Ten Things To Know Before Buying Your Dream Home

Buying a dream home is easier said than done. In the run-up to a purchase, you have to cross a number of hurdles before you realise your dream. And, you also have to be mindful of many aspects, to make sure there is no room for regrets later on.

PropGuide lists the things to be kept in mind before you close the deal.

Know your budget

Budget is the first thing that will decide where you want to purchase your house. Zero in on a property that you can afford. Do not forget that you need to budget not only for the cost of property but also for additional expenses, such as registration fee, home-loan processing fee, home furnishing and other sundry charges.

Familiarise yourself with the home loan process

If you are planning to take a home loan, get an insight into the home loan procedure. Read, research and enquire about home loans so that there are no surprises at a later stage. Know your creditworthiness, and compare interest rates of various banks. A little research will make the process a lot simpler.

Know the home-buying process

When you select a property that you want to buy, acquaint yourself with the home-buying process. It may seem a little tedious, but a knowledge of the nitty-gritty of the process, including contract, home loan, registration of property, mutation etc, will prove useful.

Also Read: How to Register Your Property in India: 8 Easy Steps

Grab the best deal

Compare and try to find the best deal. Reach out to various developers and compare their prices. Stay patient, evaluate the options well before zeroing in on something. You can also get best deals if you go for corporate buying.

Enquire about the developer

Don't forget to do a proper background-check on the developer, to be sure that he doesn't have a checkered past. A developer's reputation is of utmost importance to avoid any last-minute shocks. Try to get feedback from the people who have purchased their houses from this developer. First-hand review is always useful.

Consider the locality

It is important that the locality you live in is well-developed, as your new address will be your home for years to come. See that a super market, hospital, school, banks, and all other necessary infrastructure are available in the vicinity.

Check the size of the property

The size of the property is another factor that you should not neglect while choosing your dream home. Though the size of the property also depends on the budget, you should also keep in mind the size of your family before deciding on the right size of property. If you have a joint or a large family, you would need more bedrooms; and in case of a nuclear family a 2- or 3-BHK home will suffice.

Calculate the distance from your workplace

Neither should your workplace be too far from your home, nor should your children have to travel long hours to go to school.  As you and your kids will have to travel every day, the time and distance are an important thing to consider before finalising a property. Also, don't forget to check if your area has a robust public transportation network.

Go for a home inspection

Home inspection is a must before finalising a home. It is important that you take a look at the overall health of the house, apart from checking for any seepage, and the condition of electrical and sanitary fittings, etc. If possible, also go for a construction audit of your new house.

Does your home fulfil all your requirements

After you decide on the house you plan to buy, ask yourself if it is really your dream home? If you and your family get the answer in the affirmative, latch on to it! There might be a few things that the home may not offer, but if it largely meets your expectations, make it your new address!