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Guide to Buying a New House in India

Posted by Balaji on March 16, 2021
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Many of us fantasize about buying a home for years, if not decades, before starting with the execution and buying process journey. We have already begun to consider how many bedrooms we want, how the living area would look, what the locality should be like, and how we’ll decorate the interiors, which real estate company to select for your house.

We often get carried away and make decisions from the heart, particularly when it comes to purchasing our first dream home. However, it’s still a good idea to bring your mind along. Buying a house is one of the most significant decisions an individual could make; it is a Milestone accomplishment that requires extensive research, due diligence, and a great deal of documentation. This capital-intensive investment requires a thoughtful decision rather than an emotional dive, from working out your finances to whether you should consider hiring a realtor.

So, to make sure that your most precious dream doesn’t turn into a nightmare and you follow the proper procedure, let us guide you through the process with a few home buying tips to assist you in making a final decision.

Tips to Consider Before Buying A House:

Stable Source of Income:

Buying a house requires endless planning, considering your financial commitments, low-budget house plan, and other factors. In the current situation of the Covid-19 crisis, people are struggling to pay their EMIs as most people face pay-cuts. So, in case you’re thinking of buying a house now, then make sure you’ve enough funds without creating any disruption for yourself later.

Ready to Move-In Properties:

One of the most important advantages of a ready-to-move flat is its immediate availability. You can move into your new home without any waiting period. You can enjoy peaceful possession within a short period of time after making the payment and submitting the necessary documents. You do not have to wait years to take possession of your home. This is one of the wise decisions during the current COVID-19 time.

Avoid Taking a Personal Loan for Down Payment:

While buying your future house on EMIs, you still need to make a down payment, and it’s best not to take out a personal loan to cover it. Personal loans are comparatively costly and don’t count for any tax benefits. And the amount of two EMIs on a home loan and personal loan can result in a financial burden for the borrower. Instead, you can finance the down payment through mutual or provident fund investments.

Location of the Property:

Another important consideration when purchasing a home is its location. You should make sure that the property you select has a well-established social infrastructure, such as nearby markets, schools, hospitals, police stations, and other important amenities. Don’t fall for the futuristic possibilities if you plan to shift into the property right now.

Good Resale Value:

Resale sale Value is an important thing to consider before you plan to buy a property. Property buyers never consider resale value when they buy. They make the mistake of concentrating solely on a prime location or the property’s budget. If you choose the wrong property or location, your future sales price will always be lower than the other homes in the town.

Hire a real estate agent

It’s better to hire a real estate agent when looking for property to invest in India. A local agent could be a real asset in finding your dream home. Some of the work done by real estate company are:

A real estate agent eases your task of finding a house. Otherwise, you’ll have to walk down every street looking for a for-rent board. I know there are options like looking for advertisements on online sites or newspapers, but you never know if an ad that is a week old is still available.  Not everyone takes down their ad from websites.

If the broker is good, he will understand your requirements and will show apartments/houses accordingly. By requirement, I mean something like rent, semi-furnished or furnished apartments, open space, wide windows, modern doors, etc.

He may also help you with things like rental agreements, negotiation, and proper documentation of the property.

Now you’ve got a guide with all the essential home buying tips with you, have look at our property listings to find the best home for you. We are one of the top real estate company in Bangalore.

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