Planning to buy a house is long and tedious process. You might not always like properties that are in your desired location or the properties that your heart has set upon are in the bad neighbourhood, possibilities are endless.
Let us talk about the must-do’s before planning to buy a house.
One should research thoroughly when it comes to buying a home. You should research about what kind of location, neighbourhood you are interested in, if it comes under Municipal Corporation, if the area has good water supply, sewage management, if it is safer for kids, if you want to reside amidst the nature away from chaotic city life or you want to reside in the city itself etc.
- Determine the budget
Understand your needs and requirements about the house. Jot down the factors that you think are important to you and should be there in a new house. These things will help you in setting a realistic budget.
- Calculate costing
Check how much money you have and how much you need from home loan. You can sell or trade assets. You can even earn additional income by keeping your gold in lockers. Check and research for the options that provide housing loans; look out for the interest rates.
Check all the documents carefully before the purchase. Talk to the lawyer if you need to. Understand the important terminologies about the real estate. Keep all the essential documents ready and ensure they are up to date to avail of a home loan.
- Margin payment
You have to arrange the funds for down payment. This can be done by saving up more than usual every month. If you do not mind taking another loan besides your home loan then you can get a personal loan for down payment.
Hope you get the gist of the process to buy a house. Plan carefully, keep your eyes open and happy buying.