Are you Buying Your Dream Home or a
Nightmare?
- by
Akash Pharande, Managing Director - Pharande Spaces
When we ask new first-time home buyers why they regret their
purchase, the answers are very different depending on where they live. The
'regret' factor when buying a home is very much related to social values, which
are a group of factors that don't fit into a single mould. What is important in
Australia or Canada may not mean much to an Indian. Still, there are some
things that everyone regrets, no matter where they live or what culture they
belong to.
Before we get into this, it's important to think about why
people make decisions about buying a home that they later regret.
Dream Homes Don't Come at the Lowest Price
No matter where in the world we look, the main reasons are being
impulsive and focusing too much on getting a low price. There are many reasons
why people act on impulse, but wanting to get a good deal too much is something
that needs to be looked into more. When you buy cheap real estate, you get
cheap.
This means that the cheapest property you can buy is not the best
choice, at least not in terms of price. Location, available civic and social
infrastructure, and the presence of good amenities and facilities all affect
property prices. If one chooses the cheapest available property, there is bound
to be a compromise on these very important factors - and it is these factors
that lead to satisfaction with one's home purchase in the first place.
It's normal to feel bad about buying a house like this, and it usually happens
before you even move in.
Harrowing Daily Commute
Another common regret is ending up too far away from work. In a
growing economy like India, work is the most important thing, and 90% of the
population's lives are controlled by their jobs, no matter how senior or how
much they make. Buying a home that adds more than 20 minutes to your daily
commute will have a big impact on your quality of life, mood, and even your
finances. People who lived in rental homes before buying their own home feel
the negative effects of living too far from work even more. Families in India
can usually rent homes that are close to where their income earners work
because rent is relatively cheap there.
There is no doubt that owning a home after years of renting is a
source of pride, but the distance from work can make this happiness much less
intense. This is one of the main reasons why integrated townships in India work
so well. These kinds of townships have both residential and commercial office
spaces, which makes them the perfect mix of residential and commercial areas.
In India, the ultimate definition of a 'dream home' is a house in a gated
township that is also very close to where you work.
Education Must Be Accessible
One common reason why newlyweds regret buying a home is that
there aren't any kindergartens or schools nearby. This is something that comes
up only when they are expecting children. A house may be perfect in many ways,
but not having good play schools at first and then primary schools can be a big
problem. Parents may worry about their children's health, comfort, and safety
because there aren't any of these kinds of places within a reasonable driving
distance.
Crime Rate Matters - A Lot
For similar reasons, buying a home in a neighbourhood with a lot
of crime by accident can lead to a lot of regret. Even low-end housing projects
usually have some level of security for the people who live there, but the
world outside the gates is out of control. Safety and security have become a
big problem that is getting worse in all Indian cities. In many ways, buying a
cheap home always means losing peace of mind, not least because of a constant
fear for life and property.
'Upcoming' Infrastructure - Lifestyle in Limbo
Another big reason why new homebuyers regret their purchase is
that the infrastructure isn't good enough. People often decide to buy a house
based on false promises from brokers, developers, and previous owners about the
availability of water and electricity. Buyers may end up regretting their
purchase too late because they can't always tell how often these very important
resources will be available after just one inspection. In India, the
availability of these resources can even change with the seasons. This type of
regret happens most often in places that are not part of a city.
The Real Estate Regulation Act (RERA) is now in effect, and
misleading promises are against the law, but only if there is proof of them. To
put it another way, it is now against the law to market or advertise properties
in a way that is not honest. But it's clear that verbal promises can't be
tracked, and sadly, many property buyers have had to regret taking too many
verbal promises at face value.
It is clear that doing enough research and thinking ahead before
buying a property can help you avoid a lot of regrets. In that sense, the idea
of due diligence needs to go beyond the usual meaning of 'legal health
check-up' and go deeper. It makes sense for people who want to buy a home to have
a list of things they need and things they don't want. You should talk to other
people, especially homeowners who are both happy and unhappy, before making
this list. This can help a lot to make sure that your dream home doesn't turn
into a nightmare later on.
About the Author:
Akash Pharande is Managing Dir
