Property buying tips for single women

Real estate in India no longer remains a field for men. Women are earning good money are being equally taking interest in investment options. Real estate is safe and a high yielding investment option in India in the current scenario and if you are a single woman who is looking out to buy a house, then here are some tips about how to go about it.

Are you sure to buy a house?

Ask yourself if you are sure to buy a house. Buying a house involves many steps in a prolonged process. It includes both legal and financial matters. Rather than paying heed to advices from family or colleagues, the urge to own a house of your own should come from inside.

You need to decide whether now is the perfect time to invest in a house or not. Real estate investment guarantees a high return in a market like India, but you need to decide on the timing. Home loan rates differ as per lender and schemes. Be sure that you can afford to take a loan now as the EMIs would inevitably curtail your spending capacity.

Plan it in advance

You need to plan the purchase in advance, rather than giving into sudden urge. First you need to be sure if you are buying the house for your own accommodation purpose or for investment purpose, i.e. to rent it out. The buying decision would differ greatly depending on the purpose of buying a home.

Then you need to decide what type of property you would like to own – apartment or villa or individual houses. A lot will depend upon it as it would effect the price appreciation of the property in the future.

Save money in a planned manner

You must save money in a planned manner to be able to deposit the down payment. Finance from banks are available with lot of ease now-a-days. However, you would still need to save to get the sum required as a down payment. If you are able to pay more down payment, then the burden of loan amount will be less and you can avail loan for a shorter tenure.

Savings need well planned budgeting practices. Being a single woman, you have to identify the inescapable expenditure from your gross monthly income. The discretionary expenses should be channelized into monthly saving options like fixed deposits and savings account. You can also invest in instruments like mutual funds and Unit Linked Insurance Plan (ULIP) to get high returns within a  short period.

Know your requirements

If you are buying the house for accommodation purpose, then be sure of your requirements. Keep things like neighbourhood, infrastructure, market value and possible value appreciation in the future. Rather than buying a nice looking house, you should see that the place has easy connectivity to your workplace. Resale value gets a boost when you buy a home at a place where there are chances of future infrastructure development.

Safe locality

Being a single woman, you may have to face unwanted attention from mischievous elements of the society. You need to be careful about selecting the locality of the house. Check the police history of the locality and the neighbourhood before deciding to buy the house. Also, check out the layout of the house properly so that you can be assured of the safety measures.

Related costs

Paying the down payment and monthly EMI are the primary cost you will have to bear while buying a house. However, there are other related costs that you must keep in mind while buying a house. These include maintenance costs, improvement costs, repairs cost, municipal rates and taxes,etc. Also, brokerage charges and utility bills like water and electricity bill should also be kept in mind.

Legal documents

Do not forget to verify the legal documents before purchasing the property. If possible, then proceed with the purchase with the help of a broker. It would make things easier for you. Verify the documents given by the developer properly, to make sure that there are no legal issues involved with the property.

Related Real Estate Articles:

Budgeting makes it easier to buy home

Group buying: Alternate way to own your home

Buying property in a speculative market

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