One of the biggest decisions and landmarks of one’s life is buying a house. There is always a great amount of hard work and pains one goes through before one can afford their own home. And hence, you must be very careful that you get the best deal.
The essential thing to do at first is to set a budget. Keep a range as to how you are willing to spend. Do this according to your needs. Talk it through with your family or spouse as to what you really need and what you can do without. It is rare to get something exactly within your budget, so decide how much you are prepared to stretch.
The key factors you need to keep in mind are whether your other payments will suffer, the amount it will take away from your savings, etc.
An agent is the greatest tool you can get at this point. One of the ways to get a trustworthy agent is to get referrals from family and friends. They will be aware of their talents and flaws the best and can warn against them.
Despite the agent, do some background checks yourself. See if the builder is reliable and has not flouted any construction rules. See if you can get some information about their other projects and how he/she sold them. The mode of payment, the pricing, the facilities offered elsewhere, and the terms the seller and buyer agreed upon need to be checked. These will help you draft your own demands and agreement. Another very important factor is to understand the final price correctly. Sometimes, the quoted price is excluding certain things. Get the final quote and see what all it includes.
Along the same lines, verify the documentation with a dependable advocate. There is much fine print and it is impossible to read and understand every nuance. You may be able to add and deduct clauses that you require and those that you do not.
You need to build a rapport with the seller. This will help you understand the kind of property he is likely to possess. Often, due to ineffective communication, there are holes in the dealing. Try and strike up a positive interaction that will aid you in the deal.
Don’t forget that property is all about location. If you desire a particular location, it will come at a price. Do not try and hunt property that will be cheap as well as located at the right place. You will have to compromise somewhere. Also, take into account the commuting time and cost that will come out of living in that area.
Finally, never make a choice in a hurry or because you got carried away by the ‘look’ of the house. Make some inquires into its history and be sure that you are getting a worthwhile deal.