Factors Influencing Our Decision to Buy A House
January 1st, 2020
Owning a house is much more than just four walls – it is an investment of a lifetime and a dream come true. Whether an urbanely designed apartment or a sprawling suburban villa, or a cozy residence to pack the family together, we all desire to own a house at some point. However, finding one’s perfect home is not an easy task. Every one of us have different need and idea of home, dictating our choice of home. Some of the key factors that influence the choice of one’s abode include:
Pricing – One of the most crucial factors, price is the first step in the search for the, especially in a price sensitive market like Oman. And, price and consumer buying behavior are always correlated. The costs are not restricted to only monthly EMIs, it also includes other related costs such as registration and stamp duties, utility, association fees/ maintenance fees, and interiors. These are equally critical and add to the overall budget. Additionally, lower interest rates on home loans as well as the income tax reduction on the same are as important as other costs. Smart pricing of properties is always an immediate infuser in converting visitors into customers.
Location– While buying a property, location plays an equally important role, along with price, in finalizing one’s dream home. Location preferences are primarily governed by factors such as city centre, easy commute or proximity to work, access to basic and emergency services, and other important services.
Features, size and lay out-Once the initial price and location are narrowed down, the next big step is finalizing the look, feel, view and layout of one’s permanent abode. A dream home is much more than merely meeting needs; it’s about fulfilling one’s wishes. Some may dream of waking up each morning to watch the sunset rise over a lake, while others hope for picturesque snow-capped mountains or ambient greenery. Size of the bedrooms, balcony, spacious living rooms, architecture – all go a long way in fixing the property one wishes to invest in.
Seller reputation– Image of a brand is of utmost importance when choosing a property. Seller reputation plays a significant role in customer’s buying behavior in real estate aspect. Positive image always proves beneficial and results in increased sales and revenue. On the buyer front, safety always correlates to – on time delivery, litigation free property, sanctioned approvals, quality and good customer service. Hence, bad reputation on these counts might resist buyers from opting for the brand.
Due diligence- Before one takes that all important decision of closing the deal, due diligence is must do! Approved legal documents, no-objection-certificates (NOCs) from the water and sewage board, the electricity board, and the pollution control board and commencement certificate (CC) from the civic authorities is really essential for both, buyers and developers to keep away from lawful issues. In order to not to get into any legal soups, buyers pay utmost attention to due diligence that saves them from legal problems in the future.
Return on investments – The entire process of buying a house bears varied meanings for different people. For some, it is an emotional process, while for others it an investment for a safe future. When a real estate decision is made purely for investment purpose, return on investment becomes the priority. Localities and brand that fetch high resale or rental value influence buyers. A house is not just a calculative investment but an passionate one as well. It is a place where one finds solace; it is a place where memories of lifetime are made. Who understands these dynamics and pulse of the buyers better than Malik Developments? Malik Developments is a brand that is synonymous with trust and top-notch quality. Over the years, it has successfully delivered dream homes to consumers across cities, across segments, becoming the most desirable real estate brand.