How To Buy Your First Home Dont Forget This Checklist Before Taking Decision

Home Buying is a very important decision. Often people have to repent after buying a house on the basis of advertisements or hearsay of the builders. For this reason, it is important that you consider some important things before taking the decision to buy your home. Buying a home is a decision that is taken after many years of preparation. Once a house is bought, it is not easy to change it. In such a situation, a house should be bought only after careful consideration of all the factors. Let us know what are the basic things to consider while taking the decision to buy a house…

Location of the house being bought

Whether it is a city or a village, the first important thing to buy a house is the selection of the location. Especially if you are buying a house in the city, then it becomes even more important. There are problems in this due to the rising prices of houses and low inventory at good locations, but not buying a house in the right location can prove to be a big mistake. Where you are buying a house, if there is less settlement, there is no adequate system of public transport, there are no facilities like schools and hospitals, then do not buy a house in such a place because of cheapness. Due to this, the cost of your daily commuting will increase and time will also be wasted. Also, the price of the property will not increase, so buying a house from investment point of view will not be right.

Home Loan Offers

Home loans are easily available from banks and NBFCs to buy or build a house. It is better to take pre-approval from the bank for home loan. By assessing your ability to repay the loan, banks tell you how much loan you can get. This helps you in preparation. It is also known that how much fund will have to be raised for the down payment. Talking to more than one bank about this, there are chances of getting better offers. Maybe some other bank will finance you more, or you will get some concession on interest.

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Down Payment and Other Costs

Seeing advertisements on TV, newspapers or social media, people at home think that they only need an amount equal to the base price, which is shown per square meter or square foot. but it’s not like that. You also have to pay other charges including swimming pool, club membership and parking. GST has to be paid on taking an under-construction flat. Apart from this, at least one year’s advance maintenance, stamp duty and registration charges have to be paid. A huge amount is spent in these and banks do not finance these expenses. You need to arrange it yourself.

Don’t trust the builder blindly (Builder’s Offerings)

Builders make many promises while selling the house. However, later it turns out that many of these promises were hollow. In such a situation, before buying a house, you should take information about all the facilities in writing from the builder. Oral claims cannot be legally challenged. Whether the builder has got the occupancy certificate from the concerned authority or not, whether the project is registered under RERA or not… Must check these things. It is also necessary to collect information about the registry.