Buying Your First Home? Buying a home for the first time seems like a daunting and nerve-wracking task, but if you have the necessary details sorted, it becomes exciting. There are many articles that have in-depth and excruciating details about what to do and not do while searching for and purchasing for the house.
How to Buy a House?
But actually, the buyers only need a basic overview of the process that deals with the buying process. So if you are confused on how to buy a house, here are some things you need to take care of:
1. Plan your home
The first thing you need is a list that specifies the type of house you are looking for and what quality will make it your home. This means:
- According to your needs and family size, choose from a single apartment to a condo or 4 BHK or a single house.
- Find the perfect location that suits you and is near to your workplace. It should also be close to other amenities like hospital, malls, schools, bank etc. For eg, when I was looking for 2BHK flats in Jaipur, the locations I had in mind were Malviya Nagar, Vaishali Nagar, Raja Park, etc. You must decide on your location too.
- The neighbourhood of the house should also be friendly and safe.
How much money do you need to buy a house?
When you’re stressing upon how to buy a house, your major concer is money. Also, it is not necessary to get a loan, but it is important to get pre-approval. This is crucial as some sellers won’t look at your offer without a loan approval. Moreover, it gives you a sense of how many homes you can buy. Always have a clear picture of an amount you can spend on buying the house. So evaluate your assets and liabilities and make a budget. Try to stick to that budget and check out houses within that price range. A little up and down in the price range is acceptable but don’t set your heart on a house that may set you back financially in the future.
2. Hiring an agent
Once you are sorted about budget and loan and clear about the type of house you want. The agent plays an important role to clear your confusions in how to buy a house. So, the next step is to find an agent who can show you the exact house you have been looking that too in a budget. Yes, there are numerous online sites like Mahima Group and open house where you can go and find a house. But having an agent has its perks like:
- They can send you the listing of a house that fits your need and has an open contract.
- Send you listings that only they know about.
- Check out homes for you and let you know if they fit your criterion or not.
3. Negotiation and buying the home
Now that everything is in place, start touring the houses to find the perfect home for you. It completely depends on you on how long does it take to buy a house. You can Schedule a maximum of 7 houses to tour in one sitting otherwise it will make you dizzy. Check everything especially the neighbourhood, and once you find everything in place make an offer to buy the home. (The final decision is done after usually 3-4 weeks after the neighbourhood checks out)
Now, don’t compare the price of the house you are looking at with other. Listen to the price seller is offering, and then negotiate it so that both the parties are happy.
4. Contingency check
Before signing on the dotted lines, it is absolutely necessary that you check the house for any damages and faults. Never buy the house unless the seller can guarantee that the issues will be solved quickly.
5. Close the deal
There is no specific answer to Once everything checks out- the price and inspection, it is time to close the deal which means signing a ton of papers and taking over the house. Be absolutely alert while doing this so that you can have the proper documents.
6. After buying
Now the question changes from how to buy a house to how to make a house your own home. You have bought the dream house, it is time to decorate and maintain it. Keep these things in mind:
- Don’t rush to buy everything new as it will put a dent in your wallet which has been depleted due to the purchase of the house.
- Use some of the old furniture, and then replace it with new things gradually.
- Also, with EMI’s and monthly charges, your finances will become unstable so make a fund, and start saving and take out only when necessary.
- Maintaining the house is your duty, and you need to make sure that the water and other utilities are up to the mark.
Buying your first house is the happiest moment of your life; don’t make it stressful or a point to bicker over with your loved ones. Just be careful with the documents as there are many fraudulent companies ready to scam you.
Happy home searching for you!