Buying a house can be a tiring and complex process, especially for first-time buyers. From finalising the location to managing a budget and other legalities, there are a whole lot of things that need to be taken care of. If you also have been looking to get the house of your dream but aren’t sure where to start, don’t worry. Here’s a step-by-step guide on things you should keep in mind while buying a house.
Budget
Firstly, you need to decide the budget as per your earning, and the need of your house. Most people buy a house through financing, so you also need to make sure that the EMI does not take up the majority of your monthly earnings. If you make a good down payment, you can lower your EMI.
Location
Once you have locked a budget, the next thing is to finalise the house and its location. Decide on what type of BHK property you would need and other accompanying facilities. It is also essential to look at the location and locality of the house. The proximity of the house to amenities like hospitals, schools, malls and other parts of the city should also be considered. Properties with prime locations have better prices in the market.
Resale Value
While locking a house, many buyers fail to consider the resale proposition of the property. A good location alone does not guarantee a good resale value. There can be other facts that can hamper or boost the future prices of your property. Before finalising a house as per your budget and needs, it is also important to do a thorough research on the resale value of the property.
Rental Rates
The rental rates can also be a key indicator of a property. Properties in high rent and densely populated areas can be a good option as they offer the flexibility of extra earning through rent, whenever needed.
Financing
The home loan eligibility of the buyer depends on their repayment capacity and earnings. Before applying for the loan, you should check the eligibility criteria of various lenders and lock in the best available deal. Another thing to consider is the EMI and its share in your monthly earnings.
Stamp Duty, Registration and Other Fees
A key aspect of any property deal, tax and duties levied by the government should also be considered in deciding the overall cost of the purchase. These charges and fees are mandatory and any effort to avoid them can invite legal trouble. Go through the details of applicable stamp duty, registration fee and other applicable fees of the area where your property is located. Ensure to get the documentation completed to avert any trouble in the future.
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