For new homebuyers, it could be daunting to look for just the right home that fits in their budget. Additionally, it is quite difficult to understanding the real estate market and also an essential element, before starting to search for houses. At first, you should gain knowledge about what the market rate is like and which are the areas that can be of your interest. Moreover, have a budget in place so that you can narrow down your research. Also be sure whether or not you are going to take a home loan, what will be your deposit, what’s your plan of action to repay this loan, etc. These factors will help you finalize on a property that you wish to buy or invest in. Here’s a complete list of do’s and don’ts that will take you through the process of buying a new home without any possible errors.
Must do’s for homebuying
1. R&D comes first always. Check popular home buying
and selling websites to gather all the necessary information. You can hire a professional or a real estate agent too, to do certain things for you. Although, don’t rely on this person completely. It’s always a good idea to have your own knowledge and research. Look up for information on as many web sites as you can so that you know the fine details of the business, which you otherwise might not be able to know while dealing with agents.
2. Check your credit standing beforehand. It is important to correct these numbers. If your credit behaviour has not been decent enough in the past then you would need to rectify the behavior very soon. Properties in Bangalore, Mumbai and other such metros are expensive and you would require a home loan to buy a home here.
3. Explore the area which you want to stay in. Is is next to the railway station, airport or the metro, will you be able to reach to the nearest important connecting highways of the city with ease, are schools or colleges, nearby, etc. These is one of the major factor to decide whether a home is within your budget or not.
4. It is a good practice to consult few professionals while buying a home. You can get in touch with a real estate agent, attorney, mortgage broker, home inspector and others for technical details and suggestions too.
5. You wouldn’t buy a home every now and then. Hence, you should try to buy the best when it comes to buying your first home. If you are not ready for a lavish investment right away, then another good option towards achieving this goal would be rotational investment in properties. Because the property prices rise high every time, this is beneficial. Do your math correctly and couple it up with right predictions and information right before investing. But if you wish to buy your dream home right away, then foresee the market and necessity of next 10 years and analysis whether the size of the home and locality is apt or not.
Don’ts for home buying
1. Do not finalise on the first home that you see. For that matter, the first few homes that you see. Your investment is going to be huge, and you wouldn’t want to regret later for investing in the totally wrong property. Analysing different localities and properties is a must. For example, if you’re looking for properties in Bangalore, then you shouldn’t just stick to Koramangala but also check properties in Indiranagar.
2. If a property is not within your budget then you shouldn’t really go out of your way to buy it. Remember the budget you had set before beginning to hunt for properties? This is one of the reason to do so: not compromising on the budget for a property . You must have decided your budget keeping every aspect in mind, then do not change it the end minute. That decision might not be in your favour later.
3. If you wish to just invest then you have a wide scope of properties. But if you wish to stay at a place for a long time then you would narrow down your preferred localities. Never look for properties keeping both the things at an equal importance. One would definitely take a higher position to let you choose wisely.
Jeremy Low is a renowned real estate consultant and business columnist. He is a famous property analyst and his predictions have always amazed the real estate industry. At present, he is a property consultant in India and assists people to buy properties in Bangalore, Mumbai and Delhi.