Home Buyers Speak: Here is Why This Professional Chose To Buy A Home Than Rent
Sonia Sarkar, 34, Journalist Booked a Home in Sector 78, Noida
When did you buy your home? Please describe its features.
I booked my home in July 2010. However, I got the possession in February 2015. It is a 1140 sq ft, 2 BHK home with a study, one living cum dining, one utility area attached to the kitchen, two bathrooms and two balconies.
How did you find this house?
In 2010, one of my friends casually said that we should all look for houses to buy. I was 29 then. I was not sure if it was the right time. But one of my senior colleagues' relative was a financier to this project, so she connected me to him. He asked me to look at the options available here (in Noida) . Since I had no idea about how the real estate sector works, I thought it is better to invest here because I, at least, know someone associated with the project. I can always get back to him for any problems in future. I had some money in hand, so I booked the flat. There was no grand planning behind it.
How much did you pay for your new house? How did you manage it?
I paid Rs 33 lakhs. I had to take a home loan worth Rs 25 lakh. Now, I pay an EMI of Rs 25,000 for a duration of 20 years.
Why did you think you needed to own a house of your own at the age of 29?
I came to Delhi in 2004 and I always thought it's going to be my home. But I had no money to buy a house then! Obviously, I had to stay in rented accommodations. My parents have their own house in Calcutta but I always wanted to have my own space, so I bought this in 2010. But the possession took a bit long – five years. I had to go to London for a fellowship in March this year for two months. My parents advised that I should get possession of the house before I leave. I was paying Rs 16, 000 per month for renting a one BHK accommodation in CR Park. I didn't want to pay rent for those two months only to keep my furniture. So, I shifted to my new place. It was in a hurry, though.
Did you face any difficulty during the process of buying your home?
There was no difficulty when I bought the flat. But of course, there were many issues with possession. I had to wait for five years to get possession of my house. The project is huge and is still under construction. A lift hasn't yet been installed in my tower. Common areas of my tower need to be done up too.
Is it your dream home?
I never thought that my home should look in a certain way. I never had the concept of a dream home. All I know, my house (rented or my own) shall always portray my character. It is not about the number of rooms that I have but about how I do up my house. My friends have always found my home (the previous rented accommodations) very welcoming and cosy. I am glad that they find this home cosy too. I love doing up my house in a very simple manner. I prefer to keep low seating arrangements. I love open spaces with minimum furniture.
What is your advice to new home buyers?
Get hold of someone who knows the real estate sector well. No builder is good or bad. All you have to see is the quality and finesse in projects. You have to understand that people have commercial interests. So, you have to make the most of the resources available to you. There are a lot of things for you to go through. Read your contract carefully and know the technicalities. Various clauses and sub-clauses can entrap a home buyer into a deal that may not work best for them. It happened with me. And, it added to my budget.
Don't be in a hurry. Take it easy. Everyone who has a stable income can afford a house. Never think that any area in the NCR is distant. When I booked my house, the project site was nothing but barren land. Now, it is a full-fledged sector where five more builders have constructed their projects. You will find your market, kirana (grocery) store etc sooner or later. Assess your budget. Consult as many people as possible. Most importantly, see the finished projects of the builder to assess the quality of work. My project will take another 3 years to complete. Currently, 150 families have moved in. More will come. But, it will take some time for the project to be up and running.