Investing in a property, whether it’s a flat or a plot may seem like a daunting task. You may spend months or even an year in just searching for the best deal. Sometimes, you could get so tired with the whole process that you might decide to take the first offer you get or postpone your investment plans indefinitely.
But if you are one of those who is convinced that all those wasted rent payments could be turned into loan installments that actually give you something tangible at the end of the period, you must go ahead with your plans of buying your home.
Here are four tips to ease this important yet daunting cycle for you.
1) What are you looking for?
More often than not, narrowing down your choices based on your requirements can be a major help in easing your house hunting process. Sit down either with your family or by yourself and draw up a list of what you require. Starting from the budget to the type of house you want, a well-laid out plan is absolutely necessary. If you are clear with your budget, you can check if what you want as your house is according to the reach of your pockets or not.
Another major decision you need to make is whether you are going to go for flats in Bangalore, or a villa. This also depends on your budget as villas in Bangalore fall into a higher cost bracket.
So the first step is to ensure that you have a list of requirements and a basic plan in your head before you embark on a property hunt. Check for a list of reputed real estate builders in Bangalore to be sure of the quality of the house you are considering to buy.
2) Applying for a house loan
A budget and an approximate estimate of your monthly expenses will help you understand what your monthly expenditure is like. It will help you understand a cost-cutting process as well as understand how much loan you could qualify for. There are a lot of offers from different banks for housing loans and you need to choose wisely. Sometimes you are offered more than you want to spend or lesser than you require. Varying interest rates from bank to bank is another key detail you need to look into.
3) Taking help from an agent
You have to decide whether you want do this by yourself or employ an agent. Having a professional real estate agent by your side can be advantageous in the negotiation process. The real estate agent will accompany you in your site visits, apply for the house loan and even take care of the paperwork.
4) The buying process
The buying process involves you choosing a house, inspecting it either with the help of an agent or by yourself and making an offer. Don’t forget to make a thorough inspection of the house. Also check for the credentials of the builder. It’s always better to go for a builder or developer in Bangalore with a good standing and accreditations with governing bodies like CREDAI. If you have found a house you like, ask for the documents and approvals. Be sure to check the paperwork thoroughly before signing on the dotted line. Read our blog on the document checklist for buying a property in Bangalore for more clarity.
Once you have signed all your papers and closed the deal, you are still not done! You might have to get home insurance and an appraisal done. Be sure to set aside an emergency budget that will accommodate any additional expenditure that might arise for maintenance or furniture and other home commodities.
Always plan ahead and be ready for any emergencies. This will ensure that you are never caught off guard and you are always prepared. Once everything is in place, sit back and enjoy the reality of your dream home!