Buying a house can be a great learning experience especially when you are purchasing it for the first time. Since buying a home is a big step towards building long-term wealth, one should check all the necessities well in advance and do a complete study on the location, budget, amenities and accessibility. While owning a home brings in a sense of freedom and pride, it should be a well thought investment. This is applicable for as well as commercial properties.
There are few guidelines one should follow while purchasing a house.
1. Budget: This is the most crucial part before considering the purchase. Availability of funds and potential of spending should be minutely calculated. If buying a property on loan, monthly installments should be considered as part of your budget. Since it is a property of life time, cost of living of the location should be considered. There is no point in purchasing a flat where you cannot meet your family expectations.
2. Location: Rates of the land will always vary as per the location. A prime location will always cost high. Always buy a house which would suit your family’s needs and requirements. Travelling too far to schools, the market or your workplace will add to the cost and stress. Houses around all the basic amenities will always act as the best investment for future. Connectivity is very important. Investing in property that will help you reach faster to stations, main roads, airports and others are recommended. Neighborhood amenities like restaurants, eating places, libraries and parks can also be considered while choosing a location.
3. Rentals in the Locality: If you are planning to buy a house for investment purpose, highly populated areas or high-rent areas are ideal for this purpose. This will help in choosing the right location.
4. High Resale value: Always conduct a survey and study the development plans of the location where you buying a house. House fetching a good re-sale value is a good investment. Even if the price of the property is low while buying, they can rise with development in the vicinity.
5. Additional Facilities: While purchasing a house, review all the facilities provided by the builder like water and Gas supply, bathroom fittings, kitchen appliances, Television sets and other requirements of a house. Home insurance should also be a part of the agreement. One should always have clarity of this clause in the document with respect to the premium paid and payable.
6. Eligibility for Loan: This service depends upon income, existing loan, repayment capacity, age of loan applicant and debts. Ensure loan is taken from the right source and calculated properly. It should be aligned to all the rules and regulations of the government.
7. Structure of the Family: If you have aging parents or grandparents staying with you, never take a house in aloof areas. Such houses should also be avoided if you have small children at home. Safety and security should be considered while buying a house.
Always do a complete research before spending your hard earned money in purchasing a house. Information about the builder is also very important.
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