There are so many things that needs to be considered before a buying a house. From choosing an ideal locality to figuring out a budget, arranging finances to getting the property registered, there are so many important things that need to be done carefully and correctly.
Whether you are buying a house for living or it’s just an investment for future, you have to ensure that each and every penny you are investing is worth it. After all, we don’t buy house very often. So, even before you start searching a house, there is so much that you have to plan for.
So, are you planning to buy your first house and wondering about what to look for and consider when buying a house? Here’s the list of important things you should consider when buying a house here in India or anywhere else in the world.
It always helps staying within a budget, and especially when you are buying a house. Having a tentative total budget in mind will help you in finding and buying a house that suits your budget.
Also when allocating a budget for buying a house, don’t just think of the price of the property, but include other related expenses like stamp duty and registration charges, taxes, legal fees etc.
And if you plan to move to this house, then may be, consider the cost of interior designing, buying new furniture etc.
Buying a property without taking a home loan is rare. Whether you want to take home loan or not, you have to arrange the money. If you are taking home loan, then it’s better to make required arrangement.
These days, banks are offering pre-approved home loans, so you can simply apply and check your eligibility. This way, the finance will be available and you have clear idea of how much money will be financed and what you have to arrange on your own.
Number of rooms
Before buying a house, you must seriously think about the overall size of the house, and number of rooms required. Whether you want to buy a 2 bedroom flat, with two washrooms or you want a 3 bedroom flat, having this clarity helps in searching and choosing a property.
The bigger the house, the costlier it’s going to be. And therefore, a house with one guest room should work well.
Size of the house
Once you know how many bedrooms, washroom etc you require, the next thing that you must think about is the size of the house. If you are buying a house in a housing society, then they show super built-up area, which means the actual usable carpet area will be around 20% less than the super built up area. And therefore, it is important to clearly check the size of the house.
Now that you have a tentative total budget in mind and know about the size of the house you want to buy, you are good to choose a neighborhood or locality within the city.
Cost of the property will vary based on the neighborhood and location. In every city, there are posh and popular neighborhoods that costs a little higher than upcoming and developing areas. Naturally, if you want to buy a house in an upcoming neighborhood, then it will be comparatively cheaper.
So, think about the neighborhood and then choose a locality that suits you to buy a house. If you are on a budget, then choosing neighborhoods that still developing is not a bad idea because cities are expanding rapidly these days. And therefore, it does not take much time for a developing neighborhood to get developed.
When choosing the area and neighborhood to buy a house, just see to it that the area has proper connectivity and transportation facility. Proper connectivity and peaceful environment is of course important, but so is the importance of other basic infrastructure needs like schools, hospitals, markets etc. These are the nice to have facilities in an ideal neighborhood.
Whether you are buying this house for staying or for investment, if the locality is well connected, then you will be able to live comfortably. Similarly, if this is your second house and you want to rent it out, then you are more likely to get better monthly rental when the property is in a well connected locality. So just keep that in mind while searching and selecting a house.
Everything needs maintenance, be it your car or the house you are buying. And therefore, when buying a house, you should think of the maintenance cost. There are certain costs that are more or less fixed like property tax, which you have to pay every year.
Then there are costs associated with maintaining the property, and if you are buying a house in a residential complex, then there is society maintenance fees, that have to be paid every month.
Consider all of these, before taking a call.
Age of the property
If you are buying the house in an under construction building then, you already know that it’s a new building. But if, in case you are buying a resale property then you must check the age of the property. If the property is very old, then you must get the property inspected properly to ensure that it’s worth the investment.
Also, older property may require additional maintenance or renovation, which means extra expenses and there for you should plan accordingly.
Over to you
Buying a new house can be super exciting, especially when you are buying a house for the first time. As a first time home buyer, there are certain things that are very important, and you must think about it in detail.
Some of the key things to consider include:
- Overall budget
- Arranging finance
- Number of rooms
- Size of the house
- Maintenance cost
- Age of the property
Whether it’s your first house or you are buying your second house for investment, remember to consider some of these important things to get it right. What else do you think one should consider when buying a house?
FAQ about buying a house
The three most important things you should consider when buying a home is location of the property, age of the property and overall price you are buying at.
Before buying a property, you should always check for all the approvals from governments and municipal authority, check legal documents and development plan and of course the overall build quality.
The important factors when buying a house includes, overall price of the property, age of the property, size and location of the property, neighborhood and accessibility of lifestyle features like market, school, health care centers etc.