“Twenty years from now, you will be more disappointed by the things you didn’t do than by the ones you did do. So, throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” — Mark Twain
For much of the past decade, Crispin Odey has been waiting for inflation to rear its ugly head. The fund manager has been positioned to take advantage of rising prices in his flagship hedge fund, the Odey European Fund, and has been trying to warn his investors about the risks of inflation through his annual Read More
Everyone wants to own their dream flat or independent house. They must be clear in their mind how to proceed to accomplish their dream. Here is a series of steps to consider while buying your dream flat or home.
- Find out your budget, consider your age, employment, and risk appetite.
- Identify the location that is promising and likely to appreciate outsmarting inflation.
- Search for flats in that area within your budget.
- Ensure that the flat is Vaastu compliant if you believe in Vaastu.
- Find out the prevailing prices in that area. Identify the hidden costs involved.
- Ensure that the title of the property is clear.
- Be clear about the terms and conditions including who pays the commission to the broker or agent.
- Find out the resale value.
- Negotiate with the seller. Be flexible in your negotiations. If you like flat, don’t hesitate to pay a little more. Check whether you can get a loan for it.
- Verify legal aspects.
- Register your property and get it furnished to suit your requirements and taste.
- Come out of your comfort zone to move to your dream flat.
We make several decisions in life. Unfortunately, some of them fail while some succeed. Despite the rich experience, intelligence, and availability of information, people fail due to external distractions and disturbances. At times it raises doubts in people whether something is wrong with their decision-making. In this regard, I will share my experiences while buying my dream home.
I stayed in a single bedroom flat since I hail from a lower-middle-class family. Most people think that I belong to an aristocratic or affluent background by looking at my profile on social media. I was born into a toxic family and rose from humble origins without regular education. Fortunately, a piece of land I bought more than a decade ago appreciated and I utilized some of the money for my younger son’s overseas education. I decided to own a flat with the balance of little money. However, I encountered several challenges such as wrong agents who pressurized me to buy the property. Some agents showed only two or three properties and pressurized me to buy. They did not show me more properties when I requested. When I told my budget and location, they showed properties with legal litigations to trap me. Since I have the habit of gathering information from multiple sources before making decisions, I found them to be with irregularities and litigations. Some brokers pressurized me to buy a property through their connections and by influencing my connections. But I did not succumb to such pressure tactics. In some cases, when I decided to buy the property it was purchased by other buyers. In some cases, brokers presented me with a wrong picture of the prices. When I enquired about sellers through direct negotiations, I came to know that they did not fall within my budget. Likewise, I encountered several challenges to buy my dream flat.
Dos and Don’ts When Buying Your Dream Home
It is the dream of most people to own a flat or apartment in their lifetime. There are many precautions the buyers must take before buying property from sellers. There are lots of formalities and techniques involved in buying your dream home. Making a wise decision is key to own your flat. And making a decision is not an easy one as your mind wanders from time to time depending on the available opportunities and the fluctuating prices. There are many channels involved in buying your apartment. Usually, there is an agent or broker between the seller and the buyer. If you get a genuine agent who can serve as a bridge between the seller and buyer to clinch the deal with a win-win, you can accomplish your lifetime dream to buy your flat or home. Here are some dos and don’ts to observe while buying your dream home:
- Research the prospective areas for appreciation and good neighborhood.
- Ensure that you have a good neighborhood to lead a pleasant and peaceful life.
- Check for quality of construction. Ensure that the builder complied with the rules and regulations and there is no deviation from the given plan to avoid paying any penalties to the authorities.
- Look for communication and transportation facilities.
- Look for legal aspects.
Make Your Decision Wisely
Find out advertisements on properties and prepare a list of prospective sellers in your preferred location. Visit and verify them physically. Don’t get influenced by agents and brokers. Check everything from all quarters before making your decision. Be careful with fly by night operators in the real estate business.
Don’t lose your heart if you encounter frequent failures to own your dream flat. At times, things come very close to the deal but fail. It seems something better is awaiting you. Remember, everything happens for a reason. Dalai Lama rightly remarked, “Remember that not getting what you want is sometimes a wonderful stroke of luck.”
Make your decision based on your head, not heart because buying your flat involves logic and reasoning, not emotions. However, you must consider your emotions when you leave a house in which you stayed for many years.
When you want to buy your dream home certain factors prevent you from moving forward such as fear of the unknown, new location, finance, your emotional connection to the present house, and concerns about the new neighborhood to name a few. If you accept the fact that change is the only thing constant in this world, you will take things in your stride to move forward aggressively to your new home with happiness and joy.
Make your decision based on your head, heart, and gut. Don’t be sentimental and emotional. Wait for some time if things don’t fall into place. Remember that everything happens for a reason. Buying your dream home requires patience and perseverance. Take a little longer time to buy your dream home as it is a lifetime investment. There are several costs involved while shifting your home. Hence, take all precautions and steps before buying your dream home and shifting into it.
Buying a dream home/flat can be tiring especially if you are a first-time buyer. Don’t lose your hope and don’t get influenced by brokers and agents. Buy it where you find positive vibrations. If you find any negative signals, avoid purchasing it. To summarize, buying your dream flat or home is easier said than done. You must make decisions based on the prevailing scenario. Don’t regret if there are any gaps between your expectations and realities because what was right yesterday is not right today and what is right today may not be right tomorrow.
Note: Adapted from my upcoming book titled, “Secrets to Achieve Your Financial Freedom from the Real Estate Investments.”