First Home - A 5-part series on our experience as a first-time home buyer

PART 5

Although with no dearth of information, in this 5-part series on being a first-time home buyer, I share my thoughts and experiences of buying my first house. Click on the links to check out  the earlier posts in this series.

Know Your Objectives

Setting Budget

Do Your Research
Bank Home Loan

 

Paperwork

Most important facet is the legal documentation. Having a trusted and good agent goes a long way. The original agreement is taken over by the loan providing bank. Therefore, as proof, always have a notarised copy with you along with an acknowledgement from the bank of receiving the original agreement with them. Also, do keep xerox acknowledgements of all the cheques and receipts for anything and everything. We had spent more than a couple of thousands only in getting the documents prepared.

But in all honesty, after all this hard work, we fell in love with a place out of the blue and one we had barely seen. We went for a walk, good ambience in a society, a simple enquiry, good eye of our agent, all came together in a sequence of event and we said yes within a day's time at the seller's price (It was a steal any which ways). After a week, we saw the actual place and fell in love all over again. That's fate, I guess. Happy Hunting and a very Happy New Year :-)  

First Home - A 5-part series of our experience as a first-time home buyer

PART 4

Although with no dearth of information, in this 5-part series on being a first-time home buyer, I share my thoughts and experiences of buying my first house. Click on the links to check out  the earlier posts in this series.

Know Your Objectives

Setting Budget

Do Your Research

Bank Home Loan

This is one of those most important and deal-breaker facts. We later realised that a although we may be paying interest for no reason, a pre - approved bank loan tended to speed up the process and was a good bargaining chip for the builders. The experts are right! But as we were yet to approve the loans based on the house, that was a little speed-bump on the road.  We finally decided to go through SBI or PNB. However, the process was lengthy with no guarantee of availing a loan and PNB did not provide the amount we required. So we opted for ICICI and though we are paying a premium, it was a guaranteed loan sanction at this late stage. We would have lost a good deal for want of a loan sanction. 

I strongly recommend that, if you are opting for ANY nationalised bank, you should start the bank process for a PRE-APPROVED LOAN rather than wait for after you have finalised the place, saves you heartaches at a later stage. But if a pre-approved loan is not a possibility, it is a good idea to check if particular banks have provided loans earlier in that building. This is of tremendous help as the properties are verified by those banks, the process is speedy and positive. Another aspect to understand is that in re-sale properties, often the seller may also have taken a loan. It is also a good idea to enquire with that bank for a loan which allows easy transfer for the bank and helps reduce a lot of stress for you. However, take into account the interest rates and compare with your previous researches.

Last Post - Paperwork

First Home - A 5-part series of our experience as a first-time home buyer

PART 3
 
Although with no dearth of information, in this 5-part series on being a first-time home buyer, I share my thoughts and experiences of buying my first house. Click on the links to check out  the earlier posts in this series.

Know Your Objectives
Setting Budget








Do Your Research


Nothing beats research and all the research in the world can fall short. You can go in with all the knowledge and understanding and yet be blind to the shortcomings. 

Before we went hunting for our home, first we researched to understand a little bit the functioning of the real estate industry as well the locations that we would like to stay in. The price band for every location. We even researched our resources and sources and the options available within our budget. Once we had finalised on the location, we researched the inside out of the place. We physically went to the locations several times and in different time zones of the day and said no to many good properties as it there was security problem at night time.  All this gave us the satisfaction of knowing that we are in for a good deal before we finalised everything on paper.

This is also a good time to research regarding bank loans if you are availing any. We had enquired with almost all the leading banks for their interest rates, availability of the loan amount, time for sanction and release of loan and terms and conditions. However, we did not anticipate a few things which would talk about in the next post.


Next Post - Bank Home Loans

First Home - A 5-part series on our experience as first-time home buyer

PART 2

Although with no dearth of information, in this 5-part series on being a first-time home buyer, I share my thoughts and experiences of buying my first house. This is my second post on the same  You can check out the first part on Know your Objective.

Setting Your Budget 

Once you understand your objectives clearly, you should go about setting your budget. Every post and article out there will tell you that while determining your budget, the proximity of the location to the various everyday needs of our daily lives comes into play. Take time to understand how near or far do you need your property to be from the station, bus-stop, convenient stores, malls, cinema houses, gardens, local stores, etc. as per your requirements. These will help to put the upper cap in your budget.

We were clear that we wanted to stay soon in the house with proximity to local conveniences at an arms length. Proximity locations are high-priced and to receive the best best deal we had to stretch ourselves then our means. As per that we had gone about doing our research about the locations. But although they go hand-in-hand, more about research in the next post.

But, in all honesty, we fell short, because although aware about it, while calculating our minds were constantly ONLY on the cost of the house and we did not take into account the costs of registration, agreement, transfer, etc. REMEMBER your budget should be set as per the amount you are willing to spend while buying the property which includes cost of the house, registration amount, agreement, transfers, xeroxing, notarising the agreement, etc. The smaller amounts of xeroxing, notarising , etc add up to a whole more than a few thousands, making a bigger hole in your pocket than you imagined.

While determining budget for invest-to-rent homes, although proximities are to be considered but it can be flexible as per availability. And for pure investment purpose locations, budget becomes a secondary consideration. However, do account for the periphery costs post the cost of the house.

Next Post - Do Your Research

First Home - A 5-part series on our experience as first-time home buyer

PART 1

2010 - A real memorable year for me in so many ways and more importantly for taking the first step towards settling in life now. We bought our first house! :)

Let me tell though, it has been a daunting task. The first time experience of looking, checking, choosing and then make the final decision is exhausting. I have been running in all directions from a year now doing just that. But when we finalised on our little place, it was an exhilarating feeling. And so the thought for this post came about. I want to share my thoughts and experiences in this 5-part series on how a first timer could go about settling for their first home. Check it out!

Know your Objective

The purpose of buying the house does play a major role in the follow-up events. Know why you want to buy a house – is it to live in it or purely for investment. Would be giving it on rent post investment? Once you understand your objective, it will help to know understand the kind of environment you would want surrounding the property and targeting the property locations will become a little easier. And thus it will also help to determine the budget, the loan amount, your ability to pay the loan back, the proximity of other locations,etc.  

We had to allocate a higher budget because we planned to live in it soon. So proximity to the market place, nearest station, nearest mall, transport, etc. all the jhingbang mattered. It was not easy to have the cake and eat it too. It proved to be the most difficult task to ensure that the property would be calm and peaceful andyet provide access to the outside world.

For a pure investment purposes, however, location, etc. will have minimum effect for the long-term perspective. However, investments done with a view to rent it out, proximities need to be considered.

Next Post - Setting Your Budget

Love Bites

You are hurting me

With your insensitivity

Don’t, I am not a thing to be locked in

I have done no sin

I have wings and want to fly

They are strong but I ain't sly

Come, I want to take you with me

Together in this world we will be

See through my eyes

And you will hear no cries

Know, Happiness will be your start

If you don’t close your heart

Don’t bind me so much

You just gotta show some trust

Baby, I am here with you

And I love you too.

That Thing Called Love

What is Love?

"Love is a temporary madness. It erupts like an earthquake and then subsides. And when it subsides you have to make a decision. You have to work out whether your roots have become so entwined together that it is inconceivable that you should ever part. Because this is what love is. Love is not breathlessness, it is not excitement, it is not the promulgation of promises of eternal passion. That is just being "in love" which any of us can convince ourselves we are. Love itself is what is left over when being in love has burned away, and this is both an art and a fortunate accident. Your mother and I had it, we had roots that grew towards each other underground, and when all the pretty blossoms had fallen from our branches we found that we were one tree and not two." -St. Augustine, 'Captain Corelli's Mandolin'

Warm sunny afternoons and the lazy evenings. Lying side by side on the green grass or a muddy patch or in own homes, beautiful music floating your way, heard by none but you. A scenario right out of the heavens and acted by only ethereal beings. Beings who are in Love.

But before we meet 'the' right one, we always bump into a few wrong ones. They are the ones who trample upon your self esteem in the name of caring and a few who do not show enough caring in the name of giving you space. Then there are those who shatter your heart because they cannot handle it delicately and the ones who never understand and find you either too complicated or simply too boring. We have all been one of these characters at one point of our lives. Maybe with the same person or with various others. Both the tormented and the tormentor.

Making a few wrong choices along the way, however, gives you a new perspective for the right one. And let me add, a whole new level of respect for yourself. Not because you made the 'right' choice but because you had the courage to make 'another' choice everytime you met failure. Because failure isn't important, but the capacity to Love is more important than it. It takes a while before you recognise, accept and slug your life ahead. But when you are ready for the cupid to hit you again, flowers bloom, music flows and you are back floating on pink candy floss.

I have met one of those few rare gems who is a big part of my life and has made me a bigger part of his, not because but despite of me. There are times I love the insane cuddly reactions I receive and other times I am battling it to be more calmer. Love, goes all the way down leaving me warmed on cold winter hours and then goes up chilling me in my mind bringing me unattainable peace. It doesn't mind being lost with me when I need time out from reality and gladly holds my hand to lead when I feel lost. Its this warm fuzzy feeling that I am learning to live and to survive all at the same time. Being in this paradise, I have learnt that sometimes Love is tainted Red filled with infatuation and passion, and intimate moments. And at times it has a soft Pink hue of chocolates and candies, and simply holding hands. Love, my world, my rock.