6 things to keep in mind before buying a house

Buying a house is a dream that everyone cherishes. If you are in the process of making this dream come true, you need to be very meticulous with your search. A house is an investment for life, and this is why you need to go house hunting in the right way. Let this article be your guide when searching for a house.

Here’s the Ultimate Guide to smoothen your House Hunting experience
 

1. Keep Looking Until You Find Your Price Range
 

To understand what you can afford, you first need to make a budget. Then, keep looking within that price range. Different factors affect the price of the property, such as the locality where it is located, the carpet area, the age of the building, etc. The cost factor is one of the most crucial components to keep in mind when you purchase a house, so keep looking till you find a suitable property within your budget. This is also important because the home loan you apply for will depend on this.

2. Pay Attention to Location and Layout
 

As stated, the location and the size of the house are important factors to consider. It would help if you got your dream home in an area of the city that suits you. For example, if you wish to live closer to your parents, look for houses close to where they live. Then, you will have to look for a place that matches your needs. If you have a large family, a larger home would be needed and vice-versa. Apart from the carpet area, look for intelligent home designs that optimise the available space and make your dwelling more spacious and comfortable.

3. Consider the Size of the House
 

It is common for people to look for two-bedroom or three-bedroom residences in big cities. However, the need for space is very individualistic, and you need to choose a house that would accommodate your family, your furniture and all your other essential things. Look for a home that offers the space you need while helping you to stay within your budget. A larger house will cost more, so consider the price factor when deciding upon the size of the house. You can take a home loan from a bank like IDFC FIRST Bank Home Loan, but the amount of loan you get would depend on the size and value of the house. This is why it is advisable to look carefully before finalising a deal.

4. Survey the Neighbourhood
 

Whether you are a bachelor or about to start a family, you have to consider your surroundings when buying a house. This will help you in the long run. Evaluate the school options nearby. Also, check to see where closest hospitals, shopping centres, bus stops, trains stations, etc., are located. Use your money well, and find a house that connects with your much-needed services.

5. Think About Home Value Growth
 

Your house is one of the most significant investments you will ever make in life. This is why you need to think about the future and find a home that would grow in value. Usually, the size, the location and the proximity to the best amenities ensure a surge in value in the long run. Keep this very crucial point in mind when you go house hunting.

6. Ask Questions When Checking out the house
 

There are many questions you need to ask when you buy a house. If it's a resale house, ask why the old owners are selling it. If it is a new house, ask whether the home is exposed to any health or safety hazards such as polluting fumes, etc. Ask to see the house's original plan and find out if any changes or modifications were made. Ask about the neighbourhood and find out exactly how the living experience would be. Once you get satisfactory answers to all your questions, you can go ahead and finalise the deal.

To Wrap It Up
 

After meticulous house-hunting and locating the ideal property, your next step would include getting the best home loan. Consider the IDFC FIRST Bank Home Loan that offers competitive rates of interest and also offers flexible EMI options to make your home-buying experience a memorable one.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.