Want to buy a House? Here is the complete guide and checklist for buying a House.

By Abhay Shah, Realty Quarter

It’s not the simplest task to buy an ideal house. Some may wait for the perfect deal to come up while others may even spend a lifetime waiting to build or purchase the right home, but it may never happen. It’s certainly one of the greatest purchases in your lifetime, so you’d want it to go perfectly, whether it’s the first time or the last time.

If you are unable to save enough to buy a new apartment, it is when ‘planning’ comes in. It’s as essential to plan your financial aspects as savings. What are you supposed to think before you buy a home? Is it the area or the budget? Or will it be a preference between a large apartment and a vacation home?

Below is the complete checklist before finalising a House:

1) Budget: Choosing a budget is one of the most important home buying tips. This enables you to identify which type of property you’re going to buy. Do thorough evaluations of your finances before you begin scouting for a house to prevent a mistaken financial decision which will make the experience nightmarish. Determine what kind of expenditures, investments and additional financial obligations are there, based upon that, you have to add up all of your income. It will be simple to do a joint calculation, in the event of your wife, parents or children contributing to the purchase.  A thorough calculation will bring you a rough understanding of how much money you can spend on the house.

The primary goal after choosing on the complete budget is to split it into down-payment and the monthly EMI you can afford to let go of your income without having hard-pinched.

You can decide on the type and area of the house once you determine the affordable amount. The first payment you need to make is the down payment. Banks will finance up to 80-85% of the price of the property and the other 15-20% will have to be shelled out by you.

But don’t spend every last penny on down-payment or borrow from other sources. Beware of borrowing from sources such as family members, colleagues, or your office. Banks do not include stamp duty and registration fees in the estate price, so the customer alone has to bear the full amount.

2) Home Loan: With rising property prices, when you don’t have many options but to opt for home loans, look for a bank that will give you an easy house loan with the minimum interest rate. There are many websites that have online EMI calculators (mostly by home loan companies). You can use these simple tools.

Most banks and home loan financial firms have information about eligibility and the rate of home loans on their websites. Among others, the most popular are SBI, HDFC, ICICI Bank, and Axis Bank. You can compare which lender provides the most efficient loan after gathering the data of different lenders. Home loans are based on the location of the estate; also check for the developer’s background which can be obtained for both new property and resale property.

3) Location/Area: Decide on the location of your estate after your financial calculations have been completed. Where do you want your dream home to be exactly? Would you prefer a suburban or urban location? Would you like to live in an isolated peaceful society or near to the city’s main hustle-bustle? Can you compromise on travelling rather than staying in a crowded region? You should check your distance from public amenities, hospitals, marketplaces, shops, commercial offices, schools/colleges, police station, etc. before moving forward with the purchase.

Also, enquire if the location in the monsoon is affected and if the region is under the municipal corporation. Check if there is a regular supply of water and if there is a shortage of power in the region. Go ahead with the place only after figuring out these critical requirements. Remember that the property’s cost depends on the location and region. Some banks, in specific, do not give loans to black-listed areas, so be careful not to be cheated.

4) Type of Apartment: The task becomes simpler immediately after you decide on the budget, the amount of the loan needed and the place where you want your housing property to be. Next, you have to identify the type of house you want to own. This could vary from a flat, villa, duplex, penthouse, row house to a large bungalow. Before choosing the type of house, there are many factors you need to consider. The size and type of house rely on many parameters, depending on the size of your family to your professional requirements. Will your family grow larger whenever you’re in this house? Are you planning on getting a pet? Instead of a spacious bedroom, would you prefer a large kitchen? Consider this entire first as you are going to buy your dream house.

5) Finding the Right Agent: Most individuals are asking if they need an agent to hunt the perfect estate. Well, it depends on how well you understand the property industry and the city. Always go for a trustworthy recommended agent. If you don’t have access to such a person, double-check the credentials of the agents you trust to get the best deal for you. You can ask around about him/her before going on house-hunting. Negotiate their commission charges and do not blindly trust them when the deal is been finalized.