Buying a dream home is a wonderful thing. The immense satisfaction you get when you step into the
home is one to cherish. Real estate investments are one of the most profitable investments you can
make, which is why you should never delay a property investment. Be it a first time home buyer or a seasoned investor, there are
challenges you might face. To tackle those challenges easily, we’ve gathered some tips on how to spot
your dream home and buy it.
Keep an eye out for growing localities
The mistake most potential home buyers make is rushing to purchase a home in a well-established area.
While this may seem like a good idea, as established areas have all the necessities that make a dream
home, factors like high cost of living could be a hindrance if you are unprepared. Chennai, as a city, is
still expanding and most of the newly introduced localities are just beginning to take shape as residential
havens. So there are a number of places to invest in the city, other than the well-established areas. The
moment housing projects rise, other things like the area’s infrastructure, commuting opportunities and
overall lifestyle will also scale up. If you have concerns about spending and budget, investing in growing
localities is best; property prices in these locations start cheap and only go up along with the locality’s
development cycle. Guduvancheri is the latest of many growing localities to be given the green signal
for supreme urban development.
Be certain of the type of home you need
Here is the tricky thing; a dream home is, well, technically still a “dream” home. The home you desire is
still in a fantasy stage, and to bring in to reality, you need to convert those dreams into actions.
Sometimes, we may think of a home that is far from becoming a reality due to technological or logical
constraints, so keep your dreams about a home as realistically doable as possible. Once you have a clear
mind as to how your home should be, start doing the research to spot it. Everything from location to the
type of home to requirement of amenities must be charted down in your “dream sheet”. There are also many financial benefits of moving into a ready-to-move apartment, so make sure you consider these properties as well. Planning and strategizing are essential tools of the real estate trade, even for home buyers, let alone builders.
Try to strike a sweet deal with the builder
There is an old saying: great business deals are not made in a professional environment, they’re made on
the golf course. If you want to strike a sweet deal with the developer of your dream home, you need to
establish a strong personal rapport with them. Maybe you feel your house needs an extra fitting here or
a remodeled look there, and maybe the standard site plan of the developer doesn’t have such layouts,
but you could get lucky and be one of the few future residents of the developer’s apartment or
townhouse if you have good communication with them.
Watch market trends
Since real estate is a high-risk investment, it is subject to market trends. Here is where your keen eye for
detail will be tested; if you can spot rising trends in the real estate marketplace and invest accordingly,
you might just have bought your dream home before realising it. Real estate reforms like RERA have
made property investment a buyer’s market, so you should expect more and more developers are
springing out new ways of building a home that has the potential to become a trend in the market. If
you are the first to invest in a potential trendsetter, you know you’ve hit the jackpot.
Get a home loan pre-approved
Banks have become more lenient with their home loan options. Even if you are proven eligible for a
home loan, there are other home buyers out there who may seek the same dream home like yours. To
stay ahead of the competition, it is best to get a loan pre-approved. This top tip to apply for a home loan will speed up the process of buying your first home. Once you’ve narrowed down on your dream home, act quickly to get a loan sorted out; this will give you the edge over other home-buyers and give the builder confidence that you are a trustworthy future resident.
Remember always to make strong, calculated decisions and not get bogged down by real estate myths
when you are going to purchase a home. It is also always safer to pick a reputed real estate developer
like Lancor who will guarantee a home that realises your dream to the fullest.