Guide To Buying A New House

Step by  Guide to Buying a New House in India

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19 Jan 2021

Buying and moving to a new house can be exciting and stressful at the same time. Everybody wants a comfortable, cosy and beautiful home for themselves and their family. If you are planning to buy a new house and are looking for a home buying guide, read on to take a look at an easy to understand 8 step guide.

Step 1: First Comes the Budget

The first thing to focus on in a home buying guide would be the budget for you to think about. A planned budget is necessary for you to decide on in order to be able to deal with your every-day as well as long term expenses without much trouble. It is important to plan a budget and then look for a new house as it would then ensure that the entire process of buying a new house will not negatively affect your family’s needs.

Step 2: Decide On a Location to Buy a New House

Before you choose a home to stay at, do make sure that you are aware of how the location is. The location is a very important aspect to keep in mind while looking for a new house. It is always suggested in every home buying guide to choose a location that is close to places such as the supermarket, the police station, the railways or the airport, schools and hospitals, among others.

Step 3: Rental Rates Present in The Locality

If you plan to buy a new house and invest by using it as a rental property, do find out about the rental rates before choosing a location to buy a new house at. Even if you do not have any immediate plans of investment, it is always a good idea to keep it in mind for the future, for times of need.

Step 4: Resale Value of Property

The resale value is also an important factor to consider while buying a new property. It is a common mistake among buyers to not pay attention to the resale value. Keeping the resale value of the property you like and the ones around it would give you a clear idea of how things might be in the future or in times of emergency.

Step 5: Eligibility of Home Loan

One of the most important things to consider while you buy a new house is home loan eligibility. There are several factors such as your income, existing debts and your capacity of repayment that will determine your loan eligibility. It is important to keep these in mind while looking for a new house.

Step 6:Registration Fee and Stamp Duty

You are required to find out about the charges or rates that are applicable in the city you live in. The registration fee as well as the stamp duty will differ and depend on where you live, and is an important factor while buying a new property.

Step 7: Additional Expenses

One thing that every home buying guide warns people about is the possibility of additional or hidden expenses. You need to talk to people living in and around the property to find out if there's a garage to park your car at, the maintenance costs, etc before you buy a new house. You may also take help from professionals to find all of that out for you.

Step 8: Property Insurance

The insurance of property would ensure the safety of your financial future. There are various insurance policies that you may take a look at for your new house. There are various kinds of converages that a property insurance plan or home insurance plan has, and you should take a thorough look at them to know what is the best option for you and your family.

Buying a house is a very lengthy process and requires planning, patience, and trusted companions. If you are planning on buying a new house for yourself or your family, this 8 step guide should be helpful in terms of understanding what are the things that you must keep in mind during the entire process of looking for a new house and moving or renting it.

If you are in need of some financial help, you might consider home loans in order to make things easier and get some professional help as well. The home loans available on Finserv MARKETS come with flexible repayment tenure, balance transfer and top-up options. It has various options to choose from, a fast and easy online process of application, and requires very little documentation which makes the process easier and less complicated.

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