Everyone dream of buying a new house and it is one of the most exciting experience one could have in their life. But while you go for buying a home in a market it needs lots of research and procedures to follow.  If you are a first-time buyer then it is a must to have a piece of knowledge about the real estate industry and the things around it, to have a seamless experience while buying a new home. So, here is the complete guide to buy new house.

5 Steps To Buy New House

Step 1:  Budget Allotment

While going for such a big kind of investment, it is mandatory to allot the fixed budget to your new house. This can be done with proper planning and calculation. Since the property is not bought every day, your budget should be a perfect balance of managing monthly expenses (if you are thinking about a home loan) and at the same time not compromising on your dream home. While allotting a budget you should make sure the property that you are looking after should be manageable within your budget. Its EMI should not go beyond some limits, that you will need to sacrifice on your daily needs. If you will not look after the budget then you might feel depressed, once you start with your EMI.

Understanding your family’s needs, evaluating future expenses, and keeping some money apart for emergency purposes can help you fix the budget for your new house. After all, you need your buying experience to be exciting and not troublesome at any point. While fixing the budget you will need to consider the following three things mainly.

Step 1A:  Check Home Loan Eligibility

It is the first and foremost step while you fix the budget for your new house or apartment.  To check whether the budget that you have allotted for your new home is going to fulfill or not. Even if you have allotted a budget and afterward come to know that you can not get a specific amount of loan sanctioned from the bank for various unavoidable reasons. Then, in such a scenario, it is better to follow all the steps and check your mortgage eligibility.  Home loan eligibility generally depends upon the repayment capacity, the amount of income and existing debts, & EMI’s that one may have. If you want to check your home loan eligibility then you can go online and find a home loan eligibility calculator. The amount of loan to be sanctioned varies from bank to bank and is as per RBI regulations.

Step 1B: Stamp Duty Registration Charges

One more aspect of budget management is stamp duty registration that you will mandatorily need to pay. This is the amount that you will need to pay to the government for getting the property registered in your name. While fixing the budget you can analyze the stamp duty registration charges in your area for your type of property requirements. Stamp duty registration charges from place to place and city to city.

STEP 1 C: Check With Additional Costs

While going for home buy you may need help from a team of professionals in the real estate sector. Fees or service charges by real estate agents, lenders or mortgage brokers, home inspectors,   land surveyors, lawyers or notary, etc should be considered. Find out how much is the maintenance charge that you will need to pay in advance and will car parking be included in the cost itself or will need to pay extra for it. Other additional but not necessary costs may include Home Insurance and interior designing cost that you may need immediately after buying your new home.

Step- 3: Location Survey

Buying a home at a key location is always advantageous especially when you are living with your family. Your family always needs all the public amenities nearby so that they can live life in a relaxed way. But it will definitely need to allot higher budget, however, if you are too tight on budget then you can choose an area adjacent to the key location and can travel a few km for schools, hospitals, shopping malls, and another kind of daily needs. While choosing the location it is not just about location, but also it is about the locality. Everyone wants to live in better surroundings, so having a prior idea about the locality nearby is of utmost importance.’

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 Step -4: Resale Value

Even if you are buying a home for staying purpose and not for investment, but at some point, you may need to sell your property for various different good or bad reasons. In such a scenario, it is better to check property rates and trends in that specific location, so that you will get good returns on your property. Investment always should be done by considering a long term projection as real estate investment comes with lots of pros and cons. Sometimes at some places, the property prices remain standstill and at some places, it goes exponentially. So, it is better to go and do the proper analysis of the property and analyze the resale property value of your new house to be.

Step -5: Hiring Real Estate Agent

It is difficult to find a home directly from the owner and it could become a tiresome process to find out everything about the property on your own. So, here comes the next step to buy new house i.e. hiring a real estate agent or agency.  You can go for a local search and find out real estate broker in the specific area that you are looking for. You can even go online and find a home for you directly from the online portal for real estate and call the owner or broker from the portal itself. This will surely save your time of personally going and sorting out the type of property that you want.

Navi Mumbai Property Trends & Rates, New Builds/ Resale/ Commercial / Residential February – 2021

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