Buying a home is a dream for most people. It’s what we aspire to, sometimes all our lives.
Yet, when the booking has been done, it’s common for most people to feel buyer’s remorse.
This is actually a well-known phenomenon, resulting from human nature to over-think decisions once they’ve been made.
Buyer’s Remorse is Real
For instance, a buyer might feel that maybe they rushed through the buying process. Sometimes, talking to friends and family who are experienced in these matters can also create doubts.
A buyer might begin to feel that maybe they paid more for the property. Maybe they could have got it for less if they’d bargained a little more or better.
Overall, the idea and process of buying a home can be overwhelming on many levels. It is undoubted, the biggest decision you will be making for a long time. It also involves big money and the idea of meeting loan requirements and making EMI payments can be daunting as well. All these thoughts become more prominent once you’ve booked your home.
All these factors add up to creating buyer’s remorse which can lead to a huge sense of dissatisfaction. Don’t let it reduce your happiness.
If you’ve recently bought a home, and you’re feeling the first twinges of buyer’s remorse, here’s how you can deal with it.
1. Make a list
Sometimes, nothing works as well as the good old pen and paper list. Sit down and make a list of all the reasons that had attracted you to this home.
Was it the affordability? The location? Was it an offer that would have gone away soon?
Whatever the reason, this was why you felt that pull towards the home.
These same features are still valid. Unless of course, you’ve made some big compromises with what you want and what you bought.
Sit back and think of what you wanted in your dream home. Compare it with the list in your hand. If they match more or less, then buyer’s remorse will dissipate once you settle in the home.
2. Stop looking at more homes
A home is a lifetime commitment. Once you’ve made your choice, then stick with it. The more you keep looking at other homes, you will continue feeling dissatisfied with what you have.
Undoubtedly, there will be another home out there which might have better features. But there is also a good possibility that there will be yet another which is even more exciting. The best option would be to stop looking at more homes.
3. Understand the process
Most often, people are overwhelmed by the very idea of buying a home. Ideally, they should educate themselves about the different processes involved before they start considering their options.
They can do this by talking to a reputed realtor or doing their due diligence. By doing this, they will have a clearer picture of the process of buying a home.
This will help them make a wise and informed decision eventually. When buyers are aware of how things work, there’s no place for remorse because they know they have made the right decision.
4. Don’t overshoot your budget
Suppose you want to buy a phone. You look up your favorite model online and then just as you’re about to buy, you see a phone with better features for a higher price. What do you do?
You might decide to skip your budget and buy the more expensive phone. Mostly because your pocket can handle it.
But in the case of real estate, if you extend your budget, you’re looking at a lifetime of EMIs that you have to shell out. EMIs that are much higher than you had anticipated or planned for.
Overshooting your budget is the easiest way for buyer’s remorse to kick in. Don’t give in to temptation. Stick to your original budget.
5. Get your life back
Often when people want to buy a home, they put their life on hold. Everything that is considered normal goes out of the window.
Everywhere they turn, there is something related to real estate.It could be in their email or in the conversations they have with people.
Once they do buy the home, it becomes almost anti-climactic.You can stop this from happening to you by going back to your routine from before.
Pick up your hobbies where you left them.Go on morning walks. Have conversations with your family. Get your life back. Once you do this, there’s no time for buyer’s remorse to creep in.
Buyer’s remorse has led to several people trying to undo the work of a lifetime so they can assuage their doubts. But in the end, it’s their loss if they are not satisfied. Don’t let buyer’s remorse wreck your happiness. Work your way through it and enjoy your hard earned haven.
As a property investor, your primary concern is to make money from your investment. It could either be in the form of regular cash flow or property appreciation.
In either case, you must know that Vastu is an important element to consider. Whether you subscribe to Vastu as a concept or not, most prospective buyers or renters will.
This definitely affects their decisions and will affect you in the long run.
Let’s consider two scenarios – one where you want to rent out your property and one where you want to sell it. Here’s what could happen if your property is not Vastu compliant in either scenario.
Scenario 1 : Investors looking to Rent out their Property
These are investors who are looking to increase their cash flow. They want to ensure that they get their rent regularly and ideally want it to continue without interruptions. If their property is not Vastu compliant, here are the problems they could face.
Narrows the list of good tenants
Finding good tenants is a problem for most people, irrespective of Vastu issues. Nevertheless, finding good tenants who do not care about Vastu is a bigger hurdle. If your property is not Vastu compliant, you are narrowing the list of people who would be interested in renting your property.
Property could get stigma attached to it
Let’s suppose a tenant who does not care about Vastu moves in. If something unfortunate or bad happens, even such skeptics can easily be converted to believers by ‘well-meaning’ friends and acquaintances. They will convince them that it is the fault of the home they have recently moved into and your tenant might decide to leave.
Becomes increasingly difficult to rent out property
It’s easy to destroy the reputation of a home with just a few well chosen words. If previous renters advertise to others about problems they may have supposedly faced in your property, it will become increasingly difficult to rent it out.
If you’re unable to rent out your property, you’re sitting with a dead investment, something that is not yielding any cash flow to you. No investor wants this to happen. Meanwhile, let’s look at the other scenario.
Scenario 2 : Investors Looking to Sell their Property
Many investors today buy property with the hope that it will appreciate favorably. They want to ensure that they get good profits. However, if their property is not Vastu compliant here’s what they could undergo.
Buyers become astute negotiators
Once a prospective buyer finds out that the property is not Vastu compliant, they could use it as leverage to negotiate a better price for themselves. This could significantly lower the value of your property and you could stand to suffer a loss.
Reluctant buyers find fault easily
Once a buyer learns the Vastu issues with your property, they’re going to become reluctant to buy. Either they may completely reject the property or find other things to fault in it. Word of mouth by such buyers could portray your property in a negative light. Eventually, you will be left with property that does not get sold.
You don’t have to believe in Vastu yourself but seeing as others might, you might have to make your property Vastu ready before you start looking for buyers or renters.
There are a few elements that you would need to take care of, particularly the house entrance along with location of kitchen, master bedroom and the toilets.
In our earlier blog posts there are many tips through which you can incorporate several prominent Vastu elements in your property.
It bears repeating that Vastu is one of the primary concerns for most buyers and renters before they make their big decision. Whether you like it or not, you have to understand that Vastu is here to stay.
The sooner you incorporate it into your property, the better your profits will be.
Registration of your home is probably one of the biggest personal events in your life, after marriage and the birth of your children probably.
The registration process ties up everything and it’s one of the most crucial aspects of buying a home.
Naturally, people tend to get excited on the day of registration. Entire families are known to come along to view and save this life-changing moment for posterity.
But most often, people are not prepared for what the day will bring. It is no wonder that they often come back exhausted and fervently have no wish of repeating it.
But to ensure that the day is memorable as it is meant to be, here’s a 10 point checklist for you to refer to, before you register your home.
1. Do you have all the documents?
The most important documents to be carried for the registration is the Sale Deed, 2 Passport Size Photograph, Pan Card and DDs for Stamp Duty and Registration Fee. Out of these documents check with the builder regarding the documents you are supposed to bring. Do a double or triple check of these documents and ideally, do this before the registration day.
2. Have you checked the amounts on the DD?
The demand draft that you need for registration fee is 1% of property value whereas the stamp duty is 5.65% of property value. Ensure that the correct amounts are mentioned on the DD.
3. Don’t forget your PANCARD copy!
Most people remember the importance of carrying important documents like your PANCARD etc but it’s easy enough to forget. Remember to carry a both original and copy of your PAN card before registration.
4. Carry some refreshments
It’s going to be a long day. Apart from waiting for your turn, it can get quite tiring if you don’t have some light snacks and water with you. Remember to carry these along as you may not have time to stop somewhere for lunch if you get hungry. Also, it’s vital for people who are on medication for diabetes or heart disease that they stay hydrated throughout the day.
5. Avoid weekends
There is perpetual rush during weekends so it’s best to go on a weekday when there will be significantly less crowd. You’ll get the job done faster and the officials will be less harried as well.
6. Avoid taking kids along
Children get bored easily and they get cranky after that. Avoid taking your kids along because they will just make things difficult for you. Leave them with your parents or in-laws. It’s the best way to remain stress-free on such an important day.
7. Don’t be time bound
Constantly looking at your watch is not going to make things work faster. At the registration office, they will follow a set of processes and protocols. You have to stop thinking about how much time the whole thing is taking because it won’t help you.
8. Stay sharp and alert
Nowadays it’s common for people to spend time on their phone while waiting for anything. Whether it’s checking business emails or playing a game to make the time move faster, don’t do it. At least not during the registration process. Remember to stay sharp and alert and be completely involved in the process.
9. Keep your day free
Avoid keeping any appointments and meetings on the day of registration. If registration takes time (which it inevitably will), you will feel jittery and nervous and you will not be able to focus.
10. Be thorough
If you have doubts, now is the time to ask questions. Don’t remain ignorant. It is your property and you should know all aspects of it. Another important thing to remember is to check all documents carefully before you sign.
With these pointers in mind, you should have a painless and easy registration process. Remember, it is a life changing day and even if it takes time, it is worth it. At the end of the day, after all the effort, you are a property owner! The pre-registration checklist just makes your life easier.
We have been in this real estate industry for the past 20 years, we have met many customers and heard them share their joy and also grievances with us.
But, this is the first time we have received a Thank You video by our customers.
A video solely done by the residents of Vakil Whispering woods, expressing their gratitude for giving them a world of Peace.
As the saying goes “Thousands of worries can be placed aside by a place of Peace” and yes that’s what is Vakil Whispering Wood Residences for many.
The 120 acre resort township gives acres of green gardens and 18000 sq ft clubhouse, making way for ample open spaces for morning walks. Free from any noise or pollution and with 24 hour security in place.
See the happiness of the residents in their face , in the below video :
Our customer’s satisfaction is our primary goal; sometimes these gracious tokens of appreciation by them hold a special place in our hearts.
We hope to continue building great homes and forging many such relationships along the way.
Vakil Whispering Woods : Picture Gallery
Fear of missing out on a good deal sometimes drives people to invest in real estate. However, these are often unwise decisions, not backed by proper thought and planning.
But, investors who have done their homework well, and who have been observing the real estate industry for a while know something that newbie investors don’t.
Affordable properties make better investments than high end properties. Yes, that’s right.
As an investor, if want to ensure that you get good returns, read on to discover why investing in lower priced properties could be the best investment decision you’ve ever made.
1. Faster appreciation
Properties that cost less are known to appreciate relatively faster and after all, this is what every investor wants. It’s a win-win situation, compounded by the fact that most properties are on the fast developing outskirts of the cities. Here, larger properties are available at a much less investment. With the development of the Metro and Ring Roads, these properties are also becoming more accessible. They become more attractive to prospective buyers or renters, making them hot properties.
2. Easier to rent
Lower priced properties often have good rental prospects because of their affordability. Most often, these properties come up in areas which are self sufficient especially when it comes to amenities. Combined with lower rents, they are attractive to prospective renters. Even if the rent is marginally low, you can be assured that there will be someone willing to rent your property, ensuring a constant cash flow.
3. Lower Risk
Every investor’s biggest concern is the risk factor. It is unfortunately present in whatever they choose to invest. But unlike stocks and other such investment options, affordable properties come with a lower capital risk. With a smaller outlay, you are still assured of getting returns. Or sometimes there is just a good cash flow in the form of rent. It makes complete sense for even the most cautious of investors.
4. Easier to exit with a profit
If you decide to resell, there are definitely more buyers for an affordable property than for a higher end property, simply because of the lower price range. The probability of getting a better resale price is also very high. So for an investor, an affordable property is surely a better option than higher priced ones.
5. Good return on capital
There are not many investment options that can give you a good return on capital. But with an affordable property, you can either rent it out or ensure a regular cash flow, or you can resell the property and get your money back, with profit to boot.
6. Saturation in High End Market
The high end market with luxury apartments have come to a point where no one is buying them anymore. Several branded builders are also rushing into the affordable property market because they are keen to cater to mid level buyers. Today, with the saturation in the high end market, it definitely makes more sense to opt for a lower and affordable property when considering an investment.
Investing in a property is not easy because you’re constantly barraged with advice from well meaning people.Also, it’s easy to start second guessing yourself. If you feel that you need to invest but are also concerned about the risks involved, investing in an affordable property is your best bet.