Investing in a house is probably the biggest investment that you will ever make. Hunting for a home can be a time consuming process, especially if you have not determined in advance the parameters of your search. Many home buyers make the mistake of misinterpreting a WANT as a NEED. As a result, they often dismiss homes that perfectly fit their needs in search for one that satisfies their wants.
Identifying Needs
Location of the property constitutes an important part of deciding the house you are looking to buy. Typically, you would want your home to be situated in an area which allows:
- Easy access to public transportation – such as a bus or a taxi stand.
- Choice of good schools within a short distance, for your children’s convenience
- Proximity to a local market within a km, and preferably a supermarket within a distance of 5 km.
- A hospital within the range of 2 km
- Park or garden close by
- Sufficient number of bedrooms to accommodate your entire family. It would be ideal if your house also has a guest room.
- Appropriate parking space depending upon the number of cars you own/ wish to own. Reserved parking ensures that there are no hassles with regards to the parking space with neighbours etc.
- 24 hour security to allow safety of your home.
- Sufficient daylight and ventilation in the property
- Uninterrupted water and electricity supply. Most of the new complexes offer a 24 hour backup with regards to these amenities.
- New and quality wiring and pipes to ensure that you don’t have to incur additional costs on maintenance of the property.
- The property that you eventually buy should fulfill your basic needs.
Identifying Wants
Over and above your basic needs, you may desire certain other facilities from your home. For instance,
- Personal terrace
- Nice view from the balcony
- Most if not all bedrooms should have an attached bathroom
- Clubhouse in the locality or other amenities like a gym or swimming pool.
You should always be able to distinguish between your needs and wants. All additional facilities come at an extra cost. So before zeroing in on what all amenities your house should provide, you need to weigh these costs and then choose a suitable property which is within your budget.
Also, compare the amenities and the costs of properties offered by various builders before arriving at the final choice.