Top things to note before buying a home

In India, a house is not just a place where you live. Buying a house is a goal for many middle-class people across the country. The to-do list of every salaried person is incomplete without it.

Many people are emotionally attached to this common goal, and they accomplish it at their own pace. Buying a house can be overwhelming, and you should be careful because the stakes are high.

Here is the list of things that you should be aware of before taking a giant leap.

1. Budget:

Have a clear idea about your budget. If you are taking a home loan, consider your monthly expenses and how much you could afford to pay the EMI. Ensure that your expenditure won't disturb your EMI and vice versa.

When buying an apartment, be cautious about other related costs such as maintenance costs, parking costs, etc

2. Location:

Always look for a location that is convenient for all members of your family. It should be accessible to your workplace and institutions where your kids are studying.

Since you have to reach your work on time, try to live in the nearby locality. Also, it should be near to all the basic amenities such as supermarkets, hospitals, etc. If not, reconsider your choice.

3. Lifestyle:

Are you a person who loves a serene environment where you want to isolate yourself from chaos? If you say, yes. Then there are a lot of gated communities that you can buy that helps to achieve this.

If your son is a football player, you can find a house near a football ground for his daily practice. Own a house that coincides with your lifestyle. Don't change your lifestyle according to your locality.

4. Transport:

Transport is the most crucial factor while buying a house.

Imagine a situation where you arrived late to a business meeting due to poor public transport. There is a high chance that you create a negative impression on the delegates. Don't let such situations to happen.

Double-check whether you can travel in all four directions easily from your locality.

5. Title Deed:

Go through the legal document thoroughly before buying. Confirm that the property is free from all the legal hurdles and is good to go.

If you are new and don't have any prior knowledge about title deeds, seek the help of professional property consultants. Complete due diligence is mandatory since it involves a lot of risks.

6. Basic Infrastructure:

Investigate whether the house has good infrastructure. Check how they tackle water scarcity problems during summer. Also, check whether it has any plans to adopt green energy.

In apartments, roof-top solar panels are a good sign since you will be self-reliant during electricity blackouts.

Check for the presence of security systems. Talk to neighbours about how secured the perimeter is and ask about the track record of security over the years.

7. Market price:

Check whether the price of the property is in line with the market rate. Visit the locality and speak to people in the neighborhood about the price.

Usually, there will be a minimal difference in rates depending on the building configuration, types of facilities offered, and many more.

8. Construction Quality:

Don't rely only on the outer beauty of the property. Analyze whether the structure is solid and can withstand all-natural disasters.

Of course, you may not be skilled at analyzing these things. Therefore, seek the help of a structural engineer and other professionals to get things done.

9. Resale value:

If you are buying your house as an investment, try to buy one that has better resale value. Property from an established brand has a better resale value in the long run.

With inflation as a catalyst, it will foster your financial goals.

10. RERA Registered:

A RERA registered property has several benefits from the buyer's point of view.

If you find any defect in the construction of the property within five years of ownership, it will be rectified by the builder free of cost. If the builder fails to do so, the buyer can claim compensation for it from the builder.

Act smart and make the complex process of buying a home look seamless. Take time, do your research, seek as much knowledge related to buying a property, and then come to a final decision.

I am Real Estate Consultant for over three years and worked on various Residential Projects in many cities.