How to buy a house? : Here are the 10 steps to buy a house. Buying a house is a very big deal! Owning a property sounds amazing and you feel confident about yourself, but with this ownership comes a bundle of responsibilities that we neglect or sometimes don’t think of them. Buying a house is one of the steps making it look like a house and building up the coziness of home takes a lot of time. There is no point in buying a house if you are not happy living in it, it won’t just feel like home and you will be just forced to live in there as your money is on stake for that property.
Buying a house just does not mean that it’s a house from the ground, it can be a rented home, or maybe a flat in some apartment. It’s the tag of “owning the House” that matters to the person. A person’s half-life earnings are almost spent when a home is bought, so it’s important that to go for the right one. So to choose the right home for yourself it has certain phases which are kind of the per-requisites that are a must to be taken care of for a happy future living.
How to buy a house?
Here is a full guide that has to be taken care to purchase the right house. Read the below points to know how to buy a house.
1. Prioritize your needs
So to begin with the foremost thing is to check that if you need a home of yourself or you can live the way you are living presently. Buying a house requires a lot of patience because there are several things that you have to deal with when the process of buying a home goes on further. Buying a house and renting a house are two different things, you can even go for renting one as per your budget.
No one wants to see a situation where paying up the bills of electricity, maintenance, the cost of infrastructure and the basic requirements of home are on the perk of turning into a disaster for any being. The point of buying a home is to have a happy life and not some addition to the list of stressful things.
2. Manage your Income
Make a list of your daily household requirements that you use presently and alongside subtract the amount that will be in the investment for the home. You need to make a budget of your living at least 6 months before thinking to buy a house, or else you will have to go for the savings that you have been doing.
A gap of 6 months is considered ideal because you will be used to spend the amount in the budget limit and will be able to save out more. Buying a big or small home doesn’t really matter, it will only matter if you wish to show it off in society and that should really not be the case. A Human Being should spend only what is in their limit.
3. Look for Government housing loans/ Private Bank Loans.
The investment that has to be done when buying a home is totally upon the income. Buying a way higher home then your income level is not a smart thing to do, you cannot afford to be in debts when that is time to grab things to organize your home and start a happy living. The smart thing to do is that look for all the Government Housing Schemes and cross-check if you are eligible for it or not.
If not the Government Housing Schemes, the private Banks have certain policies for all their members when it comes to buying a home. They either provide up with the loan or insurance to the home when bought. It’s important to know all the details regarding Home Loan and Insurance to whichever bank card you are a holder of. Private Banks look for such opportunities where there members invest in housing and they help them get it.
4. Search for the desired type of property
So once you have decided what kind of property to you one to buy start searching for it. This one is a bit of hectic stage. You can go for an online search there are certain property lookup websites which give out the list of all the properties which are on sale as per your desired locality.
Visiting some real estate counselors and dealers near to your area will help you get an estimate out of how much is it going to cost up. They also have certain ideas which help in buying the house and set out a blueprint for what all to see when buying a house. Also, it is not important that the dealer you meet is totally genuine with you, they at times target on to make a fool out of the public. So Beware of such people!
5. Explore different properties and neighborhood
Once you are through with the search of shortlisting the type of house physically visit them. This is one of the most important part of buying the house. One should be aware of how the house is, where it is located, what type of area it is, and how the neighbors are. Suppose you search for a house in some residential colony, you must be aware of the neighbors who are living in that colony talk to them, know about the electricity supply, the maintenance and water supply.
In case if it is not so populated area, then check up with how secure that area is because living in some isolated area with high crime rate is not worth living there at all. So, these are the things that have to be seen when doing the site visit, also just don’t have one or two options in mind shortlist around four-five houses and have a site visit. You must be aware of the locality where you decide to live because there are many aspects to consider like Hospitals, Schooling, Supermarkets and many more.
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6. Contact the property Agent
Going further is the stage of contacting out the agent once finalized with the house. Buying a house is not easy, and finding the correct one is just all about luck and fate. As soon as you have decided about the house you want to buy you should contact the agent to block the deal before someone else lays eyes on it.
The Agent, of course, will ask for a sum payment as he is providing the service so you should clear that up as well. Then comes up the finalizing the amount of the property. The agent gives out the structure of how much investment it will take and accordingly you will have to negotiate. Trust me, negotiation is a hard time but it’s always a thing that the price they said can be reduced to some level down.
7. Apply for the Loan/Home Insurance
If the investment is up to the mark that you are eligible for getting the home loan than go ahead with the best bank be it private or government whichever gives out the best offer for the same. Loans are just for the easement when buying out the home because it does require a huge amount of investment. Further on applying for the home loan you can get the itinerary for what all is considered under home insurance.
As we do our life Insurance, Car insurance it is important to do Home Insurance as well because in case of any happening of natural disaster or related to get some relief from the insurance coverage. Home is like a new addition to the family whose well-being has to be taken care of, as it gives out the shelter to the existing family.
8. Seal the deal
Coming to wrap up the deal with the Agent, once applied for the loan close the deal on the last final price and move ahead with the registration process. With all the finalizing of deal do not forget the legal Department work, you must get yourself registered as the owner of the house.
Although, all these things are done by the agent without even asking but showing the interest in regard of this topic is important as the agent also then works in proper manner and nothing is missed out which can, later on, be a hurdle. Sealing the deal is not the last step until the registration certificate is in your hand.
9. Get repairing done if required
When all the documentation process is going on the background, you can re-visit the home and check if any construction work is required or some new construction which you wish to be done can be done. Before shifting in the house getting the construction done when no one is there is the ideal time.
Construction does require a lot of re-visits to the house as when you are engaged with the constructing workers they give a head-pain. You need to be there to see that whatever they are doing is done in the right manner and nothing else is damaged because you definitely don’t wish to have collateral damages in the house before moving in.
10. Last but not least- Go for Shopping!
Shopping for your own home is a fun activity. Decorating the house is like adding jewellery to just enhance its beauty. But do not spend on anything which is not required, because with the extent of happiness we tend to spend more. Buy the needful first and then add on the basic jewellery.
Somehow these steps will look like it’s easy to buy a house but when it comes to performing out, it’s tough than expected but not impossible. Buying a home does require teamwork because you need selection in choosing out, construction process and also when it comes to living in there too. House is built from a family or else it will just be a brick house with some accessories on top.
It’s almost every Human Beings dream to have their dream house and some have the sources to exactly achieve it and some don’t. Even if you don’t get the exact dream house, be happy with what you have because the journey doesn’t end on buying its followed up with one more when it comes of taking care of it.
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