Things to keep in mind when buying your first home
Find a reputed agent:
Finding the right property agent is the first step that you should take when you decide to buy a house. Find a reputed agent who has experience in the localities that you are looking to buy a house in. Make sure that the agent you pick has up-to-date knowledge about the real estate market. Your agent’s experience, knowledge, and negotiation skills can be a boon for you and help you find the right home.
Begin identifying properties
With the help of your agent, begin identifying properties in the area of your interest. Make sure you make a list of your key parameters before you start shortlisting properties. Figure out your expectations from your homes, such as the amenities, features, and specifications.
Set your budget
The price of the house is one of the most crucial parameters. You need to decide right from the beginning how much you can afford. Remember, apart from the cost of the property, there are going to be other overhead charges like stamp duty, legal fees, brokerage, etc. too. Once you have shortlisted the properties, start evaluating their worth in the context of their selling price and make a list of properties that fit your budget.
Look into legal matters
Before you buy a property, make sure the seller has the title of the property and other legal documents. If you are looking at houses in a society, ask for occupancy and safety certificates. If needed, get a legal expert to advise you on the agreements and also help you with other legal formalities involved in buying a house.
Other factors that you must keep in mind before you buy your first house
- Check the sanction plan of the project to ensure that the project is approved and legal.
- Make sure you take all no-objection certificates.
- Know the payment procedure before you buy the house.
- After picking your payment plan, fix your home loan.
- Remember to ask for an allotment letter once you pay the booking amount.
- Make sure a sale agreement is signed with the buyer. Make sure that you go through the deed thoroughly.
- After you have attained possession of your home, remember to register the sale deed and get the property registered in your name.
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