The Home Buying Process-6 Simple Steps

Buying a home can actually be unnerving, especially if you are doing it for the first time. It may appear simple, but buying a house requires lot of time, effort and knowledge. To make your home buying process, little relaxing, this guide takes you through the step by step process of owning a home.

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How much you can afford?

You might have decided on the type of home, but may not have actually considered the amount that you can afford. First and foremost, you need to be aware of your savings and the loan that you can avail. This is important as not having adequate funding can delay the process of buying a home. A pre-approval system is also available in case you haven't yet finalized the property. For this you need to fill an official loan application form leaving the property details blank, which may include an application fee. You will also need to furnish the required documents, for an extensive financial and background check.

Your income and tax deductions will also play an important role when deciding the kind of loan that you want to apply for. Make sure to ask the lender/bank about the payment plan.

Find the right agent

Finding the right agent is the second important step because he will guide you through the process of buying a home. A trustworthy agent is imperative to get you the best option as per your budget and need as he will speak the customer's language rather than the seller's. Do some homework and try and find out the track record of the agent and also check about his technical competency.

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Browse through online property portals

As online is the biggest buzzwords these days, various online property websites can further help you as they are updated with necessary information like location and neighbourhood details. It will give you a fair idea about the existing projects and compare the prices.

Look for your Home

Once you have a knowledgeable property agent by your side, finding your dream home becomes easier. Decide the location and shortlist the projects you are interested in and get your agent to get the complete details of the project. From the amenities to the specifications, he should be able to guide you on every necessary detail. You also need to check the possession dates and decide whether you want a ready to move in or a project which is under construction. When you find what exactly you are looking for, finalise the project.

Inspect the home and papers

Finalise your house and half the job is done. Now all you need is to inspect the house and check the documents. If you are planning to invest in a prelaunch project, do a background check on the builder, and check his previous projects. See if the builder has a sample flat for reference and do visit the actual site to understand the status and location benefits of the project. Similarly, a new property may not have visible defects but, you can always check the fittings used. Branded fittings may have more life and guarantee than local fittings. You should also check the provisions for different electrical equipment like the AC, refrigerator, etc. While buying a resale apartment you need to make more in-depth checks. For instance the apartment might have some seepage issues and may also require some repair works to be done.

When coming to documents you need to ensure that the below documents are provided:

Sign the deal

The last step is to finalise the deal, which includes going through the payment details and the paper works. You can negotiate the price and payment options once you have decided exactly what to buy and the location. Post this, you go through the deal and sign the transfer papers. Your agent can ensure that all the required documents are verified and duly signed. He will also explain you the different costs included in the project.

Once you have completed all the process and verified the details thoroughly, you can sign the deal and call the house your own.

Do you think there are other important steps to follow when buying a home? Let us know by commenting below.