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10 Things To Consider Before Buying A Home

IndianMoney.com Research Team | Posted On Thursday, June 06,2019, 11:48 AM

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10 Things To Consider Before Buying A Home

 

 

Would you like to buy a house? It is always good to buy a house instead of residing in a rented apartment. Its peaceful staying in your own house. Buying a home is a very crucial financial decision because of the high cost involved. Sometimes, the cost of a property may go beyond a crore. You have to check many things before buying a house to be on the safer house.

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See Also: Things to Know Before Buying a Residential Apartment

10 Things To Consider Before Buying A Home

The article outlines 10 important aspects to be checked.

  • Appoint a legal consultant/lawyer by paying his or her consultation fees to check if all the property and land documents are in order. Many home buyers don’t hire a lawyer and end up with legal issues at a later stage. The property you’re going to buy has to be legally compliant if you must sell in the future. However, hiring a lawyer is essential to avoid all these hassles.
  • Do not forget to compute the overall cost of property ownership. It includes registration fees, stamp duty, maintenance costs, traveling expenses, property taxes, (including parking charges), infrastructure costs and so on. This enables you plan and manage finances well.
  • If you are buying an under-construction apartment, an important aspect that must be considered is the actual usable area. Under the difference between carpet area, built- up area and super built-up area. Check if you are comfortable with the space you actually use.
  • Check if existing occupants in the same building are comfortable residing with you. They must be like-minded and share common interests. Conflicts may arise if you don’t pay attention to this detail. Some buildings may have 1 BHK, 2 BHK or 3 BHK apartments. Understand your neighbors better for a healthy living.
  • You buy a house either to reside or to give on rent. If you’re planning to rent it out, you must perform multiple checks to ensure that it is an ideal property. Tenants want shopping malls, schools, colleges, hospitals, working places, vegetable stalls, railway stations, bus stations, cinema theaters close to their home. Consider this point before renting out the apartment.
  • You have to be very cautious when buying an under-construction property. Speak to the residents of the location to check if basic amenities (water supply and power supply) are in order. Check the level of safety. Check for overall convenience.
  • Don’t pick a house in a noisy area. The atmosphere has to be people-friendly. You don’t want your family suffering from diseases because of air and noise pollution.
  • When buying a house as an investment, look at the possibility of an appreciation. Look for upcoming projects and their feasibility.  If your house is near a metro station or an IT hub, the property value appreciates quickly.
  • Get an idea on the brand reputation of the builder and get feedback from people who have already bought apartments in the building.
  • As a first-time home loan buyer, you have many home loan lenders like banks, NBFCs and HFCs to choose from. Maintain a good credit score and check credit report and score before availing home loan. IndianMoney.com has tied up with Experian to give you the credit report and credit score, free of cost.

See Also: How To Buy A Flat?

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