Confused about where to buy a home for residing purpose?

Are you planning to invest in buying your dream home? Well, owning a home is one of the most craved desires among people!

Before one plans to buy a home, he/she will have innumerable questions running in their mind. A person planning to buy a home definitely seeks for professional and personal help in order to know more about buying a home. It is very important for first time home buyers to follow a procedure before striking any deal. There are many factors which influence the buying of home ranging from the price of the home to the location, the amenities and so on. Below are few points which you should austerely follow before buying a home;

Do a complete research:

Even before you plan on investing in a property, you should do a complete research of the property market, the value of the property, the type of location, the kind of neighbourhood and others. The first step can be a discussion with your acquaintances if they have brought a property recently. Ask them about the best location and price with your desired amenities. Apart from just discussing with your near and dear ones, one has to do an online research about the property market and find out the value of the property. Also read available materials and spend a lot of time by going around your neighbourhood and looking for different homes. This will give you a clear idea about what you actually want. Also, there are many online sites like CommonFloor which offer an array of properties for property buyers with an entire floor plan, amenities, locations and so on.

Schedule a plan:

Once you have shortlisted the areas in which you like to see the properties, you should focus on the important factors like the amenities, the easy access to various places and the organisation and functionality of the home. Walk down the streets and observe the kind of neighbourhood and lifestyle. Decide if it suits you. You can also seek the help of a real estate agent and he/she will take you around.

Hire a real estate agent:

Hire a real estate agent to find a suitable house for you. If you do not need the real estate agent you can search the property on your own. A real estate agent will know the nook and corner of each and every property and he/she can guide you with your budget and amenities. An agent will also save you a lot of time. Following are the ways through which the real estate agent will help you;

• The agent can send you listings of the home directly which fit your parameters. This will perhaps not waste your time looking at all the other listings.
• The agent will be aware about all the current property listings in the market.
• The agent will also take you around to see homes in your desired locality.
• The agent will also advice you for the appropriate pricing and safe negotiation.

Finding the right home:

Always make sure that you opt for the locality which matches your budget and your lifestyle. Avoid wasting time looking for properties which are not within your budget as you might be tempted to look at them due to various additional amenities. It is advisable that a buyer should not look for more than 7 houses as this can tire him/her off. Avoid spending too much time on just observing the homes, rather buy them if you really find something interesting.

Calculate your budget:

Once you have shortlisted your dream home, make a list of all the expenses and the budget which will be involved in buying a complete home along with all the furnishings. Doing this will let you take the apt amount of loan from the bank.

Seek a loan:

Once you have decided on your budget and your home, you can approach a bank or a financial institute for a home loan. Before you seek a loan it is very important that you get your loan approved beforehand. Getting your loan approved beforehand will give you an idea about the amount you need to take. Take a home loan package which you think you will comfortable with and you will have to pay the least interest. You can seek professional help of an adviser if you are not aware about the loan packages. The banks also explain you the procedure. Also you can ask your agent to refer you to a mortgage broker or check with your own bank for the loan. Get the complete knowledge about the types of mortgages before you opt for one.

Clear Title:

Do not buy a property if the title of property is not clear. If title is not clear or marketable it will cause problem in future and thus financial institutions refuse to finance on such properties. You can either seek assistance of your lawyer or approach financial institutions to know whether the title of the property is clear. Your property title confers the owner of the property.

Debt free property:

While buying a property check the debt status of the property. Check whether property is under mortgage and if it under mortgage what is status of debt, whether property or building has approval from authorities, taxes and other bills are duly paid etc. Ask for a release certificate from the bank to ensure that the seller has paid back all the amounts due on property.

Home Insurance:

Home insurance for your property helps you to meet unexpected loss or expenses. This helps you in case of theft, fire or other natural calamities. While applying for home insurance, search for a company which offers you insurance at low premium rate.

Negotiating the offer:

Once your loan approval is done, you should negotiate the property price before buying it. Avoid comparing the sales price of other homes with your home as this gives the sellers an opportunity to increase the property prices. Know when and where to negotiate; seek your agents help as he will know the pros and cons of the property. The agent can also provide you the list of comparable sales and the pending sales. During negotiation your agent will also help you buy the home of your expectations.

Home inspection:

Once you have completely decided on purchasing a particular property, ensure that you do a complete check of the home which you have brought. You can also hire a home inspector to check your home for any flaws. The property which you have brought might have a faulty foundation or cracked walls and ceiling. To avoid staying under all these, home inspection is a must.

Other important tips while buying a home:

• Ensure that you check your credit score before getting your loan approved.Ensure that you have stopped spending lavishly and have started saving for the monthly EMI.
• Ensure that seller of property has all documents relating to property. If possible, ask for copies of original documents and get them verified by your legal adviser or lawyer.
• Know the details of the sale price, the amount of down payment, date of settlement and possession, the amount and length of loan, interest rate and time limits to secure the loan.