8 Things You Must Consider Before Buying Your Dream House

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hardik, August 21, 2019

8 Things You Must Consider Before Buying Your Dream House

Buying a house is a dream for many people, but it is a mixed feeling when the time comes to cross the bridge. While you are delighted at the thought of possessing your own home in projects like Tata Value Homes or Arvind Skyland, you also want to ensure that the process is smooth and risk-free.

It is only normal to be concerned because buying a house is a lifelong investment. It requires you to invest your hard-earned savings and possibly borrow from banks or NBFCs. Lenders like Bajaj Housing Finance Limited provide easy home loans up to Rs 3.5 crore.

A Checklist You May Want to Consider Before Buying Your Dream House

Due Diligence About the Project

It is a good idea to run a background check before you finalize a house. Whether you are looking for flats for sale in Bangalore or villas in Bangalore, ensure that the land is not under dispute. Your broker, with his resources, can help you in this regard.

Verify The Builder

Some builders have a reliable reputation; they announce a project and buyers rush to invest in them. These are builders who consistently deliver good quality projects, and can be trusted. Tata Value Homes or Arvind Skyland are a few such properties in Bangalore. You can find online reviews about the builder’s previous projects. You can even prepare a list before you enter the market to look for flats for sale in Bangalore.

Additional Read: Things to Consider While Buying Property in Tata Value Homes

Assess Your Needs

If you plan to reside in the property, it is advisable to evaluate your current and future needs. This holds true whether you want a villa in Bangalore or keen to opt for flats for sale in Bangalore. Most builders mention the super built-up area in their brochures. This covers the space including elevators, corridor and the staircase. The actual area of a flat could be as less as 70% of the super-built up area. For example, 1,500 sq. feet 3 BHK flat may have only 1,050-1,200 sq. feet of livable space.

Know More About Connectivity

This is an important aspect to consider if you are looking to buy a place and call it home. Excellent connectivity to the airport, railway station, offices and schools can sweeten the deal.

Check All Approvals and Licenses

When it comes to buying flats for sale in Bangalore, it is advisable to verify that everything is in place. You may want to check if the building plans are duly approved and all environmental clearances are in place. You may also want to understand if the land has been transferred to the builder’s name or is under a lease.

Documents To Look For in a Resale

If you are planning to buy a villa or flat on resale in Bangalore, you may want to consider a few additional points. For instance, the property may have been pledged for a bank loan. In this scenario, you must obtain the release certificate as proof that the loan has been cleared. It is also recommended to get the property tax and other bill receipts to ensure there are no pending dues.

Estimate The Total Cost

House deals include several costs that you may not have considered in your budget. Registration charges, parking costs and broker fees may escalate your budget. It is advisable to keep these costs in mind before you finalize a property.

You may want to consider financing options that lenders offer. NBFCs like Bajaj Housing Finance Limited provide home loan up to Rs. 3.5 crore to bridge your gap.

Additional Read: Affordable vs Luxury Housing in India

Select The Right Loan Plan

Lenders offer loan plans with various benefits. For example, you may opt for a floating plan, Flexi-plan, construction-linked plan or possession-linked plan. It is a good idea to compare their features and select the best suitable one for your needs.

With this checklist, you can ensure a smooth and satisfying experience of buying your house.

Summary

Buying a house is a crucial milestone in anyone’s life. It is all the more delightful if you plan to invest in splendid projects like Tata Value Homes or Arvind Skyland. However, buying a house is not an easy decision as it requires considerable investment. You may have to invest a sizable part of your life’s savings and possibly avail a home loan to realize this dream.

In this scenario, it is only fair if you want to exercise some caution and safeguard your interests. It is advisable to have a checklist handy to ensure that your house deal is safe and financially viable. Assessing your current and future needs is a good place to start. This will give you a preliminary idea about the area that will suffice to your needs. It is also advisable to run a background check about the builder and project.

Another crucial point to consider is the total cost of the house. Several overhead costs may impact your budget. You can read more about this checklist in this article. Once you have ticked off all the check-boxes on this checklist, you can be confident that your deal is a secure one.