Checklist For First-Time Home Buyers
Buying your first home can be both exciting and daunting, especially in competitive markets. But with a bit of prep work and research, the process can go smoothly. Let’s take you through all the information you need to have when you are buying your first home.
In this highly digitised world, the search for everything from groceries to gadgets happens online and real estate is no different. Most buyers between the ages of 25-35 begin their search online. With portals such as magicbricks.com, housing.com, 99acres.com and so on, it’s easy to filter searches according to your requirements, budget and location preferences. It is a good idea to go through all of these sites and shortlist properties that you would like to see personally.
Making The Choice
During your visit to the property, do a thorough check of the neighbourhood. If you hope to have a family in the near future, check out education facilities in the area. Proximity to hospitals, schools, colleges and market area options should be considered. Other important factors include distance to your workplace and airports.
The first thing you need to remember while buying your first property is that you should not under any circumstances overshoot your budget. If you are planning to buy a house, you should have been saving up for its down payment at least three to five years ahead. Maintain a good track record of servicing your previous or current loans and make it a habit to repay all your credit card outstanding within the billing cycle.
Ensure that the following documents are in order:
- Sale deed/title deed/Mmther deed/conveyance deed
- Building plan sanctioned by statutory authority
- Layout approval plan sanction
- NOC from electricity department/pollution control board/water works/airport authority
- Supplementary agreement
- Allotment letter from the builder/co-operative society/housing board/BDA
- Approved plan of construction/extension and license for construction
Detailed cost estimate/valuation report from chartered engineer
- Storage – Keep a couple copies of all your documents related to your property purchase.
- Transfer – Start the paperwork related to the transfer of name for electricity and water meters if applicable
- Update – Update all your official documents such as passport with your new home address.
Enjoy your home and make the best memories in it!