If you are planning to buy your first property, then you are actually getting preparing to make one of the largest investments in your life. It is both a thrilling as well as a sobering moment. This decision indicates that you have reached this point after many struggles and have now become successful in life.
If this is your first attempt at buying a property, then you have to prepare yourself. As a first-time buyer, it is more than likely that you will be confronted with unplanned expenses and difficulties in the process of acquiring a property of your own. However, if you plan properly and are aware of all the issues that you might face in this process, then you should come out all right.
1) Look for a good Location
When you buy a house, it is a long-term investment on your part, therefore, it is important that you select a good location for your home. There are many projects in New Delhi, that are situated in good localities where you will find that the crime rate is very low. As you will be settling down there with your family, it is important to look around for the kind of infrastructure the neighbourhood provides. The flat should be near places like school and colleges so that you do not have to worry a great deal about the education of your child. And in case, if you get sick, there should be a nursing home and hospitals nearby to take care of you or your family members in case of an emergency.
2) How Far Away it is from your Place of Work
When you are looking at different residential projects in New Delhi to buy a home for yourself, you have to keep in mind that it should not be too far away from your place of work. If you buy a flat far away from your place of work, then it not only increases your daily conveyance expenses but also have a big impact on your free time (as you will be spending a great deal of time going to your office and coming back daily). Also, make sure that the place has tons of communication options (highways, metro, trains etc.). If there are many communication options available to you, then you will be in a better position to go to different parts of the city easily.
3) Look at your Creditworthiness
If you want to buy a property by taking a home loan, then it is important that you first find out how much amount of a loan you can take before looking for the property. You do not want to spend your time looking for a property which you cannot buy. Therefore, always look at your finances before embarking on this journey to get a house for yourself. Different financial institutions calculate the amount of the loan based on your yearly income.
4) Look at the Property Carefully
Before putting the money on the table, it is important that you take an engineer with you and inspect the property that you would like to buy. Check whether the structure is in as good condition as the seller is claiming it to be. Additionally, look for issues like water damage, foundation issues, roof and siding problems, and other issues that could cost you a huge sum of money in the future.
Do not forget to skip any of these steps or you have to pay a huge price later on. After you find everything to your satisfaction and the house is built as per the plan approved and has all the clearance, then you can go ahead and buy it.