deciding factor.
Flats, unlike land, have a depreciating value with age (depending on the area!). The % depreciation for a new flat vs an old flat can matter to few.
The old flat also comes with certain certainties — a general idea of how the society management works, the opportunity to know specific disputes, a general idea of neighbors and working amenities, etc.
There is an emotional aspect to owning something “new”. It should be considered while considering the value of equally important factors in purchasing a financial liability.
Possession
It is important to consider the “possession date” while deciding on the flat. For new under-construction flats, some builders may not stick to the promised date or may get impacted by things out of their control (like Corona). While these things seem trivial at first, it isn’t — especially when you are staying with family.
The under-construction flats are no doubt cheaper, but the uncertainty in a constructed property reduces drastically.
For an old flat, the possession date corresponds to old residents leaving the flat. Things should be extremely clear in deals on old flats.
Area/Locality
The locality of your flat defines the cost you would pay. It is important to consider where you would be spending your time in offices and school — proximity is always preferred.
Is the area planned by the corporation or the roads don’t account for an increase in traffic with multistory apartments being constructed in the vicinity?
What is your ideal haven? — Do you like the accessibility of shops and eateries nearby? Are you okay with walkable distances for a little silence?
Is it a roadside flat? If yes, will it see noise causing traffic jams? Is it easy to get decent transportation (read OLA/UBER/Rickshaws) in your area?
Do you have good gardens, hospitals and schools nearby? For religious folks, the location of temples, mosques and gurdwaras would just matter as much.
In most cases, you can’t have it all close by, but it is important to consider the general distance for these and find what matters to you!
Tip: Once you are clearer about the area, go through multiple listings in the locality to get an idea of general area pricing. This would ensure that you are self-aware of the right pricing in the area, over being dependent on brokers/builders say.
Configuration
Some builders do a great job at transforming your low carpet space into looking like a spacious living area. It is all the magic of architectural design. Other spaces might look congested even after having a huge area on paper.
As much as the total area matters, it is important to think about how you want to live. What do you want your guests to see the first thing when they enter your house? When they sit on the sofa chairs? Is it weird for you to have the bedroom view from the door? Etc.
What do you want the view of your room to show? Will the current placement of the door be useful or hindering for your choice of furniture?
These are extremely important points to consider while choosing a flat. Many folks I know have had regrets thinking about this point in hindsight.
Just imagine how everything would fit before you sign the deal.
Floor
The floor count matters. The top floor might get too hot. The first floor might get too much noise and invasive views of your living space.
Your old parents may not be comfortable with high-rise grounds. Lower floors might have mosquito issues.
The top floors might show a good skyline, the lower floor might have an accessible garden. The first floor may come with an additional balcony or extra space in your building. The top floors might get direct access to a huge terrace.
Top floors might have to deal with more rain leakage, while lower floors might have more dust come their way.
It is important to consider your case while finalizing the floor.
View from the balcony/room
What do you see from your balcony? OR worst — do your neighbors have a clear view of you from theirs???
It is important to consider this small privacy aspect of things. Some buildings might be too close. It may lead to awkwardness or the inability to use certain windows/doors.
Do you prefer sunset to your rooms or love an early sunshine stretch?
Go with your sustainable option!
Society vs individual buildings
This is an interesting one. I was previously against societies but turns out I am pretty okay with a medium-sized one — over none. In my experience, individual buildings need a decent, responsible builder and a good committee to ensure things work smoothly.
Usually, reputed builders go for medium to big-sized societies. They have to keep up with their “reputation”, thereby ensuring the materials used are decent and long-lasting. They are available to support, even if reluctantly. Furthermore, they do act on the warranty provided for the building or society infrastructure.
Big societies might reduce your maintenance fee since the cost is shared. On the flip side — the additional noise, unfair resource usage and politics might cause a headache.
It is good to get a general gist of working in that society before you buy one. In this case, having an existing society helps — you can get all the relevant dirt about life in that society :)
Parking space
Do you get a dedicated parking spot, or do you have to constantly struggle to park your vehicle? It sounds like a small thing, but the struggle is real… Check the number of vehicles you plan to own and insist on getting the parking you would need.
See how far the allotted parking is — if the distance works for a rainy day or summer heat. Is the parking covered or open? Does the parking have enough space for you to safely take your car in and out?
Insist on getting/paying for extra parking space per your needs.
Amenities
Are you a serial walker? Do you want space nearby to walk and talk? Does your day get better if you are surrounded by greenery?
Do you want the comfort of a gym in your society, or do you prefer a well-equipped gym with a dedicated trainer?
A lot of builders show random amenities in their portfolios to lure your attention. It is all fun to see, but are they going to be maintained? How much do you pay monthly for their maintenance?
Do you even need those specific amenities is also an important question to consider. Some you may, some you may not.
Brokers
We all need support to find our right home. With our busy schedules, we don’t mind paying for the right resources — as long as they support our vision.
Most folks resolve to opt for brokers while looking out for flats to buy or rent. It is much easier to fall back on that — as their job is to line up places for you to see and help you out with negotiations.
That said, most times the brokers care more about the brokerage and not you. They may not highlight all the red flags about the owner, flat, society or area. The general policy is stacked against you and usually benefits them more when the deal is done at a higher price.
Remember: You are one of the many clients for them, but they are one or two points of contact for you. You are more dependent on them, that way. Unfortunately, this means that they might not be able to put up with the time and queries — as per your expectations.
It might just be okay when you are planning on renting a flat, but when buying the flat — you are making decisions that are harder to revert. I am generalizing here. Few good brokers might care about things and guide you correctly. The best is to — Take matters into your hand. Do your research.
Tip: Make clearer on-paper agreements with brokers on your expectations. It is easier to avoid liabilities when roles are clear.
The above pointers are designed to help you out. Ponder on them wisely!
Other things that matter — society type (hip-modern or modest), balcony size and location (bed vs hall), airflow & ventilation, carpet area, etc. There is hardly an end to this topic.
I’ve tried to list the ones I found most useful. They are not strict rules, but basic guidelines. It is important to glance over them and acknowledge that you have considered them before you lock the deal.
Knowledge is power. All the best in your journey!