Top 17 Home Buying Tips
Top 17 Home Buying Tips
People buy homes for one of two reasons: to live in, or as an investment. No matter what the reason is for purchasing a home, you cannot deny that it is a major decision involving a big capital investment.
Just the thought of purchasing a home stresses out many potential home buyers. But the process of buying a home does not have to be confusing, chaotic or complicated.
Even if you are a novice in the real estate segment, the right information can arm you with everything you need to know in order to buy a home.
Here are the top 17 home buying tips to help you make your dream home a reality.
Money does play a huge part in the home buying process. Some of the financial factors to be considered are:
- Budget and Affordability
Before you can even start looking out for a house, it is essential that you decide on your budget first. Make a rough calculation of how much it will cost to buy a house with the required facilities, and in the location you desire.
Consult with your family (and your bank account) and see how much you can afford to spend on the house. This will be your fixed budget. Try your best to stick to the planned budget, and do not succumb to enticing deals that you cannot really afford.
- Market Value
Take a look at similar houses in the vicinity and find out what the prevailing market value is for homes in that area. You could also get some idea about the market value from real estate websites, or enlist the help of a real estate consultant.
- Resale Value
Unlike our previous generations, we tend to move around a lot, shifting from place to place according to our convenience. There might come a time when you’ll have to sell the home you’re currently buying.
You will have to think of the resale value of the home as well. Rather than focusing on just what you want in the house, also look at elements that might boost the resale value of the house.
- Time Period
How long will will you be staying in the house you’re thinking of purchasing? If you’re not planning to stay there for a prolonged period of time, it’s advisable not to buy a house at all. A resale within a short duration will not be profitable even in a rising market, and it will be a total waste of your time, effort and money.
- Home Loans
Banks and financial institutions are always ready to lend a helping hand to home buyers who are in shortage of ready cash. You can take a home loan and pay the monthly installment. But it’s important to select the right kind of home loan, as one small wrong choice could lead to a huge financial loss.
- Legal Formalities
Familiarize yourself with all the legal processes involved in a home purchase. Consult a real estate lawyer to clarify your doubts before signing any agreement. You can effectively navigate the legal formalities with the help of an expert guide.
A house does not stand on its own. The neighborhood surrounding it does affect the value and livability of the house.
- General Ambiance
Research the neighborhood well before you settle on a house. It can be a bit difficult to live in a noisy and crowded area. Check if the area surrounding the house is pleasant and calm. It’s an added bonus if the neighbors are well mannered too!
- Safety and Security
Visit the neighborhood at different times of the day/night, weekdays and weekends to ensure that there is no possibility of crime or theft. Deep pits, pools and dangerous slopes are a threat, especially for families with small kids. Chat with as many neighbors as you can and seek their opinions about the locality. Newspapers and websites also shine some light on the how secure the area is.
- Proximity to Work and School
Most home buyers prefer that their houses are located close to their workplaces and their kids’ schools. It’s all about convenience as you will be saving a good deal of time, money and energy by not travelling long distances everyday. If the house is in an industrial/IT locality with lots of neighboring schools, it is a big plus point.
- Road Conditions and Parking Facilities
Almost everyone owns a vehicle these days, and having good roads makes the everyday trips smooth and pleasant. Check if the roads are maintained well, street lights are working, and if there is sufficient parking space in the neighborhood. Good roads and sufficient parking area also adds to the resale value of the house.
Builder and Home Owners Association
- Reputation of the Builder
While it might be more convenient to buy a house that’s ready to occupy, the price is comparatively high. If you are looking to buy a house in a project that is currently under construction, ensure that the builder has a good reputation. Visit the place once in a while to check on its progress.
- Quality of Previous Projects
Visit other projects that the builder has worked on and verify if there was any delay in the construction. Talk to the residents in the other projects and get more details about the quality of the construction, and the facilities delivered. You can also check out online reviews to see what others have to say about the previous projects completed by the builder.
- Legalities and Approvals
You’ll have to verify that the builder has cleared all the legal formalities, and obtained necessary approvals from the concerned authorities. Make sure that the land on which the house is built is free from all legal dispute.
- Existence of Home Owners Association
Check if your property is governed by a Home Owners Association. The presence of an association usually guarantees that the building will be well-maintained. Look into the rules of the association, and make note of the maintenance charges that have to be paid every month.
The final, but most important thing to check is the house itself. You’ll have to verify that it is structurally sound, and meets all your requirements.
- Home Inspection
Hire a professional home inspector if possible to help you identify any defects of the house. Defects in plumbing, electrical fittings, quality of construction, and materials used can be easily traced out by an experienced home inspector. Stay with the home inspector throughout the inspection and clarify all your doubts right at the beginning.
- Attention to Detail
When visiting potential homes, be sure to take a camera along. Take pictures of things you like and dislike in each house. Pay more attention to electrical fittings, plumbing and leakage problems, and less attention to superficial things. You can always change the paint color, flooring or the cabinets to your liking once you own the house.
- Personal Choice
Even if you are buying a house for the sole purpose of renting it out, it’s essential that you like the place. If you don’t like it, chances are that potential tenants might not like it as well. Go through every nook and corner of the house, making sure you really like it before finalizing the deal.
Top 17 Home Buying Tips
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