Having your own comfortable home is dream for all of us and many of us, struggles to find a perfect home in budget. I remember, when we were looking for our dream home, it was a long and tiresome process. As we were house hunting on our own and have no clarification on, how to proceed.
After, not being able to find our dream home, on first attempt, we sit together, and noted down few things that we should consider for the house hunt process. And these points made our house hunt easy and now we are living in our dream house.
So, here I am, sharing pointers you as a buyer should consider before purchasing the house.
Step by step guide for buying new house:
Budget: Decide on the budget that you need to stay in and stick to it. You need to make a proper budget and plan your expenses, saving and amount towards house installments, in a way that there are no clashes. You should make sure that the property you are buying will fullfil your present requirements and be within your budget. As a property buyer, understanding your family’s present major needs will help you make the right decision.
Location: It is the most important thing to choose. Examine the location and the locality thoroughly. It is always good to stick place close to the prime location of your city, that assures you can get a better home in your bugdet. Location is major point in deciding your house resale value. You house is your major investment, choose wisely.
Rental rates in the area: Rental rates in area, gives you a fair idea about cost of property in the area. If you are buying the house, just for investment purposes, buying one in a high rental area is a better choice.
Good Resale Value: Resale value is one of the most important thing to consider while buying propert. And it should be considered with top priority. Resale value depends on location and many other factors. So, you need to make sure that if you ever need to sell the property, you get a better resale value.
Loan eligibility: Home loan eligibility depends on your income, existing loans or debts and age of the loan applicant and repaying capacity. There are many loan or mortage calculators available, that can give you a fair idea about your loan requirement and estimate your loan. While calculating my payments, I used many online portals and I found Mortgage Calculator UK most accurate, it is originally catered to the UK market, but the monthly payments math works the same just about everywhere other than the currency units and prices. The site also have features that help you estimate affordability and many other factors.
Stamp Duty & Registration Fee: This is also an expense to be considered. While planning your budget for property buying and deciding to buy a property, you need to know the rate and charges applicable in your city. If you want to know the market value of your property and the stamp duty amount on it, you need to locate your valuation zone and sub-zone.
Additional Costs: When you are buying a house having additional help is really helpful and you need to pay for that too, like real estate agents, mortgage brokers etc. You also need to pay for interiors and parking slot. Keep this in budget too
Property insurance: Property insurance is least considered but is a must. Its a safety guard for your financial future, if in any scenario, certain damages occur to your property. The cost is not too high and gives a wide coverage in case of problems with the property title, certain damages or any legal issue. There are lots of home insurance policies available to choose from, with varying levels of protection.
Buying a house, is not a tough process, if you keep above points in mind. Plan properly and stick to it, be it the bugdet, locality or any other amenities you want. Never compromise on any pointer, as we making your dream house, is a big financial decision and in all ways you should always love it.
Buying a home is a project and needs proper planning. I remember considering all these pointers when we bought our home here. We crate lot of memories in our home and to make it a place of our dreams, we have to think practically and in an organized manner.
You have listed out all the points one must follow to buy a new house. This post will be very useful for all the youngsters planning to buy a home.
Yes buying a house is a big step and we need to do proper planning for that. you have listed all pointers so well in this post. will help lots of people to make wise decision. planning things according to your budget is most important that we should not ignored when we buy house.
Buying a home is like getting your dream come true. But it’s not easy as their are so many technical issues involved. I am glad we have taken care of all this pointers while buying a house. Very insightful post.
While buying a house as much care need to be taken as when we construct one. Thanks for the tips. We are actually trying to get one .
Totally buying a house is such a big decisions and the steps and things to keep in mind for budgeting is quite crucial. Thanks for sharing
Buying a house is not an easy deal, one has to go through a lot of processes before finalizing things. You have listed out all the important steps and I am sure this will help a lot of people who are looking to buy a new house.
Thanks for the steps, now i need to look further at the location i want a house in. Very few available so have to compromise on some other things.
Buying a home is one of the biggest investment and commitment one makes in their life. The best and least stressful way to purchase a home is to be aware of each and every aspect … do the homework, make informed decisions and choices. Thanks for a comprehensive and insightful post!
One must be aware of all the pointers while purchasing the home. Rent of the area is the right way to judge the facilities of the society and the house. This is very good list to look for.
it is everyones dream to buy a house/ apartment and many people are not experienced buyers. You have listed out very good pointers which are helpful.
While buying a new house, all we need to keep in mind is a planned and systematic approach. These pointers are really helpful and should be followed.