Things to keep in mind while Buying a Home
Purchasing a home is one of the biggest decisions of your life. If you are ready to buy a home then you should manage many things. Determining how much of a home you can afford or how you will manage all the other home buying things. You need proper planning and research to help you buy a home. Remember, you are on your own out there in the absence of a central body to regulate the builders or define a standard set of guidelines.
Here are some points to keep in mind while Buying a Home-
Find out the reason for purchasing the property-
When you are Purchasing a Home, it is most important to find out the reasons for buying a home. Do you want to live in it or are you going to rent it? Do you want to gift someone, your mother, your daughter, or your wife? After finding the reason it is very clear to whom you want to give the registration of your property. By which you can save time as well as money. Otherwise, it will take two or three months to decide on registration. If you want to live in a house then you have to invest less money. But you can invest the money for rent, as you will get a passive income every month.
Start Your Research Early-
If you have decided and the specific reason next, you need to research properties. As soon as you can, start reading Web sites, newspapers, and magazines that have real estate listings. Make a note of particular homes you are interested in and see how long they stay on the market. Also, note any changes in asking prices. This will give you a sense of the housing trends in specific areas.
Determine how much you can invest-
Lenders generally recommend looking for a home that costs three to five times their annual income, you don’t need to invest more than that amount. If you are making a 20-30% down payment then you will need to pay a moderate amount of the other loan.
What documents do you need to ensure a clean title-
Risks are low when you buy a property directly from the primary market. This includes urban development authorities such as Delhi Development Authority, Haryana Urban Development Authority, or Punjab Urban Development Authority. When it comes to the secondary market, where you buy property from cooperative societies or colonizers, you need to take extra care,” says Hemant Batra, senior partner at Kaden Boris, a Gurgaon-based law firm.
a) If you are buying the house directly from the builder, you need to get:
- Allotment letter
- Original sale deed
- payment challan
- Possession letter
- Lease deed in original
- Completion certificate
Meet the seller of the property-
If you are buying the property through a mediator such as a real estate agent or a broker, you must meet the seller. Agents usually avoid or postpone this meeting if it’s not an encumbrance-free property. Meeting the seller gives you a chance to crosscheck the photograph on the registration documents with the real person
Get a Home Inspection-
Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing. Your real estate agent usually will help you arrange to have this inspection conducted within a few days of your offer being accepted by the seller. This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage.
Finally, close the sale-
At closing, you will sign all of the paperwork required to complete the purchase, including your loan documents. It typically takes a couple of days for your loan to be funded after the paperwork is returned to the lender. Once the check is delivered to the seller, you are ready to move into your new home. All of above steps are important for Purchasing a Home but, taking documents properly with your registration and closing the sale is last and very important step.
How Can Getezo Help?
Getezo is one of the largest upcoming online marketplaces in India, which you can access from almost anywhere. Find out the best Home at Getezo. The page takes you to a location where a list of the Homes will be shown. Choose the option which suits you best.
Also Read: 5 Things To Avoid When Building A Home