9 Steps To Buying Your Dream Home
Buying a house is a lifetime decision experience. Whether it is for investment or for end use, buying a house can be a wonderful experience. Known to be a big investment, this process might confuse or might put in a fix.
To help you buy your dream home, MakaanIQ compiles a nine-step home-buying process that will help you sail through the transaction smoothly:
Know the budget
The first step of buying a home is setting a budget. This budget should include your down payment, equated monthly installments for the home loan, and overhead charges. Check how much of your monthly income could you use for these expenses. Avoid moving away from the set budget.
Select the location
Before starting the search for your dream home, zero down on the localities of your preference, that fit your budget, too. Prepare a checklist of your likes and dislikes of certain area and the neighbourhood.
Type of property
Whether planning to buy a bungalow, a flat or a builder floor; the type of property you are preparing to buy should be clear from the very beginning. Also, have all the prerequisites including the layout plan, number of rooms, size of the kitchen, number of balconies, etc.
Find the right agent
Professional real estate agents are a must for a smooth home buying and selling process. They can provide you with required information for a certain area, about the homes there and the neighbourhood. The kind of knowledge they have regarding the home buying process and the familiarity with the area you are planning to buy the property in, is extremely valued.
When buying a property, it is important to run a due diligence on the developer and the agent, too. As a buyer you should know whether the seller actually owns the property or not and has the right to sell the property to you or not.
Depending upon the type of property you choose to buy, it is advisable to discuss the payments methods with your developer. For an under-construction property payment mode is generally based on the construction progress of the building or the house. Down payments are easily available in this type. But in case of ready-to-move-in apartment, there are high chances that you need to pay the entire amount in just one go than in instalments.
It is hard to remember each house that you visit while looking for property. So, prepare a checklist which will be helpful in remembering the features of each and every house you have visited. It should include electrical system, water system, proper functioning of doors and windows, etc. It is also sensible for a buyer to evaluate the neighbourhood, too.
This checklist would come handy when shortlisting the best property.
Allotment letter & sale agreement
If the property is an under-construction one, then the developer will assign you with the desired apartment and complete it with an allotment letter. The allotment letter will include every details of the apartment including the floor and flat number, area of the flat, total price, payment details, other amenities, etc. In both pre-existing and under-construction properties, the sale agreement part has the presence in each of the types. The sale agreement designates that the property has been sold. So, it is important for the buyer to read it carefully to avoid any kind of confusion later.
Registration of the property
Owning a property legally needs registration. The buying process should be completed rightfully, then only the buyer can have the property in their name. Apply for the property registration in the registrar office, get it done with all the applicable stamp duty. It is only after registration; the property is legally yours.