Everyone
desires their own nest in the city of dreams, Mumbai! But how do you know where
to find? And how to find? We’re sharing some pearls of wisdom to ensure you
find the best, read on.
1. Have a house hunting plan: People usually just hit the ground
running in search of a new home, especially first time home buyers. However,
you need a method to this madness which is why having a plan of action ensures
you can still search a house and be productive in other walks of your life
simultaneously. Rotate your house hunting around your regular schedule, not the
other way round.
2. List your requirements: You can filter property much faster
if you know exactly what is it that you’re looking for. Remember, no one can
help if you don’t know what you want. Tip:
Only look to buy verified property.
3. Get a loan pre-approval: Having your loan pre-approval not
only gives better clarity about how much you can afford, but also gives you the
upper hand in negotiations & easily gets you a ‘Yes’. Start house hunting
only after pre-approval.
4. Avoid exorbitant purchases: Banks always keep track of at least
one year of your finance related details like salary slips, tax returns, salary
certificates, etc. Such activities make you look like a “big spender” &
affect your debt-to-income ratio. Plus, you need to keep cash reserves handy in
case needed for some stop-gap
arrangements in the home buying process.
5. Don’t miss bill payment deadlines:
House hunting can be
excruciating, especially when you’re unorganized. Hence, it’s essential that
you & your life are functional and bills are being paid on time. If not,
late payments affect your loan eligibility.
In short:
Late payments = Bad Loan Eligibility
record = No dream home
6. Keep documents ready: Your address proof, identity proof, proofs of income, bank statements & W2s are some documents you need to keep up-to-date. Keep photocopies ready as well.
7. Calculate well: Your
monthly budget & EMIs should be in tandem. You don’t want to jeopardize
your future finances with an extravagant mortgage. Instead, use a mortgage
calculator to exactly know how much you will need as a monthly retainer.
8.
Go for ‘needs’ before ‘wants’: Know
the difference between needs & wants. Let’s say, you want a sea facing 2
Bhk apartment in Juhu scheme, but one of the 2 Bhk flats in Dahisar
may seem like a befitting & practical option. Choose carefully, don’t
overshoot the budget.
9. Check the neighbourhood: A good neighbourhood boosts property
value & reduces the risk of unwanted scenarios.
Find answers to these questions:
- Does it match your current lifestyle?
- Is it family friendly?
- Is it well connected?
- Are there any dumping grounds or weird smells around?
- Does it have a low crime rate?
- Is there any illness history?
- Is it at a walkable distance to your grocery stores, etc.?
Find answers to these questions:
- Does it match your current lifestyle?
- Is it family friendly?
- Is it well connected?
- Are there any dumping grounds or weird smells around?
- Does it have a low crime rate?
- Is there any illness history?
- Is it at a walkable distance to your grocery stores, etc.?
Tip: Schools help in the appreciation of property value. Search for
schools and surrounding areas that get give you high property value in the long
run.
Bonus: Having places for shopping, dining & entertainment around.
Bonus: Having places for shopping, dining & entertainment around.
10.
Don’t compromise on what you want: If
you want a 2 Bhk apartment so that you can comfortably accommodate your family
of 4, don’t settle for a 1 Bhk in Dahisar for sale just for the sake of cost-cutting.
11. Find a good agent: Get a good agent with great
credentials. If you can’t, go online & sign up with a property portal, this
way you’re in safe hands. There are tons, but Magic Abode (www.magicabode.com) is a recommended one.
12. Browse homes online: Work smart, not hard. There’s no
achievement if you run around and shortlist just 2 flats. Instead, browse
through a sea of options on sites like Magic Abode (www.magicabode.com). Get the comfort of choice from the confines of your home, pre-screen
& only visit selected ones.
13. Don’t shy away from house
inspection: Not
necessary that a pretty house is healthy too. Check drawers, walk-in wardrobes & other spots for
termites, infestations, leakages, rodents, etc. Also check the infrastructure,
water & drainage system.
14. Don’t get overtly attached to any property: When it’s a property purchase, it should definitely
be head over heart (Unless your gut tells you something’s wrong).
Getting attached clouds your decision-making
ability. Hence, maintain an objective view.
15. Know the right pace: Pitch only when you’ve checked
everything & are satisfied. Don’t go too slow or you’ll miss out. Don’t be
too fast, you’ll look desperate & end up in a wrong deal.
You’re now
hopefully well prepared for buying a home. All the best!
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Thanks for the post! You can also check new projects in juhu & buy your dream home.
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