Eden Park

Home buying Expectations vs. Reality: An Outline

Home buying Expectations vs. Reality: An Outline6 min read August 18, 2020Leave a comment

Reading Time: 4 minutes

Like any new homeowner, Ajay & Anita* [*names changed on request] had simple requirements when it came to purchasing a home. It had to be well connected to the city and close to a school to make it easy for their 6-year old daughter. When they decided to move out of their highly-priced rented accommodation, they blindly trusted the beautiful ads that they viewed online. Sure enough, it was made clear this was one of those ‘burgers on the poster vis-à-vis the burger you get served’ moments. Little did they know that they were full of hollow promises and simply took the bait. It was a rude eye-opener to them when they knew that the closest school was not a 5-minute-walk as promised, but a 5-km drive.

Be mindful of Scams  

Yes, they got scammed big time! Almost like those ‘2-minute noodle’ ads that have been hoodwinking the world into quick purchase. When it takes a normal human being almost as much time to just boil water. Of course, they are technically correct but absolutely misleading. It may take 2 minutes for the noodles to cook after the water is piping hot, but let’s not allow for a technicality like this when investing in a home.

Have you ever fallen to those wonderful and convincing, yet hollow and untrue real estate ads online? Or do you know of someone who actually has? Oftentimes, you do a thorough background check by conferring with peer groups and beyond, before making all those momentous decisions in life. Be it your marriage, job, and ah yes, even that first car! Well then, why should a big-ticket investment like a home be any different? Keep reading to know the interesting analogy Shekhar [not actual name] has for us. Shekar who, you ask? Well, read on.

God is in the Detail

“Scanning the fine print to the tiniest ever detail is quite my zen, bordering on OCD, if you must. That guy who misses nothing from the masthead to the last printed word in dailies, that annoying soul who doesn’t leave theatres till the full & final credits roll, and yes, that one person who can actually parrot the Mutual Funds disclaimer nice and easy. Yes, that would be me! So when my good friend Varun said he was investing in a 3 BHK apartment in the city at ‘incredible all-inclusive prices’, I begged to see the fine print before he signed the dotted line. And yes, it was a weekend well spent, if you ask me. Had I not checked the small print, I can assure you things wouldn’t have been fine. At least, not in Varun’s case. The Ready to move in was, in fact, a ready to move in at a future date and not immediately. My good friend Varun was ready to commit to a life of homelessness and move out of his rented apartment without reading the fine print.  Just remember that a home is a lifelong investment. Do not get blindsided and remember to pore over every minute detail before you take that big leap of faith. Yes, luck favours the cautious and the more cautious you are, the luckier you will be! You could probably give me a call on 98840…nah nevermind, find your Shekhar ;)”

What is in a Name? 

Only as much as you want there to be. A perfect example of this is how Apple, the multi-billion-dollar company is the go-to phone for many people simply because the name means that much to them. Meanwhile, there are several phones out there with features that Apple doesn’t have. Phones and real estate cannot be a one size fit all kind of deal. It can be said quite aptly, big names like Apple come with hefty budgets, but there are several options for exactly what you need even if the name isn’t as big. The name is only as important as the importance you give it. I like my light up sketchers while someone might like Gucci shoes. You, my friend, can decide whats works for you.

The Budget Conundrum

One of the biggest conundrums when it comes to buying that dream house has to be the budget at hand. Oh boy, does my friend Aakash* have a story for this! He basically got all he wanted and a bag of chips for the sweetest deal ever. He had the option of choosing a 2 BHK house in let’s call it location A for obvious reasons, but he went for a 3 BHK house at location X. Why do we call it location X? Because X marks the spot. This was one of the city’s water collection areas during the rains and Aakash’s surroundings were flooded. When you can get an amazing house for a good price always ask yourself, what’s the catch? In this case, it was the location. Then ponder some time over, why do different locations have different prices. Had Aakash asked himself this question instead of giving in to the excitement of having all he wants for the price he wants, he would’ve been more than happy to compromise on the 1 extra bedroom that could’ve saved him so much stress and damage of property. One of the big drawbacks that never ever get advertised. All that gets a mention would be that prices are low. Don’t be like Aakash, ask the right questions and buy in a good location within your budget.

Yes, times may be hard and turbulent. But now is also the perfect time to assess, reorganize your spending patterns and fix priorities right. An own home has to take precedence over a rental one. Take time out to ask yourself how much money you can put aside on a home loan every month. Go for an apartment from a dependable builder in a well-connected location. Sounds a little far-fetched? It’s actually not.

Take a look at a few of your options here!

  1. Bayview from the House of Hiranandani is a 40-storyed architectural bliss on Old Mahabalipuram Road. Coming from a trusted builder, Bayview would be a fitting choice for any discerning home buyer.
  2. Habit@t – from Appaswamy Real Estates is another investment you could be looking at. Located in Padupakam, behind SIPCOT IT Park, the dwelling units at Habit@t are 2 & 3 BHK spaces from 1244 – 1737 sq. ft.
  3. Can’t wait any longer to own your own home? Well, you’re in luck! Simply book your Pragnya Eden Park 1, 2, or 3 BHK regular or 3 BHK premium apartments on OMR ranging from a stamp size of 580 – a mega size of 2210 sq. ft. Eden Park also has a school within premises and is a whistle away from Sipcot IT Park. Interested? Drop us a mail Or Call us on +9170263 22632. We do have an incredibly awesome deal running.

#homebuyingtips #househunting #wanttomove

 

 

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