Desire to dreaming a Home

All the dreams that a person dreams in his lifetime, the most desired is the one for owning a house. It is much more than just a real estate purchase or an investment opportunity. Every individual aspires to have a private space that he can call as home. People spend lots of time and money in making this dream of theirs come true. However, it is advisable to give proper thought and planning before making a decision to buy a new home. After all, we buy a home just once.

When you opt for a property, you should also consider the amenities like space, neighborhood, transport, proximity to schools, hospitals, markets etc. Visit the site and cross verify that the actual amenities are in compliance with what is mentioned in the advert.

Make sure the basic infrastructure like water, electricity etc. are in place. Try to find valued add-ons that will further save you on cost, e.g. a furnished plot or automatic admission in the township.

An important point to consider is that if the property to be bought is a part of some registered society. You should check the society norms for selling or renting out the property, parking space etc.

Proper verification of documents like solicitor’s title report, title certificate, Municipal Corporation approvals, No Objection Certificates, terms and conditions, relevant title certificate, IOD, CC list, copy of plan etc., is mandatory. Make sure that the agreement of sale is drafted as per the state’s Municipal Corporation.

Keep you eyes open for any hidden costs and document the entire transaction. The total actual cost should be calculated by including stamp duty, registration charges etc.

Always keep a margin of few months, in case the possession gets delayed. It is a good idea if you already are staying at a rented place. To ensure good quality, service and possession on time; go for a developer that has carved out a niche in the real estate market. Some with a well established reputation in the market. Also, get the property checked by a lawyer and engineer to avoid any legal hassles at a later point of time.

The selection of the perfect home loan provider should be done after a thorough market research. Go for the one that offers best cost, prepayments, interest rates etc. Before zeroing on the loan amount, consider your savings and your income. Don’t spend more than you can afford.

Craft a proper financial plan that would help you save enough and spend wisely. A home loan will be a huge fiscal responsibility and it’s better to get rid of it as soon as possible. So it would be a better idea to clear off your other debts before opting for a home loan. Assess your expenditures properly, prioritize them and save prudently. The more you save, the bigger is your down payment and repayment will be easier. Any major financial decisions, e.g., buying a car etc., should be kept on hold till the time you completely repay your loan.