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A number of home buyers and investors are lured by radio jingles and TV commercials touting the ideal home, or 'dream home’. These advertisements attract buyers and make them question whether they are living the lifestyle that they truly deserve.
The ‘ideal home’ is considered a ubiquitous marketing concept, which haunts buyers who are left wondering if they have made the right buying decision in the property.
The ‘Ideal Home’ is usually a dream that everyone works for, and the image usually cannot translate into reality. Home buyers would prefer a community or home in the lap of nature, which would still be near to all the excitement and opportunities of the city. They would dream of an environment unpolluted by noise and vehicle emissions, however, in reality, you cannot live without cars or public transport.
While elite home buyers are able to get luxury homes which might have the best infrastructure as well as lush green surrounding with a peaceful environment. It remains a dream for the common man. Middle class home buyers, have to usually compromise on their choices and settle for a home that is affordable but may not fulfil all their wishes. Indian home buyers should consider that an ideal home is usually a myth and should rather set for a realistic and affordable purchase.
The search for the ‘ideal home’ has a number of pitfalls for Indian homebuyers. They are likely to get carried away and over-leverage their budget. They would have to compromise on location or may over-stretch their budget to buy a larger flat than what is financially feasible. They may invest in a property in a less cluttered and less polluted area, however, could end up getting stuck in locations which are bereft of basic facilities like regular water and electricity supply, or even access to social infrastructures like shopping, schools and hospitals. An ideal home should be a combination of all the conveniences without the compromises, but at the same time should be affordable and have great resale value.
Over the last year, the Indian real estate sector has witnessed a number of reforms which include the implementation of RERA. The reform safeguards the interest of home buyers and protects them from developers who promise exciting amenities but deliver nothing. With RERA, buyers are protected and builders have to deliver on their promise.
The best advice for home buyers is to invest in properties which fall in their budget and should ideally fulfil all their requirements for at least 4-5 years. It is advisable to use the services of a reputed property consultancy firm in order to eliminate the guesswork and make smart investment decisions. The Ideal home should be bought with your head and not your heart! Considered the biggest investment decision of your life, the purchase of a home should not be an emotional decision but should be taken after due diligence and with balanced expectations.
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