First time home buyers’ perfect checklist
Owning a house is one of the most important investments for Indians. Apart from being a financial transaction, it also has sentiments and emotions attached to it. If you are looking forward to become a first time homebuyer, you will need to consider many factors before making the final choice. It is a task that requires careful and patient research.
But fret not; we have a checklist for home construction and ready-to-move-in-houses, to help you in your first house purchase!
Investment in a property is a big and long time commitment: especially if it has been financed through home loans. Finance is the most important factor when it comes to buying a home. The rule of thumb is fix a budget and stick to it.
If you opt for a home loan, make sure that the Equated Monthly Installment (EMI) does not exceed 30% of your monthly income.
It is wise to thoroughly check the locality of your prospective property. A little bit of research can save you the blushes later! Check out the water supply, electricity, sewerage and electricity connections of the locality. Other important factors include –
If you want to buy a ready-to-move-in home, thoroughly check the quality of construction. Check the walls, fittings and fixtures, wirings, tiles, paints, finishing, etc. In case of an under construction project, you can look at previous buildings by the same builder to gauge the quality.
This is the most important step, and also a part of the checklist of builders. We recommend that you get these checks done independently by a lawyer. You can check documents such as the title deed at the office of the sub-registrar. Ensure that there is no pending legal case or dispute on the property. The property purchase will be completed only when the sales deed is executed and registered with the registrar. Other documents that need attention include land record, municipality approvals, environmental clearance and completion certificate among others.
Once you have taken ownership of the property, make sure to photocopy, watermark and store the documents and paperwork in a digital format. Start the paperwork related to transferring of name for water and electricity bills, if applicable.
And do not forget to update all your IDs like bank documents and passport with the new address!Adopting a more methodical approach to buying property will enable you to save time and money with this quick checklist.