Why Home Inspection is an Important Element of the Home Buying Process?
Owning a home is one of the biggest achievements in life. Before investing in a property we research the locality, neighborhood, market rate, amenities, size, and type. The research is followed by checking on the legal documents, certificates, and the required home loan. However, the most important step in the buying cycle is the property inspection. The home inspection is one of the most underrated steps in the process that is either missed or conducted in a hurry without the help of a professional. A thorough inspection of your property could save you time and money in the long run. Hence, whether you are buying your first property or a second home, inspection of the house is a must in the home buying checklist.
Let’s take a look at the reasons why a thorough home inspection is highly recommended:
It reveals the true age and quality of the property
A proper home inspection could help you to identify the age of the property and the quality of the construction. It reveals a lot of details about the current condition of the specific property, the quality of the material used inside and outside, the structural issue like illegal installations or additions. Thereby making the buyer aware of the anticipated costs that could be required for repairs and maintenance in the near future.
It ensures the safety
A detailed home inspection could ensure the safety of your new home. Bypassing the minor faults in inspection could become major faults in the near future. The loopholes would not only decrease the value of the property but also could lead to unavoidable consequences. It is thus important to cover all the safety aspects while inspecting the home like electrical wiring issues, fire exits, water leakage, pests, quality roofing, etc.
It helps you to plan your budget
A home inspection gives a clear picture of the overall cost of the property and helps you to plan your budget. If you are aware of the problems before buying, you could easily forecast the expense and plan your finances accordingly. In-case the forecasted cost of repair, renovation or maintenance is going beyond your budget, you might have to look for more options.
It could help you avoid overspending
A detailed home inspection could help you identify the existing issues and damages in the selected property which could further help to negotiate on the final price of the property and settle with a better deal. You could take into account the underlying issues and the costs involved and seek a lower price than the market value.
It assures you of the right investment
There is nothing like being confident and feeling sure of the property that you are investing in. A home inspection helps you provide assurance on your investment decision.
The home inspection is a strong indicator of the right investment decision and thus a complete safety and health check-up of the selected property could place you in a better position to negotiate and make the final deal. Not to forget the peace of mind it brings from beginning to end of your home buying journey.
5 things to look out for a Good Real Estate Deal
Real estate investment has become one of the most profitable investments in today’s time along with a sense of security it provides to count on. However, investing in property requires detailed market research and waiting for the right deal. Finding the best deal requires determining the property by appreciating the value and good rental income. For first time investors, it is not easy to identify a good real estate deal.
So, how so you get to know whether a specific deal is a good investment or not? Let’s take a look at the below parameters for locking the best deal of your life:
Rental income
The primary objective of investing in any property is income generation. Look for a property that can fetch high rental income and create positive cash flow. You can research on the average rental rates in the nearby area to determine the estimated rental value. The objective is to settle with a rental value that could cover the monthly mortgage payments.
Location
A profitable location is dependent on factors like infrastructural development, green area, accessibility and connectivity, future developments, job opportunities, necessary amenities like hospitals, schools, etc. Besides the stated features, location’s value is also determined by the quality of the neighborhood, population, security, and low crime rate. Also, the location directly influences the rental value and hence, it is one of the major factors of determining a good investment.
Maintenance expenses
Investment is not limited to the purchase amount but also consists of operating and maintenance costs. Identify all hidden costs and the quality of construction before investing in any property. Additional expenses could be in the form of maintenance, repair, renovation, property taxes, and insurance. The home inspection is important before investing to ensure that you are aware of all required repairs and costs.
Negotiate on the Market Value
Always try to negotiate your way to get the desired property lower than the market value. Identify the right time period of making an investment where the property values are either lower than the normal market value or about to rise due to upcoming developments. If you get to purchase a property lower than the market value it is a good investment deal. Hence, the key is to make a well-timed investment decision and reap the benefits of early investments into developing areas with the potential to flourish.
Property appreciation
The future potential of the property is equally important as the current value. Check out the market trends of similar properties to have the estimate of the property appreciation. You can secure profits by selling the property once the rates are appreciating and at peak.
The above factors are the key elements of identifying a good real estate investment deal. Detailed market research and knowledge of the property can give you the additional advantage of making a profitable deal. It not only helps you earn a good rental income and positive cash flow but also increases the re-sale value of the property.
9 Interior Design Tips for your Home
Creating interesting innovative interior designs that make a good first impression on individuals is something that every owner of a place wants.
To help you create impressive interior designs, here are a few ways one can choose to decorate the individual place.
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Hang Fascinating Lights
Light can help make or even break the best interior design. It is important to get the lightening right to give a thrilling look at the place. The best choice of lighting is Pendant lamps for a modern home interior. Do make sure to choose something interesting and extraordinary that is unusual design when it comes to pendant lights which can trigger visual focus upward.
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Plan design
It is recommended to go for open-plan designs to create a strong impact. It will make your place more spacious than what it actually is.
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Eye-catching objects
One of the most interesting ideas that you can apply to your place is to have eye-catching objects, such as crystal accessories, bronze furniture, or decorative pieces of brass or stainless steel. These fascinating interior design ideas will make your space a step ahead of others.
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Large plants
Plants make any place stand out whether its outside or inside. If you want to make the interior design stand out, decorate your place with large plants. You can arrange large plants in the hallway or the living room area. Plants also do not cost a lot of money either.
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Decorate walls
Wallpaper has been increasingly becoming a trend that is often requested. To impress anyone one must decorate their walls with wallpapers that are attractive and have unusual patterns, color, and designs. You can go for abstracted basic forms that look natural or for colorful designs that turn walls into outstanding art.
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White Woodwork
Regardless of the color that you must have chosen for the interior design, you should consider elevating your place with dazzling white woodwork. This interior design for space offers a gentle contrast against brightly colored walls or the dark wooden floors. It also gives a traditional edge to the interior design while making interiors look fresh and elegant.
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Go Green
There is nothing more impressive and soothing than decorating the space with environment-friendly pieces. Today usually everyone seems to be going green, make the space stand out by incorporating sustainable and environment-friendly interior design ideas.
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Invest in art designs
Art designs can help set the color palette of the interior design. It will surely be in awe upon these expressive pieces hanging on the wall. But if you are trying to create the interior design within budget, you can shop at flea markets for affordable art designs and décor.
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Furniture – attractive chairs
Go for a pretty seating area near the entrance door which serves a double purpose. Aside from good looks, you can use the chair while putting your shoes on or taking them off. You can go for a couple of stylish chairs in complementary colors. Whatever you choose do keep in mind that investment in furnishing will make a good instant impression in front of the guests and elevate the look of your home décor.
5 Real Estate Trends That Are Attracting The Buyers
Indian real estate is dynamic and evolving with the changing economic scenarios. The latest trends are being embraced by both developers and buyers. Developers are coming with innovative formats to attract buyers and making efforts to generate more and more demand. As buyers are more inclined towards owning a home than renting, the real estate market is witnessing some major trends that are shaping up the future of Indian Realty. Let’s take a look at the trends that are luring potential home buyers:
Technology
Technology is playing a pivotal role in attracting potential home buyers. Artificial intelligence has stormed the real estate industry from online home buying platforms, apps to smart home technologies. Millennial are not just buying houses; they are investing in smart homes. Buyers are targeting home compatibility with technology and smart home features. From high-end security to technologically advanced amenities and appliances, buyers are looking for every small detail that could increase the comfort and convenience level with better automation space. In addition to smart home interiors, technological trends like 3D mobile applications, online buying and selling platform, virtual property tours are appealing to the buyers’ interest.
Sustainability
Another trend catching buyers’ attention is sustainability and the rise of the green homes. Builders are becoming more environmentally conscious and incorporating sustainable features in their housing formats. Buyers are opting for houses that are designed sustainable and have green features. Sustainable housing is the latest trend following clean energy practices. Home buyers are opting for homes built with Eco-friendly construction material, green features like solar panels, rainwater harvesting systems, energy-efficient home appliances, and amenities to decrease their environmental impact. This trend is gradually catching attention and being catered by the builders in the upcoming projects. Eco-friendly concepts at home are a preferred choice of customers aiming for a healthy and active lifestyle.
Suburbs
Buyers are being attracted by the suburbs’ potential to provide an affordable and better quality of living. Customers are increasingly moving towards the suburbs outside the main cities for a better quality of living, serenity, green surroundings and luxurious amenities at affordable prices. The high price of houses in main cities is opening doors for secondary areas offering homes with unmatched values. This trend is likely to grow in 2020 and open more options for potential buyers.
Amenities
With high competition in the market, builders are coming with unique and luxurious amenities to attract buyers. The era where generation is comfort-driven, thoughtful amenities like swimming pool, movie theater, clubhouse, Meditation Park, laundry service, retail outlets, gym, sports area, etc are increasing the demand of homes with unique features. Buyers are not ready to comprise on the extra amenities that give their dream homes edge over the average home. This trend has been embraced by the builders with open arms and the luxurious amenities are now been considered as a necessity.
While the above trends are popular among the buyers and gradually securing their place in the real estate market, in-depth research could help you anticipate the shifts in the above trends.
Real Estate Transformation Through Digitization
The digital transformation of the real estate industry has gained momentum in recent times. Digitization has positively influenced and transformed almost every industry. The wave of innovation and competition is taking over all the sectors and hence the use of digitization has become the need of the hour. It not only transforms the core processes but also helps to improve the functionalities of the system. The advent of digitization shows the possible potential of the real estate industry and the revolution it could bring to the world of realty.
The time is not too far when the digital business models would dramatically replace the conventional methods and steps. The real estate industry has already witnessed some major changes and strongly renewed with the proliferation of the digital era which has bridged the gap between the builders and the consumers.
Let us take a look at how digitization could transform the real estate industry and open the doors to a new world in near future:
Virtual and Augmented Realty
The emerging technologies like Virtual Realty (VR) and Augmented Realty (AR) are offering unmatched experience to the buyers and sellers. The augmented realty tool allows its users, to view the property through an internet device. As compared to conventional method of viewing the property via images, VR and AR help buyers to delve into the details as good as a live review. Customers can view the property on a click of a button on their phones with access to world-class resolution and 360-degree tour through 3D renderings. Hence customers can experience the final product without being physically present at the site.
Interactive Modelling
Digitization is a boon for builders as well as buyers. Interactive modelling is transforming the way real estate projects are being constructed. From planning, designing, architecture to construction, the 3D model-based software helps engineering professionals to optimally utilize the resources.
Artificial Intelligence
AI-powered digitization is on the rise. AI is a smart technology that consciously collects and perceives the surrounding environment (data) and responds independently to make decisions. The usage of AI is not only restricted to the improvement of operational tasks but focused on revolutionizing the decision making process. Developers are constantly relying on AI algorithms to have accurate insights about market trends, preferences of buyers and improvement areas to identify the pattern and closely examine the possible future scenarios to base their decisions. The usage of artificial intelligence is spread over the various division of real estate i.e. transaction and data management, property valuation and management, potential investment areas, etc.
To conclude, Real estate is one of the fastest-growing industries. In an era where people are dependent majorly on the internet for everything, the digitization of real estate market is all the more important. While the above methods have already entered the real estate market, there are other areas of technology like Blockchain that are just standing around the corner to revolutionize the core of real estate and make the real estate business more transparent, accurate and efficient.
Navigating Your Way Through The Basics Of Purchasing A Property
Investing in a property can be intimidating. If you are planning to purchase a property it is very important to understand the basics of real estate and navigate your way into the world of real estate. From taxation, legal formalities, certifications to value of the property, taking care of the required checks can put you into a better position to own a property. While it is recommended to take the help of the expert, there are certain parameters that are to be taken into consideration before locking the deal.
Title deed
Title deed is the document that gives you the right and ownership of the property. Identify the nature of the title leasehold or freehold. Ensure all the required documents are stamped and duly registered.
Approvals and Certifications
Ensure the builder has the required approvals for construction of the property like RERA certification, building plan and layout. From approval of building plan by local municipal authorities, approvals for water, electricity, fire safety to environmental clearance by government and concerned regulatory authorities.
Check on the list of possession of mandatory certificated with the seller. It includes commencement certificate, no objection certificate (NOC), completion certificate, certificate of no encumbrance and occupancy certificate. Checking the above-mentioned documents will help a smooth transaction and avoid any legal issues.
Sale Agreement
Make sure to thoroughly check the sale agreement to safeguard yourself from any legal complication. The document includes terms and conditions, possession date, property specifications, legal implications etc. The document is to be shown in original at the time of purchase of property and acquiring a home loan.
Letter of allotment
It is one of the important documents required at the time of purchasing a house. It is issued by the concerned authorities or the developer and includes the description of the property and the payment made. It is issued to the first owner and the letter is transferred to the subsequent buyers at the time of final deal.
Property Tax receipts
Duly paid property tax is the assurance that the seller has all the valid documents. Hence, verify the property tax receipts and ensure that there are no pending dues.
Along with the above mentioned legal checklist, it is important to consider the below parameters for sealing the deal:
- Manage your finances- Set a budget and consider the total cost of the shortlisted property.
- Decide on the type of property you want to invest in- Be mindful about selecting the type of house which would be suitable for you and your family in long term.
- Check on the builder’s reputation-Do a 360-degree research about the builder starting from a number of projects, quality of construction, financial strength, possession time and customer reviews.
- Have clarity on the size of the property- Be aware of the difference between the carpet area, built-up area, super built-up area.
- Location matters- Pick up a location that is accessible and has good connectivity.
So let’s get started with the above real estate roadmap and jump start on owning your dream home.
Your Guide To Save Money For Buying Your Dream Adobe
If you are planning to buy a house in the year 2020 then the first thing you need to do is structured and focused financial planning. While the process of buying a home remains the same as in 2019 but arranging funds for the final deal could be a little challenging. Buying a house is a privilege for many and all you need is a planned approach for securing the funds at an early stage. The demand for the residential real estate is on the rise as buyers are leaning towards owning property than renting. So a little planning could take you a long way when it comes to buying your ideal adobe:
Compare the interest rates
The very first way to save while buying a house is by comparing the home loan interest rates offered by various banks. Opt for the bank which is providing a combination of low-interest rates, good service, and various offers. Even a variation of point percentage could make a huge difference on the home loan taken for the duration of 15 to 20 years. Hence the major differentiator for saving while buying property.
Negotiation with the seller
Research thoroughly on existing market rates and negotiate with the seller accordingly. Avoid accepting offers shared by the developer or seller without complete market research on the property value, existing trends, amenities offered, re-sale value, location accessibility and carpet area of the flat. Besides a good discount on the deal, you could negotiate on furnishing cost and customize amenities to lower the final price.
Under construction properties
You can also save money by grabbing a good deal for properties under construction. Ready to move in properties are expensive as compared to properties under construction or near to completion/possession. Look out for ongoing projects from reputed developers and go for the backgrounds check keeping in view the required certifications like RERA registration.
Government schemes
Check out the various Government schemes to avoid missing out on getting a property in subsidized rates. In-case you meet the set criteria you can save a lot on your first time home buying spree. One such scheme is Credit Linked Subsidy Scheme (CLSS) under the PMAY (Pradhan Mantri Awas Yojna). The scheme caters to majority of the segments like lower income group and middle-income group.
Plan your finances regularly
As buying a home drains out the majority of your savings, it is all the more important to save regularly via Systematic Investment Plans (SIP). This type of investment customizable and could be planned as per your income. You could also opt for Mutual fund investments and can invest into them via SIP. It is must to be ready with the down payment months before the final deal to ensure a smooth process.
Prepare yourself in the year 2020 for homeownership by planning your finances, saving up for the final deal, minimizing your debts, improving your credit score and most importantly by being patient. Turn your dream into reality by implementing the above tips and secure the leys of your new adobe.
Hacks For A Perfect Move
Moving into a new home is one of the most complicated tasks and could be stressful for you and your family. Unless you are a person who is minimalist, the day of moving could be full of chaos. From proactive planning to budgeting and creating a checklist of all the items, we have just the right set of tips for you to move into your new adobe like a pro:
De-clutter and organize
The very first step after your decision to move into a new home is to de-clutter your house. Get rid of things that you would not require in your new home. Get your stuff organized by grouping and categorizing the items of each room. Make a checklist of the items that are fragile and need extra care and prepare in advance for the things required for packing and labelling the boxes.
Coordination with the moving company
Coordinate with your moving company in advance and explain the requirement in detail about the type of items to be moved. List down the heavy stuff and the extra boxes requirement to your moving company to avoid any disagreements on the day of moving. Check out the online reviews of the shortlisted company prior to booking to ensure smooth movement.
Label it all the way
At the time of packing, we tend to forget that unpacking is an equally tedious task. It is important to label all the boxes to ensure a hassle-free completion of moving into a new home. Although the moving companies ensure the proper packing of your stuff room wise. However, it is important to get everything packed and labelled in your presence. Label each side of the box so that you could identify the required one from the stack.
Pack your valuables in advance
Make sure that you store your valuable in advance. From jewellery to important documents, have a separate bag for keeping your precious items to avoid misplacement.
Separate kit for essentials
Running through the packed boxes immediately after moving could be cumbersome and ruin your perfectly planned packing strategy. Hence, keep all your essentials in a separate bag or box for your ease. This could include your daily use items like toothbrush, toiletries, delicates, and your night wear and prescribed medicines.
Avoid wastage
Green your move by reusing the boxes, bubble wraps, newspapers, etc. Avoid overusing the packaging material and aim for optimal utilization of resources. Try and reduce waste by using reusable material. Start collecting and saving up the cartons and boxes few weeks in advance.
Measurement of new home
Make sure you have the blueprint of your new home for guiding the movers to place your furniture. Decide in advance the placement of items in each room of your new adobe. This would help you to save time and place your belongings right in the first go.
Are you ready to move? Break down all your steps into simple tasks and make fond memories of day one in your new home.
Decorate Your Home – New Year 2020
The year-end holidays are the best and the last chance to bring a new change to our life. The beginning of the year is the time to celebrate the last year. The perfect way to celebrate the past year is by decorating your house and calling in your friends and relatives for a New Year party. Every room has its own mood and as home-owner, you can enhance it by decorating it in a subtle, crafty and yet classy way. Below are some ideas for decoration that will set the mood for everyone and will bring along with it new beginnings, promises, and opportunities.
All-time favourite balloons
Balloons are never out of trend. The easiest, fastest and the most creative way to decorate the house is by filling a corner or room with colourful and bright balloons. Helium balloons are the most attractive way to decorate every inch of the ceiling with silver and golden colours. The 2020 golden foil balloons are perfect for the occasion.
Paper lanterns
The evergreen choice for any festive decoration are the paper lanterns. Traditionally, candles occupied the entryway and other corners of the home. In the recent times, creative and attractive lanterns are the favorite ways to decorate the space. Along with this, as the clock hits midnight, you can set the lanterns off and fill the sky with happiness.
Dining accessories
The much-needed change for this year is to decorate the dining or coffee table with crystal coasters to add natural glittering effect. There are various lovely and unique accessories for the tables that are available at affordable prices.
Drapes
The overall look and feel enhancer for any room are its curtains and curtain rods. The trend these days are of drapes and drape panels. They come in various attractive styles like European, retro and in materials like linen, velvet and etc. The panels for the curtains come in several designs and patterns.
Wind Chimes
The rhythmic music of the wind chimes are the most relaxing and refreshing sound at home. The beautiful melodies add magical touch and vibration in the atmosphere. The home-made wind chimes are another creative and innovative add on for your decoration.
Confetti
An instant feel of party and celebrations could be added by playing around with confetti decorations. They act as mood amplifiers and add a positive and fun feel to the space. There are infinite decoration ideas and ways that one can use to add the brightness, creativity, and uniqueness to the home décor.
Party accessories
No celebration is complete without the standard glittery banners and other party accessories. To add a style to it, one can go for disco balls as a creative add on to the decoration. To give it a party feel, stars, clocks, hats, tiaras, horns and etc for the guests is the most favorite way of all.
Candles
No artificial light can replace the aura and warmth of the candle lights. With modern designs and stylish holders, the candles add a classy touch to the space. They are simple, sleek, trendy and yet affordable. Try the above ideas and add a bright and new start to the decade – 2020.
Houseplants For Better Indoor Air Quality
Houseplants are an essential component to improve indoor air quality. These humble indoor plants not just purify the air inside your home but also sweeten it up with fragrance. They brighten up your home and have the quality to boost up your mood with their amazing qualities. They are no longer the luxurious home decor accessories but have become a necessity for those living in polluted urban areas.
Longing for a little greenery but not sure when it comes to picking the right plants and style? We bring you the gorgeous green ideas for a thriving indoor garden to match your aesthetics.
The right kind of plant
Selecting the right type of plant that could thrive in an indoor environment is very important. There are varieties of tropical plants like palm, ferns, aloe vera, orchids, peace lily. Tropical houseplants are easy to grow indoors and add an exotic flair to your home.
Lighting
Different plants require different lighting. Examine the light conditions inside your home. The places you feel are bright could be much darker for your plants. Some plants need direct sunlight and some plants require indirect light and some need low light. Plants like Cacti require bright sunlight.
Green display
Looking for a gorgeous display of your houseplants? Styling your home with plants depends on the amount of space available and the lifestyle you choose to display. From the themes like an urban oasis, rustic to minimalistic, opt for the display that you could easily maintain and resonate with your aesthetic taste. Choosing the right room or space for the plant is important too.
- Create a living wall with trailing houseplants. If you want to add an instant fresh feel then this display is the best alternative for a conventional gallery wall. This kind of set up is mostly seen in entry points of the home or living room galleries.
- Create an indoor hanging wall garden with the help of herbs this kind of set up is suitable for Kitchen and even your living room. If you are short of surface space then you can go for hanging plants by grouping them for a contemporary feel.
- If you desire for a natural feel then go for indoor urban jungle with oversized potted plants. Give your living room an earthy feel with humongous and leafy tropical plants.
- Go for mid-century inspired display which is a blend of sophistication and dramatic plants. Step up your pot game with metallic finish planters for adding a pop of bold vibe. Choose delicate houseplants to achieve this look and make a statement by creating an ideal dining space.
- Opting for a minimalistic theme is in trend and low maintenance. Mini and small potted house plants can make even a simple coffee table look alive and fresh. It is an ideal choice for green display in every room of your house. This type of display is eye-catching and adds a modern look to your home.
Creating an indoor garden is much easier than you think. They bring a fresh vibe and feel to your home. So use our tips for picking, potting and caring for your plants to keep them growing strong.
An eco-friendly home is the need of the hour due to the increasing climate change. Reputed builders like Exotic Realtors are using green construction as an eco-friendly practice for heir residential projects. Rain water harvesting, solar panels, and inclusion of more green areas are becoming a norm for 5 bhk flats in Panchkula.
