Buying a house is not just expensive but can also get exhausting and stressful. This is because buying a house is possibly the biggest investment you will make in your life and you need to make sure that nothing goes wrong. So, here are a few tips everyone needs to know before going house hunting:
Buying a house in metropolitan cities is more expensive so save accordingly
Considering you’re looking to buy a house means you’re probably living in a rented house right now. Just like how it is more expensive to rent a house in metropolitan cities like Mumbai and Bangalore than to rent a house in Hyderabad or rent a house in Chennai, buying a house is no different.
This is something you probably already knew, but it is important to mention because of the more expensive the house, the larger the down payment on your home loan. Yes, most banks in India offer up to 90% financing on home loans, but the 10% that you need to put in is directly proportional to the cost of the house. So, a 10% down payment in Mumbai is still much higher than a 10% down payment in Chennai for a similar house type. This means that depending on which part of the country you’re living in, you have to save accordingly.
Know your requirement
What kind of house are you looking for? How many bedrooms and bathrooms do you want? Do you want amenities like a pool, a clubhouse, a park, etc.? Never go house hunting without coming to a decision on what you want from your new house. This will help you narrow down your options and keep your focus on your needs.
Don’t just pick your house, also pick your neighborhood
Don’t look at a house as a stand-alone entity, because you’re not just going to stay in, you’re going to be part of the neighborhood. Start by seeing what kind of neighbors you have because if something in your house isn’t working, you can easily replace it, but you can’t replace your neighbors once you’ve moved in.
Also, move around the neighborhood and see if it ticks off some things on your checklist such as supermarkets, restaurants, schools, hospitals, etc.
Do a test run of commuting to work from the house
Google Maps is not always right. Get a real-time assessment of your commute from your potential new house to your work because this will be part of your everyday routine. It will give you a real feel of the traffic situation and possible routes that you could take to avoid it when commuting to work.
In more cases than one, the asking price of a house is usually inflated to make room for negotiation. So, try to negotiate and bring the cost of the house down, if possible. If that doesn’t work, you could instead ask for additional services to be included in the cost such as another coat of paint as per your color preferences.
Conduct a thorough inspection of the house
This is surely something you cannot do on your own. Although you can take a look around the house and look for any external damage, you will need to get a home inspector to inspect the house thoroughly for mold, electrical damage, water damage, etc. to make sure there is nothing catastrophically wrong with the house you’re buying.
Buying a house is time-consuming, tedious, and difficult, but completely worth it because the result is you getting your dream home! With these tips, your dream could be that much closer to becoming reality.