Buying a home? First, do your homework!
Congratulations! The very fact that you’re reading this means you have made that big life decision of owning a property. Before you sign on the dotted line, here are some tips to navigate your journey from deciding to actually buying!
Why are you buying this house?
- To live there yourself with your family
- As an investment opportunity, to be leased out
- To get away from the stress of looking for a new rental home every few years
- Your present home is small
- Your present home is large, but far away from where all the action is
What are you seeking in the new house?
- Extra living space
- A home with amenities
When do you need to move in?
- After a few months/years
Where do you need this house to be?
- Close to your work place/parents
- Close to educational institutions
- Close to the market/mall
- Close to movie theatres/restaurants
Whatever be your reason, the fact is, you need a new place to move into!
Now that you have answered the above questions, shortlist houses that meet with these parameters:
- Your budget
- Reputation & goodwill of the builder/developer
- Loan facilities
- Construction quality of the property
- Ready to move in or under construction
- Carpet area of the shortlisted house
- The Neighborhood (safety, economic strata, etc)
- Connectivity to your workplace, and other important areas
- Approximate rent amount this property can earn you
- Re-sale value of the property
- Home loan entitlement
- Final cost, including GST, Registration fees
- Before paying the token amount, seek a lawyer’s help to
- Ensure title clearance & other legalities
- Go through the fine print
Once you have gone through this entire process, you are well-equipped to make that leap and formally announce your choice of home!