Buying a home is a big decision of your life. If you are planning to buy that dream house you always yearned for, then you need to ask yourself, “Have I all the necessary questions / things in place?”
Here’s a guide:
- Before you invest, study the market. Keep yourself abreast of the prevailing market conditions. Make sure that you have a clear idea of property prices and rate of appreciation.
- Before you decide and finalize the property you wish to buy, be clear about your budget and location. Also be clear about why you are investing in a property, the objective—is personal use or investment–in the purchase of property before you lock your options.
- EMIs are always better than rents, so once you decide to buy a house then calculate your EMI. Calculate how much you want or can afford to invest in the property. Ideally, the EMI should not be more than 30-35% of your total monthly income.
- Take all costs into consideration in calculating your final payment. Be wary of hidden costs and make sure you do not get a raw deal.
- Everything should be properly defined. Ensure transparency. Built-up area, super built-up area, and covered area should be properly defined.