Finance

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

  1. Budget

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.

  1. Connectivity

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.

  1. 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.

  1. 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.

  1. 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.