A Single Woman’s Guide To Property Purchase In India

Long gone are the days, when women expected the men in their lives to arrange a living space for them. Financial independence has ensured that women are able to make the biggest purchase of their lives, in most cases, all on their own. Easy availability of housing finance, along with a wealth of information, only makes it much easier for them to take the plunge in the early part of their working careers.

As this would be a landmark purchase for anyone, there should be no scope for any error. It is in this context that we discuss the many details that a single woman buyer should focus on, while making the purchase decision.

The research work

It may be exhausting to evaluate all the options that are available in the market currently. Even if you apply all the filters - your budget range, property configuration, and preferred areas - the sheer number of listings that appear on property portals may be overwhelming. Detailed planning, however, can lend a semblance of order to this complicated task. Even though you may have a general idea about what to expect from your future home and how much you would be able to shell out for it, it is important that you fix certain boundaries.

Fix a budget and stick with it

It often happens that our resources do not allow us the luxury to afford what we find tasteful. For example, a property you like may cost Rs 2 crores, while your creditworthiness only allows you a home loan of Rs 80 lakhs. This wide gap is absolutely hard to bridge and this is why you must be certain about what you could spend for the home.

Factor-in your savings and your home loan eligibility, to reach a figure that you could spend on the purchase. All the other things must be worked around this number.

At no point should you try to stretch your budget. A house purchase would involve a multitude of other expenses and you have to be ready for them (we would talk about that in other sections of this article).

Study the market and jargons

Before you actually start the search for a home, it would be better to familiarise yourself with the real estate market in your city.

What is the average rate of properties in your city?

Which are some of the safest localities in the city?

Does the city have women-centric projects?

Where are most of the upcoming projects located?

How high is the pollution level here?

While doing so, you must also familiarise yourself with terms that are often used in real estate transactions. If you are unfamiliar with these jargons, you run the risk of getting cheated.

Did you know that under the rules of the real estate law, sellers have to mention the carpet area of the property? Most sellers, however, quote the rate on the built-up area. Do you know the difference between the two things?

Did you know that the RBI has lowered the repo rate to 4%? Do you have an idea how this reduction would impact home loans interest rates?

You need to have clear answers to many such questions, in order to make a smart purchase.

Determine the locality

As a single woman, it makes sense to find a home close to your workplace. This not only reduces the time of travel, but also reinforces the aspect of safety if you work at odd hours. If your parents live in the same city, do find an apartment which is at a convenient distance from theirs, so that you can have the privacy of your own place without going too far from home.

However, if your work location is likely to change, then, select a locality with a futuristic vision. Does the locality provide you with connectivity to the most prominent business districts in your city? Is it possible to reach those centres within a reasonable time frame? If the answer to these questions is in the positive, you have selected the right area.

If you are buying a home which you intend to let out on rent, choose a location close to a business district, so that your home will have many takers.

Identify the property

Once you have decided which area you want to live in, browse the internet for property listing, or look through the offers and launches in the newspapers, to identify the projects which best suit your requirement. Do remember that you will be spending considerably more than the basic cost indicated on advertisements. These include registration costs, maintenance costs, floor-rise charges, etc., which get added to the basic price at the time of purchase.

Site visits

Once you have shortlisted the properties which look best on paper, it is time to schedule site visits. Most builders these days arrange cabs, which pick you up and drop you back, after showing you the property, and the homes for sale in question. Now, here is what you ought to do:

* Ask a friend or someone from your family to accompany you on such site visits. Apart from safety, another pair of eyes would be greatly helpful, in analysing the merits and demerits of the property.

* Check every aspect of the property and the neighbourhood and unless you find everything to your satisfaction, there is absolutely no need to proceed. Drive around the neighbourhood and speak to the people who already live there, to see if everything you need on a day-to-day basis is easily available. Ask around to make sure that the neighbourhood is safe even at night.

* Most builders charge a higher per-sq-ft rate than is recommended by the government agencies. Do not hesitate to ask them to drop the rate to a more reasonable amount.

* When speaking to the marketing person, insist on a break-down of the various charges in the final cost.

* Even if you own a private vehicle, make sure enough safe transport is available at all times of the day.

At the time of purchase

This is a long and lengthy process, where you would need to appear before the sub-registrar’s office in your area, to register you property. Make sure you are in possession of each and every legal document. In case of a housing loan, the originals would be kept with the bank while you would get a copy of the documents. Keep these safe at all times.

Also, if you are planning to move into your new home, do ensure that the project or building is 50-75% occupied. This reinforces the sense of security, and also ensures you have enough company when you need it.

Once you move in

Moving into your dream house after you have purchased it, comes with its own list of things to do and expected and unexpected expenses. Fortunately, when you are a single woman, you can take your time to make big additions to your home, such as a modular kitchen, cupboards in every room, or a crockery shelf for your tableware. Concentrate on purchasing the basic requirements first, to put together a comfortable home and keep adding to it as you go along.

A washing machine, a refrigerator, a microwave and cooking gas are must-haves in any home. They reduce your dependence on external services and make your home a stress-free zone. Invest in an internet connection, cable TV and a good television set to keep yourself entertained and to have the flexibility to work from home.

Install safety devices, such as an extra door-lock, a safety chain and a doorbell with a camera, so that you can relax in the security of your home.