Purchasing and owning your home is a dream shared by every generation. Safe to say that millennials aren’t far behind. With more and more millennials entering their careers or beginning families, they can see the allure of having a space to call home. This is reflected in a massive spurt in the number of millennial home buyers.
From 1 BHK flats in Andheri West to swanky penthouses in posh locations of Mumbai, millennials have no dearth of excellent home purchase options. But buying a home for any individual is easier said than done. Since it is a significant financial commitment, one needs to do a lot of research and planning to land the best deal for a home purchase possible.
Here is a list of five things to know when you, as a millennial, are headed toward purchasing the home of your dreams.
1. You can easily finance your home purchase – but plan carefully
The first thing you need to do is plan your finances. Any real estate investment involves a massive financial outlay, and if you are not prepared, you might get easily deterred from it. So, make sure you have enough savings to purchase a home. Since home loans are easily accessible as long as you have a good credit score and income, you will only need to pay the down payment for your 1 BHK in Andheri West.
That should be around 10-15% of the total home purchase cost. So, before shortlisting any property, figure out how much home loan you would require, what monthly EMI you are okay with, and what you want as the tenure. Keep a shortlist of the best home loan providers ready.
2. Location is the most crucial factor
Whatever home you decide to buy, location is key when it comes to real estate. In cities such as Mumbai, where there is little room for further expansion, real estate is expensive because of its limited availability. Hence, homes in such locations are valuable. There is no standard definition of a good location, but accessibility to services, social infrastructure, and good connectivity are unquestionably essential requirements.
For example, good connectivity is an added advantage for people with flats in Andheri West, Vile Parle, and Bandra. Your home’s location should also have shopping centres, markets, educational institutes, business hubs, and hospitals in close proximity. Millennials also tend to work a lot and have busy schedules, so they need time to unwind and great places nearby to rejuvenate, socialise, and pamper themselves.
3. The right platforms will make the process seamless
Once you have figured out your budget, finances, and the location, the next step is naturally to hunt for the house of your dreams. This is where millennials can get confused with a plethora of real estate discovery platforms and websites available. Here, you should go with a platform that offers end-to-end residential property discovery and purchase experience in the most seamless way.
Platforms like www.blox.xyz have really grown in popularity in that regard, thanks to their tech-based, analytics-driven approach to home search and purchase. Not only does it let you refine your search for the best properties, developers, budgets, and locations, but also takes care of all paperwork in the event of a purchase.
Another great feature for millennials on Blox is the availability of virtual guided tours and scheduled visits to help you get a better idea and experience of your potential new home. By using such platforms, you can really simplify your home purchase journey and make the best investment.
4. Assess beyond the home – look for amenities
Assess the requirements and comfort of every family member. For senior citizens and people with special needs, accessible lifts and suitable ramps is an uncompromisable requirement. If you are into workouts and physical activity, then check for gyms, recreation centres, yoga rooms, etc., that are a part of the society. Prioritise security as well.
While gated communities with dedicated security personnel have become synonymous with safety of late, it goes beyond that. Be on the lookout for new flats in Andheri and elsewhere that best leverage multi-layered security technology.
5. Trust only world-class, reputed developers
Finding the right developer can be challenging. However, since it will facilitate a smooth purchase, taking the time to find a developer is so much more worthwhile. Consider the developer’s track record and financial credibility when finalising the same. With reliable developers, you can be worry-free about errant construction and violation of building bye-laws.
The journey of buying a new abode calls for taking into account numerous factors. As a millennial home buyer, you need to devote a lot of time and patience to make an informed decision for your home purchase. Keep the above mentioned things in mind and find your way to the home of your dreams.
