Buying a house is a dream of many. It is among the most important and biggest financial decisions most people make in life because of course, it involves a major financial investment, legal understanding, careful negotiations, and so much more. With myriad steps involved, it is easy to feel overwhelmed. Many homebuyers, mostly first-timers, have no idea how to begin their journey. From where to start is their biggest issue. Understanding this, we decided to walk you through the entire process, from first to last, the important steps involved in buying a house.Read on:Financial planningAssuming that you have enough savings for downpayment, review your finances and debts: find out how much is your current savings and how much more you need for the down payment, stamp duty, registration fees, and other related charges. Also check your credit score because a good credit score makes your chances better in getting a home loan.Know your budget and stay in it: Now be realistic, because it’s easy to get carried away. Understand your financial capacity realistically as how much you can afford without compromising on essential expenses in future. This Includes EMIs and maintenance costs, among others.Pre-Approved Home LoanHome loan pre-approval gives a clear view of how much a bank or NBFC is willing to lend. This makes your position strong when negotiating with home sellers.For applying you need to get all important documents, identity proofs such as PAN and Aadhaar, income proof and tax returns, among others.Now it is the bank’s turn to check and verify all the submitted documents. Choose the Right Location and Property TypeOnce you have your finances done:Check the location after deciding what property type you want to buy, for example, flat, house, or villa. Check the features also Think from a long-term perspective like proximity to work, availability of good hospitals and schools and public transport.Find a genuine Real Estate AgentThen you need a good and genuine real estate agent:They help you shortlist properties under your budget.Agents also help in negotiations and understanding the legal framework. There is a number of paperwork involved in this whole process. and guiding you through each step, including discussions with sellers.Shortlist properties and site visitsShortlist options and plan a site visit. Check quality, surroundings, and features.Check the certificates, do a legal checkNow this is one of the most important steps to avoid future disputes:If it is a new construction, make sure the project is registered under RERA. Also see all the required certificates. Check if the builder has all necessary approvals (like NOCs, Occupation Certificate (OC) and layout approval).For resale properties, check the title deed, encumbrance certificate, and make sure there are no legal issues.Inspect the propertyThis is for both new or resale properties:Schedule a professional home inspection to inspect the condition of the house. Check plumbing, electricals, among other things.Offer and negotiationOnce you are satisfied with above mentioned features, now comes the important part. Make your offer and be ready to negotiate. Also know the final timelines.Closing the deal, the last stepAfter the deal is finalised, complete the official home loan application with your chosen bank.The loan lender will order an appraisal to confirm the property’s market value.The bank will finalise the legal and technical verifications.Now you sign documents, pay the balance amount, stamp duty, and registration fees.Congratulations! Now you are a home owner. Collect your keys and celebrate.Buying a home is a rewarding yet complex process. It requires a lot of financial readiness and legal understanding. But with the above mentioned steps, you can also make your dream of buying a home come true.
