Moving cities can be exhilarating especially when you have to find a house for buying or renting. It is often a cumbersome process with all the traveling, house hunting, dealing with real estate agents, and finalizing on one house after being spoilt for choices. If sudden job transfers are in your future, then a little pre-planning can help your relocation hassle and stress-free. Once the excitement of moving out to a new city fades, panic often sinks in over heading the initial excitement especially when you have to vacate your corporate houses.
There are numerous challenges in buying/renting a property in any city. Constant updating regarding the current real estate trends can keep you in an advantageous position. The real estate market has evolved significantly in the last decade and bridged the gap by connecting the buyers or tenants and sellers via an array of ideas and of course the internet.
On that note, here are a few tips to help you choose the right home.
Do your Homework
Once you are aware of the fact that you ought to be moving to a new city, do your research about the city and the best neighborhoods to live in that particular city. Having done extensive research will help you figure out the layout of the city. You can also look upon the public transport systems, commute to your office, basic amenities, schools, universities around, and so on. Also, read our blog on choosing the right neighborhood for more insights.
Scan the websites
There are several real estate websites such as 99acres.com, nobroker.com, nestaway, which is a better option than hiring a local agent to find the right choice. The scanning session gives a vague idea about the average prices in the neighborhood. Looking up on websites can cut the costs incurred while directly approaching the realtors.
If you have relocated to a new city based on your job, and are lucky enough to stay at a corporate housing facility, this gives you ample opportunities to visit the site or house that you want to explore and finalize. Leave a word across at your company that you are in the process of buying or renting a property, and check on the cost that you have to bear with the accommodation. You can also visit the property to ensure that both the property and the furnishing are in a good shape before finalizing the same. Do take your friend or family along to get another point of view for the feasibility of access to metro stations, public transports, schools, hospitals, and other such basic amenities.
Once you get your hands on the vital stats such as cost of living, nearby schools, traffic patterns (especially if you are moving to Bangalore), hospitals, and so on, consider the following to shortlist your preferable localities:
- Localities within your budget and lifestyle.
- Preference for an apartment or an individual house.
- Commute to the office and the maximum distance you would want to stay away from your office.
- Accessibility to basic amenities such as schools, hospitals, supermarkets, pharmacies, and so on.
- Access to public transport
- Your must-haves for a home (number of bedrooms, parking spot or a garage, garden, swimming pool, (whichever is applicable)).
- Best packers and movers available within the area.
- Packers and movers charges to check for affordability.
Looking out for an individual house?
Rent or buy?
Seeking a short-term rental option for up to six months is advisable if you are moving to a new city. Buying a house is not only an enormous investment but is a commitment to the area as well. Decide on whether to buy or rent the property. Consider the following factors before buying a home:
- Is it feasible to buy a home in the area as per your income?
- Are you in a position to be able to secure a mortgage?
- Are monthly rent prices in shortlisted areas reasonable?
Beware of hidden costs!
If you are buying a house, ensure that you equate your purchase. Also, calculate the down payment accurately including all the hidden costs. These can pop up later. In case you are renting out a property, ensure that you reap better benefits of paying monthly rent. Also, if you are hiring a real estate agent, ensure that there are no clauses and hidden costs as well.