A Checklist to go through before you buy your first Home

Home Buying is a giant step to take in one’s life. From that satisfaction of buying the

first home to making an investment in the second, it takes a lot of preparation and

planning in the process. Let us take a step back, get our facts right and fight the

hurdles of buying cycle even before considering houses.

We don’t want you to spend your weekends in getting this right and be skeptical of

the chosen house before buying. We have made an effort to make this complicated

cycle simple for you. Read through:

1) Know your purpose

It is important for you to know what you are looking for and what type of house suits

you, after all, you are making the biggest purchase of your life. What would you want

to achieve by this huge purchase? Make up your mind! Maybe it is your first property

in Mumbai and you know you will stay there with your family, in that case, evaluate

the pros and cons, needs and wants of the family, get into detailing from the bathroom

layout till the neighbourhood. Well, sometimes it is good to have the flexibility to match

your wants and needs but you need to have a clarity on your look out.

2) Know your range

It is always easy to fall when we end up paying more than we can afford especially

when it comes to big purchases, be it your first car or your house. Know how much

you can afford, not only monthly installment but also the overall expenditure. The

eligibility for a mortgage, knowing your credit score is very important to know the

offering from banks against your records.

screenshot-mail.google.com 2016-10-13 16-18-38

 

 

 

 

 

 

 

 

 

3) Know your home

Now that you know your wants and range, it is easier for you to fit the perfect home

in, for example, if I know I’m a greenery-nature person looking for 2BHK flats in

Ghatkopar, Mumbai in the affordable range, then Group Integrated tops the list of real

estate developers in Mumbai that I need to look out for.

4) Know your agent

While mostly everyone settles with a good reference by family or friends on real

estate developers, we wish buying property in India was so much easier. Whether it is

payment percentage, pre-approved a mortgage, negotiation or paperwork, you need to

have the right agent. Take at least 5 interviews, evaluate agents who can assist, has

credibility, know pitfalls and help you throughout the buying cycle.

We are now done with the major Know Hows and ready to go house hunting. Let us

explore!

5) Know the consideration set

Now that you have done your homework, understand the purpose or the type of the

house and see if there is a match to your want. Remember, this house that you are

planning to take on the consideration set has to intersect with your affordable range.

Now consider your financial options as a first-time buyer. Your monthly installment

will have the major impact on your lifestyle, make sure you have this considered as per

your affordability.

6) Know your Offer

And now you have chosen the house that falls into all the necessary sets as per your

wants and is affordable. Always make an offer to the developer to your best suit not

only restricted to the overall expenditure but also in terms of down payments,

maintenance, monthly installment, apartment benefits, registration etc.,

7) Know the timelines

Discuss with your agent and know what best you can get out of the deal when you

make an offer. Get your facts clear on the timelines and hand overs, your major

involvement in each stage of completion. Make a good-faith deposit and the process

then transitions into escrow which is a 30 day period where the house is taken off

market and frozen for you.

screenshot-mail.google.com 2016-10-13 16-23-14

 

8) Close

All set and done, when you get all your inspection on quality and safety reports right,

be the best negotiator you can be or have one on your side. Negotiate considering

any repairs or modifications if need be. And now you are ready to close which means

a lot of paperwork and signatures.

Oops! one last thing to know that boosts your confidence and enthuse.

9) Know the market: Real Estate Act

While we acknowledge that the new Real Estate Act should address problems faced

by builders in sanctions and approvals, but mainly the act would protect the interests

and succor to home buyers. The act mandates registration of projects, including

those that do not have the completion or occupancy certificates. Registration will require

builders to set aside 70% of the funds collected from buyers and pay interest in the case

of delays.

10) Just smile, be proud, confident and stay happy.

Yay! Happy House Hunting!

screenshot-mail.google.com 2016-10-13 16-27-33

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *