Owning a flat is one of the moment that can make you feel proud, & recently I had one such moment.
Being a blogger, I never thought real-estate would be my piece of cake, but I was wrong.
I learned a lot in the process of researching and buying my own flat, and this article is for all of you, who wants to and dream of buying your property.
In this guide I have shared my experience, mistakes and what I have learned in the process of searching and finally buying the flat.
How it all started: Buying a flat
I was only 18 when I moved from my hometown to Delhi, and that’s the time when I realized; this is going to be my next home.
After all, this is what my grandfather did, who moved from a small town in Rajasthan and now is a big deal in the town where he lives now.
When I was 23 I purchased my first car, even my parents were sick worried that how will I manage a car of my own. You know how parents are? 🙂
After my graduation, I lived in a rented house for years (7 years to be specific), and paying a huge rent didn’t made any sense to me, and I wanted to save my expenditure on rent. It took me six years to get to a stage, where I invested all my savings, took the loan from the bank & purchased a flat that was about to be ready.
The fun part was; it took me two years to find a flat that was right on price & something that I liked.
I spent countless days in Noida, Expressway, Gurgaon to visit various properties. I spent countless hours on RealEstateForum to learn the tricks from the pros & moreover, I was worried of getting cheated, as I heard some real horrible stories related to real-estate scams. Luckily nothing such thing happened to me.!
In this guide, I’m documenting things which helped me to pick the right property & it might be helpful for you or anyone who wants to buy a flat in coming months.
Step by step of buying the flat:
Identify the property in your budget:Budgeting is one important thing when you are planning to buy a flat for yourself. My scenario is; I wanted to buy a flat for living purpose and not for investment. A good purchase is one, which is blended with both (Living and investment).
So, start with setting your budget and identify the area you want to live in. Also, you need to be sure of what would be the size of your flat.Do you want a 1200 Sq Ft. flat or 1800 Sq. Ft flat?Do you want a 2 BHK or 3 BHK? These are important questions that you need to decide of your own firstNow, Start taking advantage of a dedicated real-estate forum for those areas to identify reputed builders and properties that fit your requirement. This is just the perfumery stage where you are doing the homework, and real work starts when you start going to the property to see them.Find a Broker:
According to the dictionary, the definition of a broker is “a person who buys and sells goods or assets for others.” and he will make money when he finally sold you something.Always remember, broker are a salesman, and they are professional in making you feel good.The takeaway here is: Work with the minimum of 5 brokers and let them suggest you and show you the property. In this process, you will learn a lot about the real-estate market. After 3-4 meet, you can easily find 1-2 genuine broker who can get you a good deal.Resale or direct purchase:This is another important aspect that you need to keep in mind when buying a property. The resale market is typical bargain market where even a Rs 10/Sq. Ft. make a huge difference. Buying directly from the builder is more transparent but again it depends via which brokers you are going through. Few brokers get exclusive rights to sell the property at the lower price, and you need to identify those brokers who have a direct connection & can get you the best deal. Ensure that there is no more middle man between you, broken & property. If there is, you might end up paying more.On the other hand, it’s normal to have 1-2 extra broker when you are dealing with resale property.Mistakes not to make:Patience:One thing which I could advise you is don’t lose patience and don’t wait for too long. My daily earning is about 10000 INR ($180), and I wasted almost months to research for flat, and that time I was like; let;s just get over it and focus on what I’m good at. After years, I could say “Money saved is money earned”. All the time that you would invest in researching and negotiating will not only hone many of your skills (Which will help you throughout your life), it will also help you to learn one most important aspect of living a good life “PATIENCE”. Patience is a key to success in any field, and so is in real-estate. This is also true in the art of negotiation.To be continued…..