First Time Buyer? What You Need To Know Before Buying a House

Ready to buy a home? Buying a home is one of the most significant financial decisions you’ll make in your lifetime. From figuring out pricing to why you should consider a realtor,  here are Things You Absolutely need To Know About Buying a Home:
  • End-use of the property  

Before deciding on the property itself, question your reason for purchase. Will you be staying there or is it for investment purposes? This will help you determine a lot of things – like location, size of the property and the trade-offs that need to be made.

  • Make a house budget

At the time of purchase, you should try to first gauge the amount you can afford to spend on a house given your income. After discovering this amount, you must try to find a place which costs around 15% lesser than your gauged amount.

Setting a reasonable spending plan for your new home will make it easier for you to realize how much money you can afford to shell out both for a down payment and for the monthly installments.
  • Goodwill of the Builder and overall Brand
Before you buy a property, it’s important to have a look at the builder profile and his overall history. How many projects he has already delivered, How much delay was there, Go to the website of the builder company and check old projects and ongoing projects. Search on the internet with the previous project name and you should be able to find some important information about it. See what people are talking about the builder and property.
  • Connectivity to your Workplace 
An important parameter to look at before buying a property is the distance between your workplace and the property. It’s something you have to deal with everyday. A property which is 3 km away from your workplace is very different from the property which is 12 km from your workplace. Long Distance might mean inflated fuel cost, time lost in travelling and getting frustrated and burning out each and every day for many years to come.
  • Connectivity to Schools, Hospitals, Transport, Markets etc
You should check how far are schools, colleges, hospitals, markets, shopping places and bus/train stations from the property. It should not happen to save the money on property but then spend it travelling your kids every day to school. The access to other important places is also very important.
  •  Amenities Offered
You should also check what kind of amenities are offered along with property. Things like club house, parking, lift, power backup, swimming pool, gym are some of the amenities. Now you might be a simple person who wants minimal things, but if you want to make sure the property has very good resale potential, you might want to look at these things. After all, all these things will matter to you or people connected to you and if not anyone, may be the next buyer from you will look at all this.
  • Construction Quality
When you go to look at properties, check the construction quality. What we mean by it is check the walls, their overall look and feel, how is the finishing done, Does it look premium or the paints look as if it will come out very soon. Check the wiring, fitting, tiles quality etc etc. If it’s an under-construction project, the only option you have is to search on the internet about the builder and its past project experiences and what previous buyers are saying about it . Just put the builder name or any previous project name along with “+ construction quality” words on google and you will be able to get some ideas.
  • Locality and Kind of people living around
You should also check the overall locality and who all are living around. Are you comfortable there, will your family be ok ? Will it be safe at night ? Will your wife/mother be able to go on a walk for an hour in-case they wish to ? These are some questions you need to answer before buying the property.
  •  Take a Final Look
A final look is a chance for you to see the property before it turns into yours. It’s a smart thought to have your broker there who can go with you for this final stroll through.
  •   Close the Deal
When you are fully satisfied with the property, the house inspection, the price and the final walkthrough, you can finally close the deal. You must read the whole contract before signing and make sure all the details are correct and more importantly, spelled correctly. When the deal has been signed, the house is authoritatively yours and you’ll get those house keys.

Archi’s Galaxy © 2018-19. All Rights Reserved.

RAJ/P/2018/788   ↓ Rera Summary

Disclaimer: The information on the site is presented as general information. The layout plans, the images, displayed over the site are just for reference purpose, there could be variation at the actual plan site.

First Time Buyer? What You Need To Know Before Buying a House