A house is not only a basic human need but also a means to reflect your status and pride. In India, a house is a status symbol that makes people buy the best and grandest house for themselves. However, for a first-time homebuyer, purchasing a house could be a tricky task.
But worry not, for here is a home buying guide that can help you buy your dream house. Read on to find out more.
- Visualize your dream home
The first step you must do is to decide the kind of house you wish to buy. Do you wish to buy an apartment, a duplex or a bungalow? Should it be in a remote location or amidst the hustle-bustle of the city? How many rooms do you need? Do you have specific facilities or amenities that you wish to have in your home? Answering such questions would help you zero in on the location or properties from the plethora of options available.
- Prepare a budget
Decide the amount of money you are ready to spend on your dream home as it would make searching for a home easier. You can exhaust your savings or apply for home loan to buy your house. When you have a budget in mind, you can easily decide the loan amount and tenure of the home loan. While you are determining your affordability, it would be best to take into account the overall budget, including the amount needed for furnishing and moving in the house.
- Inquire about a home loan
If you plan to take a home loan, you would have many things to figure out. Whom should you take the home loan with, what should the tenure and home loan EMI be? How can you avail the lowest interest rate and best features, etc.? Once you zero in on the lender, check their eligibility and documentation. You will also need to check if they have facilities like a top-up loan, seamless online interface, etc.
- Do thorough research
Whether you plan to buy the house through your savings or by opting for a home loan, ensure to research all the aspects. Carry out due diligence about the building project and the builder to ensure that it is approved and legal. Ascertain your current and future needs while choosing a house, considering your family needs and convenience. Recheck the neighborhood and location. Ensure that it is close to basic social infrastructure like schools, hospitals, markets, police stations, railway stations, etc. Moreover, the area should be safe to reside in. It is also crucial to consider the location if you plan to sell the house later. Your house should be easy to sell and should have a good return on investment.
- Consult a professional
Home buying is a complicated process. There could be some processes and steps that you would not be able to understand or execute. You would need help in documentation or paying property taxes and stamp duty. A professional can, not only help you find the right house but also help you in the buying process. Even if you do not hire a professional, ensure to communicate with the lender to avoid any inconvenience later.
Purchasing a house can be a daunting process. It can be stressful and equally confusing. However, it’s a long-term investment where substantial amounts of funds are involved. Therefore, it is best to be aware of the process of home buying beforehand so that it is a pleasant experience for you.