Buying a new home house is a major event in one’s life. Owning a house is a major financial decision with sentimental connotations attached to it. When a person buys a house, it is not just to shelter his family but also an asset that leaves behind for his future generation.
If you are planning to purchase a house in 2022, the planning and execution of the whole task can be overwhelming
Here is the checklist that you should focus on when buying a house.
Mind your finances
The loan you would undertake when you decided to buy your dream house would be substantial. Hence, you need to go through your finances, savings, or any outstanding debts.
Conduct a thorough assessment of your finances. If you have made the commitment when you are not financially stable, it could have serious repercussions on your future.
Security
Most lenders prefer that you’ve worked at the same job for at least a year before assuming a loan. Banks want to see a stable source of income; they will ask for details about your work. For instance, they’ll want to know about your employment if it is full-time, part-time, or casual, how much you are earning, etc.
Down Payment
To, initiate the process of home buying, the first and foremost step is to make a down payment on the house you are interested i.e usually 10% – 25 % of the price of the house. Put aside an amount as a down payment. The more down payment, the less will be the interest payable.
Interest Rate
Conduct your research, meet multiple lenders before finalizing one. You can start this process by asking your bank. Compare the interest rates of various financial institutions before signing anything.
Market Research
Without the local market research, you get to know about the house pricing locally. To know, about the prices and other details. To learn about the local housing market, start paying attention to prices and sales. Find out an answer to the following questions-
How long do homes stay on the market?
Are buyers paying the full asking price?
How much do homes cost that meet your description of a “future dream home”?
Additional costs
Documentation and insurance will also cost you a sizeable amount. You need to inquire and check if documentation is in order. You can get access to the house or area details from the local authorities.
Looking for a house or apartment in Mohali, Chandigarh, or Kharar. Vision India group has many successful projects where you can buy a house. No need to worry about delays in possession, quality of construction. Vision India is ISO and RERA approved. With Vision India, you get the best real estate investment in Kharar, Mohali, and that too within your budget range.