Buying your house is indeed a milestone achievement that comes with a sense of pride and security. It is a noteworthy purchase that is both expensive and done only once in many years. That is why it requires you to act decisively so that you donít regret your decision later.
However, many of you ignore certain crucial aspects related to purchasing your home, either due to lack of knowledge or time and then end up buying a house with many pitfalls. But by then itís too late. Therefore, we have made a list of things that you need to check before zeroing doing on your dream house.
Things to Check Before Buying a House
Since, buying a property comes with many legal conditions, therefore, hire or keep a lawyer in the loop, so that you can get clarity over many matters. You can get all relevant legally binding documents checked from him. There is use of real-estate jargon concerning title deed, approvals from various corporations, occupational certificate and land use, which you as an ordinary buyer may not understand. Because of this, you may not get a fair deal, only to realise later. Therefore, pay a nominal fee to the lawyer for his services and save yourself from regretting after the purchase. Once youíve done this, then check for the following things-
- Estimate the Total Cost of Ownership
When you buy a house, you donít just pay money to the seller or real estate owner, but there are several other formalities whose cost you will bear. From stamp duty to registration charges and parking charges, there are many costs that you will need to meet. So, evaluate such costs properly before finalising.
Moreover, while moving to a new place, you should also check for furnishings and wooden work. In case youíre looking for a house which has wooden cupboards in all the rooms and kitchens, then check appropriately for the same. If you make the payment and then realise that something is missing, you may have to spend money on such things from your pocket.
2. Check Usable Area
It is essential that before buying, you fully understand from the real estate owner that what will be the final usable area of the apartment that youíll get. This is even more important in the case of flats which are under construction. Most of the times, the sale is made based on the super-built up area. However, on getting possession, you realise that the actual space that you got is much lesser than what was promised. So, as a consumer, check it beforehand so that you donít feel cheated later.
3. Look into Supply Systems and Other Services
After shifting, you will require the supply of water and electricity, and facilities (both in and around the house) related to safety and security, domestic help, fitness centres, day care, medical care, schooling for your kids, metro stations, among several other such things. So, ask residents of the society and carefully check the distance to the metro station, school, hospital as well as availability of domestic help, shops nearby.
4. Check for Best Loan Rate
If youíre purchasing the house through financing a home loan, then make sure to check various plans, so that you can get it at the most economical rate. You can even apply for a home loan online by checking the specifications of different banks to see which one suits your plan. To get an advantage, you can also explore rates for woman co-ownership or senior citizen, if they are applicable so that you need to pay lower interest rate later.
Housing loan offered by reputable banks like Axis Bank comes with minimal documentation, ranges between a value of Rs. 1,50,000 to Rs 1500000 and has a repayment tenure that may fall between 12 to 60 months. This means you can get financial support in realising your big goal in a hassle-free manner.
5. Check Builderís Performance in Other Projects
If you are planning to buy an under-construction house, then you must pay a visit to the buildings already delivered by the builder. This will help you check the quality of his construction along with the pitfalls in overall development.
You can even ask the occupants of the builderís previously delivered buildings on whether the delivery was done in time, their level of satisfaction concerning the materials used and other such things. Based on this knowledge, you can either instruct the builder to change certain things or cancel or finalise the contract.
Buy Your Dream Home in an Easy Way
If youíve been postponing your plan of buying a new house, then stop delaying. Give your family the joy and security of a new home by taking a home loan and buying your house at the earliest possible. Look for Home Loan India, and then identify the most suitable plan to realize your heartís desire.
So, look for the things mentioned above to get the best deal and the best house for yourself. Then, move into your home sweet home to create memories of all kinds.