Essential tips for first time home buyers.

Buying a house can be an exciting thing, risky as well if one is not careful enough. When looking at a house, you could have a long wish list, but you need to understand that no house is ever perfect. The way it is logical not to judge a book by its cover, the same goes for a house too. So, evaluate every aspect before making up your mind.

Given below are a few important tips for an informed decision:

Always think long term and about re-sale:

Are you going to have kids? Will there be elderly people? Is your stay going to be a short one post which you are planning to sell it off? If so, whom are you planning to sell it to?

These are few of the basic things that you need to be very clear about even before you start looking for a house to buy.

Always prepare a checklist:

Home buying has always been an emotional process. Technically speaking, one should cast aside all emotions while evaluating a house. But, practically the same doesn’t happen throughout. So, the best way is to come up with a checklist having the must haves, nice to have and other things. Ensure you make enough copies of that checklist. Make sure you go by that checklist every time you visit a house. Take necessary photographs for reference(s). If you find anything interesting but, if the checklist suggests otherwise, re-think immediately.

Evaluate the expenses while budgeting for the house:

Don’t just limit yourself with principal, interest, insurance and taxes. Add utilities, cost of upgrades and commuting, travelling costs, etc. as well to check if you can afford to go ahead.

Verify the contract/ownership documents:

If the long term plan is to rent out or sell the property. Check thoroughly what the papers say you are authorized to do. Sometimes, it turns out that the property you are buying actually can’t be sold. It can only be transferred to someone through a deed bond. In such cases, things can’t be done conventionally and consulting a property lawyer becomes inevitable.

Reading the documents carefully before signing:

The property in chennai purchase is regarded as one of the largest and most important purchase a person ever makes in a lifetime. It is mandatory that you understand the terms and conditions. If there’s any doubt, bring it to the notice of the agent or the broker immediately. Still, if you are not convinced, say goodbye to them. There are more than enough people in the world to happily help you out in a fair way.