“If you go anywhere, even paradise, you will miss your home”
Malala Yousafzai
Buying a new home is an indispensable decision in your life. There should be no room for mistake. You need to do a thorough homework before finalizing your deal. If you are going for rent, then also you need to ensure certain important things before moving in. You should know 7 indispensable tipsof home buying process. This will help you to make a wise decision –
1. Location & Amenities – Location is something that should never be compromised on. Prefer a location, well connected with all the convenient modes of transport. If you are well paid, you can look for additional facilities like badminton courts, swimming pools, sophisticated elevators, sauna bath, spa etc at the premise. You can have following checklists for making out a wise decision on location
- Close to bus stand/railway station/airport
- Nearby local markets, shopping complex/ATM
- Nearby hospitals, nursing homes
- Nearby educational institutions, police stations
2. Assessment of mortgage financing – Most of you make your housing dream come true with mortgage financing. So, to finance your dream home, you need to search a reliable lender, who can lend you the requested amount at competitive interest rate. The best way to calculate your loan
amount, EMI on home loans, tenure of the loan, savings is making use of Home Loan Calculator. You can compute your eligibility with few clicks on the EMI calculators. Home loan calculators have been developed by banks and NBFCs on their websites.
3. Tie up with only reliable Realtor – Choose a reliable builder and this would make your home buying experience hassle-free. You can call a few local agents in this regard. Go for those builders who have completed real estate projects successfully in the past and have good credibility in the
market. It is necessary to ensure your money is in safe hands.
4. Inspection – Visit the construction site at regular intervals. This would keep you updated about the progress of your project. In case you are opting for “ready to move in” property, you can take the help of a home inspector. Home inspection is very important, if you are going for older and resale
houses. Home inspections include footing, foundation wall & slab, underground plumbing, electrical rough-in and framing & insulation to name a few.
5. Mode of Payment – It’s always better to have proof of payments. Make out the payments by cheques so that in case of any problem, you can justify your position at the court of law.
6. Legal Issues – Get your transfer & sale deed, lease agreement, no objection and non encumbrance certificate prepared by any legal expert. Plus, ensure to have all utility connections on your name. In case you have purchased a new home at the new location, make a request for the new connection at the concerned authority office as soon as possible.
7. Insurance – Last but not the least – you must have an insurance policy for your home. The flat must be insured from fire, earthquake, theft and any other forms of natural disasters. Unfortunately, if the home buyer dies, this home loan insurance will help the family in paying outstanding EMIs of the
home loan.