Buying your own house is a big achievement, a milestone that provides a sense of ownership and stability. However, the decision to buy a house also comes with many considerations and challenges. You need a proper checklist containing every detail and point you want in your new home.
Start by establishing your objective of buying a home. Do you want it for self-use or investment? Then, move on to the essential factors so you can invest your money wisely in the right house.
We know the entire home-buying process can be stressful. But no worries—we are here with all the key tips you need to follow when buying a house, making your journey hassle-free and quick.
Check for Bank-approvals
The first step when buying a house is to check if the project is approved by a reputed bank or not. If a bank verifies everything, it means the project is legally and financially compliant. Once you are assured that the project or property is approved by the bank, you can add it to your list of houses to consider.
Stick to Your Budget
Many home buyers often face difficulties in sticking to their budget, which can lead to a few issues in the future. So, start analyzing your monthly expenses, categorize them, determine how to optimize your spending, and then create a budget to buy the house.
You can use various online apps and tools to set your budget or seek help from a finance expert. Make sure to track your monthly income and expenses.
Consider the Amenities & Specifications
Now that you have a budget, you can consider the facilities and amenities that you can expect in that budget. Select the type of property, take into the account the lifestyle you want for your family, and check all the facilities offered by the property.
Tax Benefits
Homeownership offers huge tax benefits, so make sure you are aware of these benefits. If you take a home loan from a bank, the interest you pay can be used to avail of property tax benefits when you use an interest statement. Read and learn local property tax regulations and talk to a financial advisor for better understanding.
Compare Home Loans
Don’t just focus on researching the property type and location to buy a house; compare home loans to narrow down the best options. Interest rates may vary depending on the bank and RBI regulations. You must also consider various other aspects, such as late payment fees, processing fees, pre-closure charges, etc. Once you compare all the charges and fees, you will have complete insights into the cost of borrowing, which will help you make informed decisions.
Review Maintenance Costs
Don’t expect that you will find a ready-to-move house. In most cases, buyers get semi-finished, semi-furnished property, which requires a lot of work, repairs, and maintenance.
So, while exploring houses, make a note of all the maintenance costs you might have to incur before moving. Also, if you buy a flat in a society, you must pay monthly maintenance costs for various amenities and facilities. Be prepared for it and plan accordingly.
Prepare for Other Expenses
Down payment and maintenance costs are not the only expenses to add to your list. There are other costs, charges, and fees involved, such as stamp duty, brokerage, registration cost, memorandum of title deed charges, interior decoration, water and electricity connection, and so on.
Legal fees and home insurance are also included. Yes, you can’t factor these expenses accurately. However, it is better to have an estimate and strategize accordingly to avoid any last-minute delays.
Explore Social Infrastructure
Before you finalize the property, check for its social infrastructure and connectivity to key landmarks and basic facilities, such as schools, hospitals, markets, stations, bus stops, etc. The area must be well-connected and easily accessible.
Conclusion
Buying a house comes with its own challenges, especially when it comes to legal formalities and compliance. However, a little bit of attention to detail, meticulous research, and expert help can go a long way.
So, don’t hesitate to ask questions, put forward all your concerns and requirements, and hire a trusted real estate agent to make your home-buying journey smooth and profitable.