If you are young and have started to earn well, one of the first key decisions you should take is to buy your own abode. Regardless of what a handful of know-it-all influencers say, or what your contemporaries might advise you — your grandfather’s wisdom still holds true. We all must have heard those pearls of wisdom a zillion times: Akhir apna ghar apna hi hota hai! (After all, your own house has its own charm).
But when you are geared to buy your own house — more often than not — you are likely to miss out on a number of things. Alas! you should not! So, to avoid that from happening, we are listing out ten key points that you must remember before you spend a fortune on this prized possession.
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Ten key points to remember before you buy your own house
Set your budget: Before starting to explore the market, it is crucial to assess your financial standing and therefore, you should set a budget. Taking into account your income, savings, and future financial goals will help you narrow down your options and make better decisions.
Research the market: Carry out extensive research on property prices, growth potential, and forthcoming developments in the desired area. Stay updated with market trends, government policies, and economic indicators that can impact property prices in the long run.
Location is key: Choose a location that suits your lifestyle, commuting needs, and that also has proximity to essential facilities such as schools, hospitals and markets. A well-connected and developed location is likely to see a higher appreciation in prices.
Developer’s reputation: Before deciding to buy a property, it is important to check the reputation of the builder, credibility, and prior track record. It does not harm to look for reviews, testimonials and if possible visit the completed projects to assess the quality of construction and overall satisfaction level among the residents.
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Understand legalities: Familiarise yourself with the legal aspects of property purchase, including documentation, property registration and stamp duty charges. Consult a legal expert to ensure all the legal concerns are taken care of and no disputes arise in the future.
Scope of resale: At the time of buying a property, it is vital to consider the potential of its resale. To determine the potential of resale, one can consider such factors as infrastructure, upcoming projects in the vicinity and the demand of properties in the area.
Calculate additional costs: Apart from the property price, make note of additional costs that you would have to incur such as maintenance fees, property taxes, registration charges, and monthly utility bills. Be prepared for these expenses when you do your calculation of EMI liability.
Choose a lender wisely: If you plan to finance your purchase through a home loan, compare interest rates, loan tenures and processing fees offered by different banks. Assess your eligibility and choose a loan option that best suits your financial goals.
Engage a real estate agent: Working with a professional agent can save you time and effort in finding the right property. They usually have incisive knowledge of the market, and can guide you through the process and negotiate the best deal on your behalf.
Don’t rush into buying: Buying a property is a big financial decision, so take your time rather than rushing into making a purchase. Carry out due diligence, visit multiple properties and finally make an informed decision based on your needs, budget, and future goals.