5 Useful Tips For Your House Hunt

If you are looking to buy a house of your own then pat yourself on the back! It’s a big step and a wise one too. More often than not, real estate investments yield good returns over time. If you’re in your 20s and have just started earning, you can still buy the house of your dreams. We aren’t talking big words here. Our claim is backed by reason.

Here are the benefits of buying a house as soon as you can:

The clock is ticking

Like the prices of most things these days, property prices follow an upward trend too. Remember that spacious 3BHK apartment you rejected a few years ago? Well, it’s probably out of your budget now.

Although you must be careful when buying a house, you must not dilly-dally too much either.  Delaying your decision for too long may translate into a missed opportunity as someone more enthusiastic could strike a deal for the house in question.

Extra income

How many times have you cancelled your vacation or other great plans you had in mind because of financial troubles? A few times maybe? What if buying a house could help you earn extra income.

Even if you don’t wish to move into a house of your own right now, you can still buy a house and rent it out. This extra rental income can come in handy for all those times when you need some cash. You could use this income to make some smart investments such as investing in Mutual Funds, stocks etc.

Young and free!

You don’t have to wait to get married to buy a house. Instead, buying a house when you are single is much easier. This is because you have fewer dependants and can easily manage to repay your Home Loan EMIs. Also, when you avail a Home Loan at a younger age, you can opt for a longer repayment tenure, which will help lower your monthly EMI amount.

Additional Reading: 6 Surprising Reasons For Home Loan Rejection

To help you on your quest for the right house, we have a couple of house hunting tips to offer. But, before that, here are a few basic things you need to ask yourself. All set? Here we go:

What’s your budget?

Before starting the hunt for the right house, you need to be clear about your financial situation. It’ll help you decide whether you should go for that fancy bungalow by the sea or that cosy 3BHK in an amenities-packed apartment building. You can start shortlisting different localities based on your budget and that’ll definitely make your life simpler.

Where do you want to live?

Once you’re done deciding the budget, you need to think about the location. We’re sure you have a list of localities in mind, don’t you? One thing that you need to keep in mind when shortlisting localities is that they should be located close to all the basic amenities like hospitals, schools, supermarkets etc.

Options away from the city might be cheaper than the ones located at the prime locations, but you also need to think about your daily commute to work and other costs. If you’re looking for a farmhouse or a leisure home, then maybe a house away from the city will suit you better.

Bungalow, flat or a villa?

What kind of property are you looking for? A bungalow, flat or villa? These are just a few options. Being specific about the type of house you want can make things easier for you. You’ll know just how much you need to save to be able to afford a certain kind of house. For instance, if your budget is the problem, you could go in for a 3BHK, and scrap the earlier plan of buying a bungalow.

What’s the down payment status?

This is a very important thing to consider before buying a house. Unless you’re fairly wealthy, you’ll need a Home Loan to buy that sprawling bungalow. Knowing how much you have to spare for a down payment will help you figure out how much you need to borrow.

Additional Reading: 10 Ways You Can Save For A Down Payment

Once you answer these four important questions, you’ll be better placed to buy a house. Now for some handy tips on house hunting.

Go offline

Although the trend of house-hunting online is becoming quite popular, it doesn’t really allow you to experience how it would feel to live in a house. For this, you must step outside the confines of your house and visit the property you want to purchase. Use this opportunity to study the locality and nearby places.

With apps like Tinder on your phone, we know how you like the idea of looking for ‘options’ online. But hey! To get to know someone/something better, you ought to step out of the virtual world.

Crowds can be good. Sometimes!

Now that you’ve actually stepped out for a house-hunt, don’t forget to check the housing complex. Looking for the basic amenities around the housing complex isn’t enough. You must also check if the place is well-occupied by people already. Looking for a brand new house is fine as long as there are a decent number of people living in the same housing society. Buying a house in a sparsely populated society might not be a good decision. Safety comes first.

Check, check, check!

No matter how busy or bored you are, it’s advisable to carry out a series of checks in and around the house. Try your best to cover everything possible. Everything right from the electrical fittings to the woodwork. It’ll not only help ensure that you buy a safe and secure house, but also lower your maintenance costs for the future.

Don’t over expect

What you see online might not be 100% true. Your stints with social media might have taught you this. There are many differences in the real and virtual world. Yes, we know that can be quite disappointing. Don’t be too harsh when comparing the real with the virtual or your house hunt could turn into a never-ending exercise.

Check the basics well

Apart from checking the house thoroughly, you also need to check for basic supplies. Power backup, for instance. You can’t take it lightly unless you love living in the dark. Water supply is an important factor as well unless you want to get stuck without a single drop of water with soap all over your face!

Go the legal way

Don’t trust the sugar-coated words of a builder or broker blindly. Make sure that the builder you have approached has a good reputation. Look for builders who have the reputation of completing their projects in time, instead of the ones who don’t follow deadlines. The real estate world is full of scams. Ensure that you don’t fall prey to fraudsters!

Be patient

Don’t go gaga over the first house you buy. Instead look out for a couple of other options at least. Having too many options is confusing, but it’ll surely reduce the risk of you buying the wrong one. Buying a house is one of the most significant decisions of your life. Being impatient and impulsive now could spell disaster later.

Flexibility is the key

If you want to strike a good deal, you need to be flexible. You can’t expect a house to be 100% perfect. It’s better to step out with a flexible mind instead of cribbing over small issues. Always look at the bigger picture. Don’t reject a good deal just because the house isn’t painted in your favourite colour. Base your decision on whether things can be taken care of later. If yes, don’t let that offer go.

That’s pretty much all you need to know about house-hunting and how to go about it. Be calm and patient and you’ll surely crack the right deal.

Happy house-hunting! Oh! We almost forgot! Have you found yourself the right Home Loan offer? We can help you out.