Dream Home Search- Real Estate Guide for people who are seeking Dream Home

The Search (Dream Home does not come easy as they say)

Why should you read this blog? Who is the author?

Well have poured my entire experience of buying and mostly selling properties at multiple locations in Bangalore.

I am seasoned Real Estate salesperson my experience spans about 15 years, managed sales and marketing and managed projects at leadership positions in various organizations I.e. Brigade Enterprises LTD, Assetz Properties, Homznspace and many more tier 2 builder’s company.

                                     

 

 

This article is dedicated to people who sought out to search their dream home for the first time or 2^nd time or anytime you search we explain simple things.

1)                         Real Estate Rumors: It’s called as Chinese whisper/reality whisper generally people tend to discuss important facts first within their circle (Friends and Known Circle) which would be key factor like pricing, location, size which they do not get full picture keeping this in Mind and the search gets started and get disappointed eventually as the reality scenario is completely different.

2)                         Location: People tend to search properties at grown locations with the past price i.e. on minimum 1 year back price or so that would be very difficult find for you here are the below scenarios

a.       If you find the property to below market price there are chances of deviation which hamper your UDS which would lead no OC (occupancy certificate) this will lead a lot of complications.

b.       Lack of quality homes this is most important factor as this includes quality of work man ship, structure, finishes and mostly construction.

Rather than comprising on above points can search properties upcoming locations which has potential in growth here are the guide.

1.       Check on your current location distance between 6 to 8 kms why is that because you’re staying in this location for some time, and you might have update on the developments or can see few developments around but keep in mind for the following.

a.       Infrastructure developments take time to be visible for naked eye.

b.       Sometimes it will be visible, but it will take time to be fully ready (but by then prices would short up minimum 5 to 10%)

c.       On announcements of development any kind property prices would have gone up (but be aware of the rumors)

2.       Look out for pre-launch or EOI (Expression of interest) project which are yet to be launched this add huge value and appreciation but the key factors here once again are!

a.       Possession of the property will be minimum 3 years.

b.       Balancing interest and home rent (but it will be worth)

c.       You can plan your finances as entire money will be release as it would be stage wise and pre-emi plays out.

But above scenario will be good only when your sure of developer credentials.

 

 

I believe in key don’t rather than anything else as you should know what should not be done that would save time, energy and also money.

                Key Don’ts’s while selling or searching your home (this article might be useful for first time                     home buyer or seller)

1)                          Don’t compare your home investment to stock market and mutual fund and Have gone thru                    number of social media and online articles where they express regret on their investment/home                purchase/plot purchase and compare to stock market.

a.       Key observation customer always feel holding the investment/purchase for 2 or 3 years will give them returns mind you these are not stocks or mutual funds where you can expect returns soon these are tangible investments which take its time to mature and provide returns any investment/purchase timeline as we have observed require 10 to 15 years horizon and you will see a phenomenal returns but based on the key factors i.e. Developer Credentials, Quality of construction, No room for legal issues for society and individual, infrastructure development, social infrastructural development and also upcoming developments.

b.       Key observation any other investments start by your hard earned saving with no other additional money but real estate is a mixture of saving and also home loans this will play key role as home loan should have balanced approach we have seen a lot of customers do tend to shorten the available funds or would go extra mile, this investment is followed by debt as Home loan which will help you to achieve your purchase but also as the Pre-emi and EMI Kicks in that would be added to your total investment and keeping in Mind your EMI you will be able to reap the returns only after sticking to it for a long time this also helps other ecosystem to develop and can command a premium for the property. Homes are today taken as consumption play rather than investment as the percentage of own use buyers are very high compared to earlier time.

c.       Don’t compare your price with your other buyers or same location different project because in real estate every year the construction cost escalates with that the price of plot/flat and even the land as well so comparing with other buyers will not give proper picture and another property because it may vary in amenities, land size, open space and quality and also brand plays a key role.

2)      Don’t be in a hurry to sell off another big concern where the owners always calculate and decide this is best price for their purchase.

a.       Resale is big fragile and fabricated market always as these fluctuate not on the market its will only due to buyer and seller at some cases seller might not know the proper value and same goes for the buyer

3)      Don’t underestimate your investment or purchase always keep chasing appreciation.

4)      Don’t time the Real Estate Market

5)      Don’t explore unnecessarily Real Estate Market like price, property, location (if you have found your dream home go for it with whole heartedness)

 

Hope this was help for you have complied and compressed my experience of handling the clients and seen and advised family members, Friends, Investors in my life.

 

Thanking you

A R Srinidhi

If found useful let me know can post more information blogs which will help.