Your child is all grown up and they need to start their life independently, your child may be too busy with their professional schedule and it’s you who need to guide. Your child might not be well aware of investing in real estate properties and dealing with the same, so help your child find out their ideal residential properties in Lucknow, where both of you can stay in touch, and keeping in mind about their safety and security. Here are the tips to help your child buy their first home:
Tips to Help Your Child Buy their First Home:
- Income: Understand the income of your child and how much he can spare each month to repay the loans. If your child is married and the couple has a steady income and also sharing expense, automatically you can search for luxurious residence too.
- Budget: Before house hunting helps your child to fix a budget, many times it is seen that people end up buying an expensive home and running a monthly financial crunch. A fixed budget will help you to streamline the needs of the house within the budget.
- Agents/ Self: Real estate agents are expensive in order to curtail the added expense that you can search homes online and visit the site which appeals you the most. In this way, you can shortlist and compare the properties. Anyways the agents are a reliable source and can show many properties not listed online.
- Loans: Loan approval are one of the major factors, every bank has a disparity in their schemes and repay option. At least approach more than five banks and compare their interest rates and schemes also understand your child’s credit score.
- Paper works: When you are about to finalize the house, check every no objection certification and the mandatory government approval certificates issued for construction. Also, run a cross check on the builder for learning about their previous works or any other issues.
- Locality: While selecting the house for your child always inquire about the locality and its neighborhood. It is always better to select houses in close proximity to public transport, hospital, schools, supermarket, office etc.
- Housing amenities: Now a day most of the modern residential houses/ complex offer in-house club facility like swimming pool, gym, badminton/ tennis courts etc. so do check out the residential amenities and activity area along with their charges.
- Security: Though most of the modern housing features a digital security system monitoring all over the building and many with the entry point surveillance camera. Check out the internal and external security of the building.
- Maintenance fees: Nowadays the luxury amenities featured by the building or complex have separate membership and monthly charges, although the membership charges can be wooed if negotiated with the builder, do compare with other shortlisted options
- Inspection: The builder may not use high-quality material for the flooring, ceiling, room doors, especially the bathroom fitting. Before finalizing the deal get a thorough inspection done by a professional, as you may not be able to renovate easily.
It’s a tough emotional turmoil you have to go through when it comes to separating with your child, but not to forget every adult needs their personal space and as parents, you have to respect that too. As a fact, you can even shift your residence to the same building or complex, as the real estate is booming and could be beneficial to invest and also stay close to your near and dear ones while giving them full privacy.
Owning the first house/ apartments is always an overwhelming feel, and one of the assets to keep. Therefore, it is advised to keep every approach under consideration so that you can choose the best 2 & 3 BHK flats/apartment in Lucknow for you and your family.