buyer's guide

Download Buyer's guide

Post on 01-Apr-2016




1 download

Embed Size (px)


The home buying process can be one of the most exciting, but sometimes also stressful, experiences you ever go through. This may be true whether you’ve bought many homes or you’re looking to buy your first, whether you’re in the market for a new primary residence or an investment property.


  • Buyers Guide

    Home Buyers Guide

  • The home buying process can be one of the most exciting, but sometimes also stressful, experiences you ever go through. This may be true whether youve bought many homes or youre looking to buy your first, whether youre in the market for a new primary residence or an investment property.

    There are many factors to consider and many decisions to make. Thats why, when buying, its crucial for you to have all the available resources necessary to make a well-informed decision, together with the time required to make complete use of them. Thats also why you should enlist the help of a trusted realtor wholl be able to provide you with expert consultation at each step of the buying process.

  • HOME SWEET HOMEBuying your own home sounds so good. It is actually a dream of each and every Indian. But it need not be a dream anymore.

    Nowadays home financing and real estate agencies have made home buying very simple.

    The RE/MAX Home Buyers Guide has been made to ensure that you buy the best and make the most of your resources.

  • How big a house do I need?

    What kind of house do I need?

    Which is the right locality for me?

    What do I look for in the neighborhood?

    How much do amenities matter to me?

    How much is affordable?

    What are my lifestyle requirements?

    What about resale value?Top Question

  • How big a house do I need? The size of the house is based on individual needs. This depends on preference, number of individuals in the family, personal requirements and so on.

    Once you decide the approximate size of the house, translate them in terms of built-up, carpet area and the new concept of super built-up areas. Carpet area is simply 75 per cent to 85 per cent of super built-up area. That means if the super built-up area is 1,000 square feet, the carpet area would be around 750 square feet to 850 square feet.

  • of the home you need

  • What kind of house do I need?

    There are so many choices. Right from apartments, houses, plots, builders flats, service apartments, farm houses and so on.

    The choice you make would depend on budget, locality and personal preference.

    Most people tend to prefer multistory apartments due to the convenience they provide in terms of safety, amenities, community life, etc.

  • Types of properties

  • Which is the right locality for me?

    Location is of prime importance while choosing a property. There are mainly two points to consider while trying out locations.

    Price factor: The strategic placement of any property decides the pricing too. For example, if a property is in a prime location then one can expect it to be higher priced than a similar property in a non-priority zone.

    Convenience: While deciding the location keep a few things in mind. The location should be within approved/sanctioned master plan.The location should have good connectivity.Infrastructure services such as power, water supply, drainage and sewerage should be present. Location should be within an active business activity such as educational institutions, hospitals, IT parks, entertainment hubs, etc.Location should be accessible easily from your workplace.

  • What do I look for in the neighbourhood?

    Amenities: This includes local facilities like parks, clubs, swimming pool, hobby classes, walking area.

    Shopping centre in the vicinity will make your life more comfortable.

    Transportation: This is of prime importance if you are going to use public transport like buses or trains. Selecting the perfect house that lacks good connectivity will make it difficult for you or your family to commute to work.

  • Schools: If you have children you might want to live in a neighbourhood which has good schools so that commuting time is less for them.

    Road Systems: Good road systems are a must for you to commute easily. They stand less chances of water logging during rainy season.

  • What to avoid in the neighbourhood?

    Restaurants: This may attract a lot of unwanted crowd and cause traffic problems.

    Train tracks: The train may look and sound exciting in the beginning hut soon the noise will be too much to handle and disturb your regular routine, including your sleep.

    Airport: The noise made by planes can be very unpleasant and one never gets used to the whirring sound in the middle of the night.

  • Hospitals: Initially having a medical centre in the vicinity may seem to be a good idea but be prepared to handle the middle of the night noise.

    Sewage: Smelly sewage can be a nightmare and cause diseases too.

    Noisy neighbours: This may be difficult to discern but if you find out more about your neighbours it would definitely make your stay more pleasant.

  • How much do amenities matter to me?

    Many societies have their own amenities. If you are buying a flat in a multistory apartment or a bungalow in a society, there are some common amenities that may be available. You need to decide which are important for you as many amenities are chargeable.Common garden Children play areaBasketball/tennis courtsSwimming poolActivity RoomClub HouseGymnasiumElders AreaLibrary

  • Cafeteria

    Cinema Hall

    Pipe gas supply in each apartment

    Auto door elevators

    Secured and gated community

    Jogging track

    Student pick up area

  • Skating rink

    Security system with intercom facility

    Landscape garden

    Childrens playground


    Party lawn

    Essential shopping

  • Ample visitor parking

    Basket Ball ring

    Decorative street lights

    Sit-outs for senior cities

    Garbage chute

    Open Air Yoga space

    Intercom system

  • Entrance gate with security cabin

    Internal cement concrete road

    Compound wall

    Rain water harvesting

  • How much is affordable?

    What is my price range?Your price range for the home you want to buy depends on Your incomeHome loans you are entitled toOther debts/loanCash available for down paymentMonthly installments you can affordTaxesInterest

  • What are my lifestyle requirements?

    How many rooms do you require?

    May be separate rooms for your children.

    For your parents

    Study room

    Pooja room

    Guest room

    Servant quarters

  • What about resale value?

    Resale value of your home does matter as in the long run you may want to sell it and move to a different place. For those who are buying with investment on their minds this is a decisive factor. Some factors that decide your homes resale value are-Location Age of propertyLayout of the house/apartmentAmenities in the neighbourhoodAmenities in the society

  • How much to pay? Budget plays an important role. You need to shell out money for-down payment monthly installmentsinteresttaxes insurance

  • Budget FactorsValue of your existing property which you plan to sell to buy a new one

    Available cash, short term investments for purchase of property

    Home loan limit you have based on your credit

    Home loan may differ in a bungalow and a flat. So clarify while you consider.

  • DOs

    Get clarity on the time when the funds you are expected to have will be available

    Consider the budget for interior works or renovation

    Ensure that you can pay the EMI for the home loan

  • Donts

    Dont invest all of your liquid money in your home.

    Dont invest more than you require: you can never sell 2 bedrooms of your home incase you dont need them. Dont wait till the last minute to liquidate all the assets (value may fall)

  • Search for optionsThe most important aspect of buying an home is to search for as many options you have in your preferred budget

  • Steps for searching maximum options Contact a RE/MAX Agent: RE/MAX agent provides options from entire RE/MAX network which is spread in 91 countries.

    Contact Brokers in those areas which you are interested. They may be unprofessional so deal with reference brokers only.

    Search online: use Google, Magic Bricks and other online portals.

    Scan classifieds every week.

    See as many properties which match your criteria.

  • Evaluate the options

  • Once you have a list of the options available to you, evaluate based on what you need rather than what is available.

    There may be a feature available in the property for which you have no need but indirectly you are paying for it. For example : swimming pool.

  • What is the age of the people who will be living in the flat? If they are old, you might want to choose a flat that is on the ground floor or first floor.

    If the flat is on a high