Home Buying Tips

February 27, 2023
DD Planet

Home buying is a big decision of life, especially when you are purchasing it for the first time.

Here are quick tips to help you take the right decision:

1. Make a budget, decide the down payment you can pay straight away and the loan component you can afford.
2. The loan you plan to take and the tenure of it must be comfortable to your income. You must not overstretch it to avoid a loan-trap.
3. Make sure you have enough money for the down payment. If not, make a strategy to save for it as early as possible.
4. List down the localities, areas and the size of the house that can be targeted within your budget.
5. Depending on your income level, you may decide whether you should go for a ready-to-move property or a property under construction. The main criteria here would be affording a loan EMI as well as paying rent in case you decide to go for an under-construction property.
6. Decide what fits in your budget and whether you need a flat or independent house or a builder floor.
7. While finalizing the property, make sure the builder is a reputed one, the property is registered under RERA (check it online as well).
8. Read all specifications of the property. Do proper due-diligence. Check all papers. The bank representative would do it for you but you must also get all the documents verified yourself. If need be, take the help of an experienced person known to you.
9. Make payments in the name of the owner only.
10. Don’t feel shy to visit the property again and verify everything until you’re fully convinced. List what all you need, where you can compromise and where you cannot.
11. Make sure you have checked the location, amenities, environment, neighbourhood, road access, availability of day-to-day grocery items, proximity to basic market and facilities, school and so on.
12. Complete all the loan formalities in advance before signing any document or giving token money. You must have a pre-approval letter in-hand. You must also be aware of the prepayment penalty and other costs involved in the loan.
13. Keep records of each and every transaction – both soft copy as well as a hard copy.
14. Negotiate the best deal. Research a bit to find the comparative rates in the nearby locality and apartments.
15. Don’t go beyond your budget. If it is a must, consider only that much variation which can easily be absorbed within your income with ease.
16. You must not forget to include the monthly maintenance cost involved since you’ll have to pay it on a monthly or annual basis. Also ensure there is no other hidden or overhead cost involved.
17. Lastly, remember no one can time the market. If buying it for the first time, any time is the best time.