Top 5 Things to Consider When Buying a Home
Buying a house is one of the most important financial and emotional decisions you will make in your lifetime. So, you must never buy a property in haste as it can cost you dearly in the long haul. Instead, try dedicating enough time to house-hunting and examining the property before finalizing the deal. Right from the credibility of the builder, to the location and neighbourhood of the property, ensure to make a note of all the aspects carefully when buying a house.
Below, we explain a few things that you must check while purchasing a house for yourself.
Consider These Things When Buying a Home
Firstly, evaluate your financial situation and fix a budget for buying a house. Once you begin house-hunting, look for houses that are affordable and within your budget. Also, if you’re planning to avail a home loan to finance your property purchase, it’s advisable to assess your repayment capacity well in advance. Try to make a higher down payment as this will reduce the repayment burden significantly.
Make sure that the house you wish to purchase has a good public transport facility and isn’t too far from your workplace. Also, opt for a property that has schools, colleges, hospitals, markets, and shopping places at an approachable distance.
- Construction quality
Examine the construction quality of the property carefully. Check the wiring, fitting, tile quality, elevators, safety features, etc. before finalising. If you are looking to purchase an under-construction property, you must browse through the reviews of the builder to make a well-informed decision.
- Amenities offered
You should also make a note of what kind of amenities are offered along with the property. Things like clubhouse, parking, lift, swimming pool, gym and power backup make the property more appealing.
- Resale potential
Before you buy a home, make sure to consider its resale value. Even if you plan to live in the house for the rest of your life, it’s essential to have a firm understanding of the property’s resale potential. This is because the future can never be predicted and in case you’re required to move to a different city because of any unavoidable circumstances, a property with high resale value can fetch you good returns. To sum it up, a home with good resale value would be a good investment.
While it is true that searching for an ideal house can be overwhelming, you should avoid making a hasty decision. Do not forget to take into consideration the above-mentioned factors while buying a house for. Once you finalize on the property, you can apply for a home loan to finance its purchase. So, don’t hold yourself back. Choose your dream house by a lowest home loan interest rate and favourable terms with Kotak Mahindra, today.