Four things nobody tells you about owning a house

Despite the ups and downs in the housing market, more people than ever have achieved their dream of home ownership. The global real estate market was valued at $9.8 trillion in 2023 and is predicted to reach $14.5 trillion by 2030. This is expected to be a compound annual growth rate (CAGR) of 6 percent from 2024 to 2030.

Not surprisingly, the Indian real estate market is currently valued at $493 billion and contributes 7.3 percent to India's gross domestic product (GDP), according to a Business Standard-Knight Frank report.

The market is expected to grow to $1 trillion by 2030 and $10 trillion by 2047. The key growth drivers include rising urbanization and disposable incomes besides a growing need for data centres.

Historically, home prices tend to rise steadily even through economic cycles. While buying a home can be one of the proudest moments in life, some lesser-known realities of home ownership can come as a surprise. Here are a few of them:

1. Buyer’s Remorse Is Almost Inevitable

Buyer’s remorse often affects first-time homebuyers, who may feel regret or doubt about their purchase. This feeling isn’t just limited to novices; even seasoned buyers experience it. After spending significant time choosing the ideal home, new owners might wonder if they could have found a better deal by waiting or searching longer. To ease buyer’s remorse, consider exploring different purchasing options. For instance, buying an off-the-plan apartment—a home still under construction—lets you take part in the design and finishing process, giving you more control over the final look and feel of your home.

Also Read: Five tips to save money for buying your dream home

2. Future Development Can Change Everything

Before committing to a property, it’s wise to research potential future developments in the area. A quiet neighborhood now might become busier if there are plans to build commercial centers nearby, increasing noise and congestion. Properties on large plots near cities are often earmarked for future residential development, meaning that the peaceful, remote setting you love might evolve into a bustling area. To avoid surprises, investigate local planning information about developments slated to start within the next few years, focusing specifically on your neighborhood.

3. Wait Before Decorating Your New Home

It may be tempting to jump right into decorating and renovating after moving in, but waiting a few weeks can offer valuable insight. Living in your new space for a short period can reveal how it functions day-to-day and help you make better choices for furniture, layout, and decor. After a few weeks, start planning the design based on your experiences and observations. With patience, you’ll create a space that truly reflects your needs and preferences, making it a home you love to live in.

Also Read: Five points to keep in mind while taking a home loan

4. The costs of buying and owning a home

There are lots of costs involved when it comes to buying and owning a home. These tend to be underestimated. You will have the initial cost of the deposit for the property, which is the main focus as it can be quite substantial. What many people neglect to think about are other costs associated with buying a new property. For example, legal costs, real estate agent costs, mortgage costs, and more.

You will then need to pay for all the things that you need to set up your home. You will need to clean and decorate your home. In some cases, this might also involve renovating it. You will need to buy all the furniture to be comfortable.

In addition to buying and setting up the property, you need to consider the monthly costs of owning a home. You will need to research to find an internet provider that works well in your area. A good company to look at in this regard is Viasat Internet. You will also need to look at utilities, such as gas, electricity, and water. All these costs need to be considered when you are buying a property.

Also Read: Buying vs renting a home in India

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