It is a dream of many to be a proud homeowner, to have a property in one’s name as a place to reside in or as an investment asset. But any aspiring home buyer must do their due diligence when it comes to arranging their finances and selecting the right neighbourhood, developer and apartment.
Buying a home is a big decision as it involves a considerable sum of money. Considering the conditions in the past two years given the pandemic, lockdowns and the challenges of one’s existing property of residence, the real estate market is now witnessing many people who want to upgrade to a comfortable home in a convenient neighbourhood.
If you are considering an upgrade in the form of a new purchase, you have to do your homework now so you can be a proud homeowner in 2022.
Here are 5 steps to take if you want to buy a house in the next year.
1. Choose the right neighborhood
There is a reason why real estate is all about location. The neighbourhood you reside in will make or break your entire living experience. In a city like Mumbai, it is best to go for a location that is well connected, with conveniences and social infrastructures like schools, hospitals, malls, temples, and markets around. You can go for an established neighbourhood, an upcoming neighbourhood or upgrade in your existing neighbourhood if you are content and comfortable.
2. Go for the right real estate developer
This is a crucial step. It is best to go with a real estate developer with a proven track record of fulfilling commitments, RERA certified products and someone with good testimonials. Go for a developer with good experience, goodwill and customer service.
3. Improve your credit score
Most homebuyers go for a housing loan when buying their house. But to get favourable terms on the loan, you will have to have a good credit score. There are many ways to do this but it will also require time. You can work backwards by setting a date when you intend to buy a home and then work backwards towards improving your credit score.
4. Save for down payment and then some
Even if you have an excellent credit score, it is advisable to keep a certain amount ready for the down payment of your property and other expenses that may arise in the form of stamp duty and registration expenses. This will make the overall purchase comfortable for you and will not overload your other financial commitments.
5. Shortlist the right loan partner
It is very important to shortlist and select the right loan partner because buying a home on loan is a long term financial commitment. You have to take into consideration various factors like the rate of interest, eligibility criteria, processing fee, repayment terms and so on when selecting a bank or loan partner.
Follow these steps and become a proud homeowner in 2022.