Buying a house is not just a matter of investment, you may not get exactly what you wish for if you step in without proper planning and research. It is not so easy to find a perfect house that you can call home. There are so many dishonest brokers who may misguide you and make you purchase a house that may not be satisfactory enough for you or your loved ones. This is why you must know these tips to buy a perfect house for you in India.
10 effective tips to buy a perfect house in India
- Firstly, choose the location very carefully because a bad location may deeply affect your quality of living. Choose a location from where you can easily avail your office, market and medical clinics.
- Budgeting is the main part of the home-buying process. Take enough time to figure out the exact amount of money that you can spend for the purpose of buying a house.
- If you are not financially capable enough to buy a house, then you should consider applying for a home loan. However, you must check your cibil score before you make the decision of going for a home loan.
- It is necessary to gain clear expertise about the housing market before taking the first step to buy a house in India, which can be done by staying up to date with the real estate forecasts.
- As per the guidelines of RBI, you are allowed to provide just 80% of the property value but you still have to pay the rest of the 20% of cost. This is why it is necessary to focus on savings as that will help you carry your down payment and also to spend for additional purposes like interior decoration.
- Before you buy a house in any location, fetch all the necessary information about the rental rates of that particular area. If you wish to buy a home with high rental rates then it would be a wiser decision to choose high-populated areas.
- The most important part of the home-buying process is being careful enough to choose the right house. Never make a regrettable decision of choosing an out-of-budget house just because it perfectly suits your needs. Be strict about the factors that are non-negotiable for you while choosing a home.
- Don’t forget to verify the resale value of the home you have decided to purchase. It won’t be a worthy investment if you buy a random property without checking the resale values of it.
- Read each and every property document very carefully and don’t miss any term or condition mentioned in the papers before you sign the final agreement.
- Research enough to know when to buy the house in India. The best time to buy a house in India is when the real estate market is stable. Also, if you buy a house when the interest rates are lower than usual then it can be beneficial for you because a favorable interest rate means low borrowing cost as well as lower monthly mortgage payments, which will make homeownership much more affordable for you.
A house is more than just a shelter. It’s no less than a heavenly abode filled with the warmth of togetherness. So it’s not really a good idea to show carelessness why spending such a big amount of money for buying a house in India. However, there are so many genuine brokers too who can help you a lot to get your dream house for a reasonable price.
