How to decide which house is the better choice for you
Not sure which house to buy? If you find yourself asking the same question, you are not the only one. Many people face this dilemma after short listing two or three properties and simply unable to pick the right one. Let us here take a look at the various parameters that must be a part of each house comparison chart irrespective of your budget and personalized requirements.
Tips that may help you
The best way to clear all mental cobwebs is to create a complete list of features and rank the various properties. The list of features can be ranked in order of your personal priority. For example if you are one a very tight budget, the cost factor needs to be ranked at a higher priority in your comparison chart compared to other features. If certain property wins hands down in terms of costs then you can compromise a little bit on other parameters that are lower on the priority listing.
Cost: The rising real estate prices mean that cost and affordability rank as one of the biggest factors for majority of home buyers. Compare the costs of various shortlisted properties. If you are taking a home loan, check out the equated monthly installment you would be paying for both properties. The less expensive house should win the comparison battle unless there is a negligible difference in the price points. After all buying a house is not the be all and end all of everything and one needs to keep some finances to buy home appliances, furniture and other home essentials.
Size: Compare the size of various shortlisted options and choose the one which fits perfectly for your specific needs. Everyone wants to have a bigger house if given a choice but bigger the built up area, the higher the costs and the overall maintenance charges. Keeping in mind the size of your family, avoid the one which is larger than your personal need. While choosing the house on the size parameter make sure you consider future additions in your family like the birth of a child if you are a young couple.
Neighborhood: The neighborhood is a very important parameter that needs to be taken into consideration before finalizing any residential property. How is the area located near the property? Does it have a park nearby? How far are the nearest amenities like marketplace and hospitals? Rank the property that offers you the best value for money in terms of an active neighborhood and good connectivity.
Driving Distances: If you are driving to work each day you would want to check the total distance you would be driving on a daily basis from all shortlisted properties. Ideally speaking one should not have a residential property which is more than 30 minutes drive away from your work place. Also check how far the house is from the nearest school for your children and note down the time it would take them to reach their schools.
Return on Investment: A house is an essential asset which must be bought with an eye on the return on investment at a later date. Compare the various shortlisted properties and find out which area or property is more likely to offer you a better return on investment five or ten years down the line. Invest in a property that is futuristic rather than in an area which has already reached a plateau as far as real estate prices are concerned.
Plan Multiple Visits at Various Hours: If the pros and cons list comparing various properties still feels inconclusive, a good idea is to visit all properties multiples times in different hours to gauge the pulse of the area and its surroundings.
