Here Is In-Depth Guide To Buying A House

Are you planning to buy a property for the first time? Buying residential property demands a lot of effort and time. While taking a purchasing idea, there are several questions that pop up in. For all those buyers who are looking to buy property in India, here are a step-by-step guide to make this entire process smoother for first time buyers.

Find The Right Real Estate Agentr
This is the most important factors in the home-buying process. A right property agent will help you in buying the right property. Always look for a real estate agent who is well-versed and has a great experience in the areas of your choice. Choose an agent who has vast knowledge about the areas and surroundings, and experience of the home-buying process along with strong negotiation skills can prove to be boon for the first-time homebuyer.

Begin To Find Propertiesr
Once the right real estate agent hired, start finding the potential property options in the localities where you want to invest. Always ensure the residential property you choose fulfills all the parameters of buying property. Figure out the expectations you have set from your dream homes such as locations, amenities, features and specifications. Start visiting the selected properties and opt out those properties that are not fulfilling all the major parameters you want in your dream home. Also, prepare a list of those things which you find attractive in each property and figure out whether you have these things in your property.

Know Your Budgetr
One of the most crucial parameters is the price of the property. One should understand that apart from the price of the property, there are several other hidden charges homebuyers have to pay when buying a house. This includes property tax, stamp duty, legal fees, brokerage fees, etc. Define how much you can afford to invest in a property. Now, list out the shortlisted properties and begin to assess their value in the context of the selling price of these properties. Once you find a property that suits your budget, start looking for a bank that offers attractive housing loan interest to buyers.

Know About The Payment Procedurer
Payment patterns may vary from builder to builder. In case of a reselling the property, the homebuyer has to pay a certain percentage of the property as down payment. If you are buying an under-construction property, there are three types of payment plans you need to choose – time-linked - where a home buyer has to pay at certain intervals regardless of the progress of construction; in down payment, the homebuyer has to pay a certain percentage openly and the remaining through installments; and the last one is flexible plan which is a mix of construction-linked plan and down payment plan where the home buyer pays ten percent during booking of the property and the remaining in a fixed time interval.

Legally Verify The Property
When you are buying a property, make sure that the builder has provided you the title of the property. In case you are purchasing a flat in a housing society, get their occupancy certificate and safety certificates. During the home buying process, you must hire a legal expert who can check the property agreement and can handle all type of legal formalities regarding your property.