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.
Akash Pharande is Managing Director – Pharande Spaces, a leading real estate construction and development firm famous for its township projects in Greater Pune and beyond. Pharande Promoters & Builders, the flagship company of Pharande Spaces and an ISO 9001-2000 certified company, is a pioneer of townships in the region. With the recent inclusion of Puneville Commercial into one of its most iconic townships, Pharande Spaces taken a major step towards addressing Pune’s current and future requirements for fully integrated residential-commercial convenience
