A Single Buyer’s Guide to Buying a Home
October 4th, 2017
Buying a house is a significant milestone in any person’s life, and making the right choice of property to buy does not come easy. Additionally, the transition from a tenant to an owner is considerable and involves many firsts, especially for a buyer who is single.
From pledging one’s life savings or earnings, relying on one’s own income to pay all the bills, to finding the must-haves around the property, there are various factors that a single buyer needs to take into account while zeroing on the right buy. While the task at hand is already overwhelming, lucrative deals on projects, loan options, easy access to infinite information on existing and on-going projects, and ample options to choose from can further make the decision making process confusing.
To help all the homebuyers who are single, we have put together some important tips below to help ease the thought process:
Ascertain a budget: It is imperative to know one’s budget before buying a property. One needs to set aside money to meet their monthly commitments and other exigencies before making the investment. This also brings into the picture the kind of house one is looking for—1, 2 or 3BHK, villas, or row houses. While taking a loan is an option, one must bear in mind that banks have strict lending criteria for single buyers that can pose a challenge. Hence, one must approach a bank that offers a single buyer-friendly schemes. Buying a home is a great step towards financial future, but it should be within one’s means.
Do a good research: Begin your home buying process with a thorough research. Knowledge of the neighborhood around the property is key. It is equally important to ascertain if the project is RERA approved. Besides this, access to basic infrastructural facilities such as schools, hospitals, markets, public transport are vital.
Safety and security: As a single person, safety and security becomes prime and should not be compromised at any cost. A well-gated community and a no-crime neighborhood would be ideal metrics to help decide.
Resale and longevity: Single homebuyers should think twice before purchasing a home, as it is a long-term investment. This also includes ascertaining the resale value of the property to plan for unavoidable circumstances such as relocating to a different city or country for a job.
An eye on the future: While the purchase is being made keeping the present requirement in mind, it is advisable to also keep an eye on the future. One might not always be single, and additional space that accommodates a family would be important to consider as part of the future plans. For instance, a 1 BHK would be suitable now. However, once you have a family, it would be wiser to have a 2 BHK or 3BHK house.
So, be financially independent, be smart! It is always in trend.