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.
