Home is where everything begins — dreams, hope and love. For any first-time buyer, it is a special investment. Homes last for a lifetime, so finding the right house calls for much deliberation and meticulous financial planning.
Shelter falls under the safety category as per Maslow’s hierarchy of needs, and like food, water and sleep, it is a survival pillar. When buying a home for the first time, several factors such as budget, finances, location, locality, infrastructure, connectivity, utilities, facilities and neighbourhood can influence your decision.
Choosing a home may not always be an easy task. Here’s a simple guide you can go by:
- Purpose & Requirement – Have clarity on the objective of buying a house. Selecting the ideal home becomes easier when you are sure about why you are investing — whether it is for your family or to get a monthly rental income. If you plan to buy a house for yourself, you must consider factors such as the size of your family or the age of your children. If it is for rental purposes, factors can change to connectivity, location, accessibility to facilities and more.
- Budget & Affordability – Ensure that the home you are buying will meet your present needs and be within your budget. Banks work out the loan amount based on your income and assets. Also, don’t miss out on adding the annual taxes to the budget of your home. When moving into your new home, you must consider all expenses, including groceries, fuel, water, electricity, maintenance, etc.
- Location & Accessibility – Location can have a big impact on the price as well as the resale value of your home. Ensure that the location you choose is a peaceful residential area with a reliable public transportation network. Also, consider distances to school or work and the daily commute times.
- Safety & Security – Check if the neighbourhood has a good safety reputation and low crime rates. Choosing such localities could be more expensive, but it will offer peace of mind.
- Hospitals & Schools – When looking for the perfect home, nearby healthcare facilities are an important factor. Especially if you have young children or senior citizens in the family. It is wise to consider locations with schools, colleges or other educational centres in the vicinity. You don’t want your children spending hours on daily commutes.