5 Things to keep in mind before you plan home buying | Sulekha Property

Home buying is a once in a lifetime decision for many Indians. The whole process may seem highly complicated and time consuming for the first time buyer. But, if you have done thorough homework and are armed with the right information, you can waltz through the home buying experience. Take care of the following 5 factors to ensure that you buy your dream home without any hassles.

1.    Budget

The most important step in planning home buying is fixing the budget. Whether you want apartments in Hennur Main Road or independent houses in Indira Nagar, your budget will decide whether these are feasible options. Remember that the budget should cover not only the cost of the property but other expenses as well such as registration charges, taxes, service charges, repair and renovation costs, etc. The budget you prepare must be an all-inclusive, realistic one with actual figures and calculations. Guesses and assumptions about charges and costs while fixing a budget can result in your budget exceeding the limits or non-availability of cash when needed. Have a clear idea about when to spend and how much to spend for each stage of the buying process.

2.    Sources of finance

Once you have fixed the budget, the next step is to find out the sources from where you can get the amount. Consider all the sources that can provide the required funds for your home buying. Clearly mark the percentage of contribution from each source for a better understanding of the flow of money. Whether it is home loans, savings, or other sources of finance, get a clear idea of how much you will get from each one and when it will be delivered. It is always wise to have a back-up source in case you are unable to get the funds from a particular source during any stage of the buying process.

3.    Type of house

Your budget will decide the type of house you can afford. It is also true that your choice of property can influence budget planning. Whether it is the type of house or the funds that decide your home buying, make sure that the property you choose meets your requirements. It could be an independent house, apartment, row house, or villa depending on what you prefer and how much you can afford.

4.    Features and facilities

One common mistake that most home buyers make is buying a house for its innovative features and facilities. Fancy features may look attractive in the initial stages. But, once you start living in the house, some of these are never used once the novelty wears off. Do not buy a house just because it has a new feature.

5.    Location

Location of the property is an equally important aspect that you need to analyse before making home buying plans. Most people prefer properties closer to their work locations or children’s schools and colleges. Some others look for a great neighbourhood. So, check out whether those flats in HennurMain Road or the houses in Indira Nagar satisfy such conditions before zeroing in on a property.