Buying their dream house is possibly the single most important task a person does in his lifetime. However, in a lot of instances, people tend to make uniformed decisions while buying their house thus leading to dissonance and regret at later stages.
In today’s digital age, gathering information online is helping people in their home buying decision making. A lot of information is available across various digital platforms and hence it is also important to know what one is looking for. Here is a checklist of what to do research on before finalising on your dream house.
- Location – Location remains the most important criteria in any property search. Prices can vary significantly within a city too depending on the location. In addition, different locations will be attractive to different people depending on their requirements. An ideal location is one which has proximity to important destinations like schools, medical facilities, commercial complexes, shopping malls etc.
- Available Inventory / Projects – Once the buyer has shortlisted the location, the next step is to understand the available inventory in that location. A good way to do this is do an online research and approach local intermediates / brokers who have a good knowledge of that location. It is always better to look at inventory which has been developed by reputed builders/developers.
- Budget – Another very important factor in the checklist is the budget. A buyer must have a very clear idea about the budget being earmarked for the purchase. The budget must be all inclusive i.e. also cover registration, interior work, refurbishment etc.
- Legal Due Diligence – It is also essential to understand all the legalities around a property. A buyer must check that all approvals are in place, understand the registration process and any other requirements.
- Stamp Duty and Registration Fee – Buyers must make themselves familiar with the charges and the process for Stamp Duty and Registration in that location.
- Other Costs – Before finalizing the deal, buyers must understand if there will be any additional costs that need to be incurred in the property before they can move into it. This would impact the budget they have decided on.
- Home Loan Options – If buyers are interested in availing a home loan for their property purchase, they need to ensure they have got their pre-approvals done and also make sure that the property is evaluated by the Bank / NBFC before making a decision.
The above checklist is just a guideline to help in the property buying process. Buyers could have additional factors which need to be kept in mind before finalizing their purchase. It is therefore important that every buyer prepares a checklist in the process of property search.