Tips before buying a house

Tips before buying a house Buying Guide

Buying a house is an enormous investment and there alot of aspects one has to keep in mind before taking that jump. One needs to pre plan and keep these tips for buying a house in their mind. While buying a new house there are several factors one needs to consider:

1. Budget:
A proper budget has to be planned before making this huge financial decision. Buying a house is not an easy task especially if you are planning to buy it without an agent.  While selecting the property you need to make sure that it fits your budget and for that you really have to pre plan and pre set your budget. Planning to buy a house which exceeds your budget may make things difficult in the future. 

2. Find an Agent:
Buying a house without an agent is a tedious process. An agent is well acquainted with the properties available and the current market price for the same and he will suggest properties that meet your needs and guide you through the negotiation and deal closing process.He has a keen attention to detail and may know and observe several things which as a first time buyer you may be unaware of or may neglect. 

3. Important details:
There are several things you need to consider before finalizing the purchase, if it's a new project, under construction or ready possession you need to know the builder's credentials to know the quality of the construction, if the building has received OC from the civic body, and how well connected it is by rail and road.

4. Rental rates and resale value of the property:
If you are buying a flat as an investment, you need to check how much rent you would receive for that house and how much appreciation you can expect in future . 
If you are buying the house to live you need to check the monthly maintenance charged and the amenities offered, your maintenance is a fixed monthly cost and you should know if you can shell out that much money per month comfortably. 

5. Credit score:
A credit score is none other than consumer's creditworthiness. If you are going to buy a house with the aid of a loan, the bank will check your credit score before approving the loan. The credit score depends on your payment history, credit history and several other factors and low credit score hampers your opportunity to get a loan.

6. Most important costs that one needs to pay attention to:

  • Stamp duty and registration- A certain percentage of the flats value is to be paid to the government in form of tax by the buyer.
  • Agent fees- The agent fees need to be paid to the Real Estate Agent who is representing you in the deal. 
  • Maintenance and property tax- Maintenance is charged by the society mainly based on your flats area and the amenities the society offers. It’s supposed to be paid monthly or yearly. Generally when you buy a house in a new building from the builder, the builder charges you around 2 to 3 years maintenance beforehand. The property tax is supposed to be paid by all the owners to the government.
  • Parking- You need to check if the parking is provided with the house or you need to pay extra for it. 

 These are the most important factors you need to keep in mind before buying a house. You should ideally buy a property through a registered Real Estate Agent and inspect the property carefully before making the purchase. 
Refer to our buying guide for more information.


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