Making the decision to buy a home to call your own is indeed a major one. Not only is it going to be one of the biggest investments of your life, it’s also a one-time experience for most people.
This makes buying a home a bitter-sweet experience, exhilaration because you are finally going to get away from nagging landlords and become independent with your own home, a space that’s exclusively yours! The bitter side to buying a home comes with the loans, bills and the numerous pitfalls just waiting to catch the unwary home-shopper! Here’s a short list of tips that you should consider before buying a home.
Bank loan – You first need to go shopping for a home loan as different banks offer different rates as well as terms and conditions. You also need to know how much loan you are eligible for as this will help you in choosing the home that fits your budget.
Know your Budget –As it’s not just the EMIs, but other expenses like property taxes, utility bills, maintenance charges, homeowner association dues, etc, that also chip in, you need a comprehensive idea of how much you will need each month.
Location – This is one of the most crucial points as your home needs to be accessible to most daily-need facilities like grocery shops, ATMs, hospitals, pharmacies, a bus stop, a railway connection, schools and colleges. These features aren’t just important for you, but also for the future salability of your home.
Neighborhood – You need to stalk your neighborhood, during both day and night to check what the local activities and traffic situations are like in the area. If needed, take a stroll down the street and chat with the neighbors about water and electricity situation in the area as well as any existing problems.
Future needs – Does this home fulfill your foreseeable future needs like sufficient rooms for growing kids and/or ageing parents. Are the amenities and designing suitable for you as you age…..that’s in case you are planning to live in this home for the rest of your lifetime.
Builder – It’s essential that you go with a reliable branded builder who would think twice before sullying their reputation by providing sub-standard homes.
Amenities – You also need to check whether all the things mentioned in the shiny brochure actually exist on ground.
Investment – It’s wiser to invest in a home in a location that’s going to go up in value.
Property Lawyer – Hire a property lawyer once you are done doing your best. Let a professional property lawyer go through the documentation process in case there are any loopholes.
Signing – Once the lawyer has given you the green light, go ahead and sign on the dotted lines!