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Your guide to buying a new house

Posted by Royal Sundaram on 09 Jan 2013

Owning a house is every individual’s dream and taking this decision involves a lot of emotional and financial aspects to consider. Each person has a different priority to consider. The process being so vast and time consuming, there are chances of taking a wrong decision. It is important to check every detail of the house before you make such a huge investment. Here’s what you can do to be sure to buy the house you want –

Look for the right location –

Even before you settle on a house, you need to decide the location. This narrows down your search to a particular section. This needs a lot of research and time. What you need to look for in a location is availability of well connected roads, better facility like hospitals, schools market place, safety of the vicinity, free from land related issues etc.

Affordability factor –

While considering the affordability factor, you’ll need to tuck the emotional aspect aside. Property prices are increasing by the day. Moreover, the locality you choose plays a major role in deciding the property cost. You need to settle on a house that should not lead to any future tensions. Buying a flat that is much beyond your affordance will put you in financial crisis later. Evaluate the property to justify if the cost demanded is appropriate or not.

Stick to your budget –

When you decide to buy a house, set the maximum limit to which you can stretch and resolve not to go beyond. Remember buying a home is a huge investment. You not only have to pay for the cost of the house but also other formalities and renovation of the place if required. Exceeding your budget to buy the house itself will put you in a financial crunch and make it difficult to complete the other tasks.

Secure your home loan –

It is not possible for all of us to have the affordance to make the entire payment for the house then and there. This is why home loans are a popular option in the market. However, many have experienced that securing a home loan is even more challenging than finding a place they like. Using the online mode of getting a loan is most convenient in the time stringent scenario today. Also, getting a pre approved home loan helps to solve many problems that have the potential to surface after you finalise a house.

Check legal aspects before buying –

Looking into the legal aspects of buying the house may take time but this is an important thing to do. Check well if the property is involved in any legal issues; agree to buy only if it is free from any such hassles. Before making a final call, it is mandatory to check all the legal documents of the property you are planning to fix. You can take the help of a legal advisor to make a better decision.

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