Buying a home? First, do your homework!

Congratulations! The very fact that you’re reading this means you have made that big life decision of owning a property. Before you sign on the dotted line, here are some tips to navigate your journey from deciding to actually buying!

Why are you buying this house?

  • To live there yourself with your family
  • As an investment opportunity, to be leased out
  • To get away from the stress of looking for a new rental home every few years
  • Your present home is small
  • Your present home is large, but far away from where all the action is

What are you seeking in the new house?

  • Extra living space
  • A home with amenities

When do you need to move in?

  • Immediate
  • After a few months/years

Where do you need this house to be?

  • Close to your work place/parents
  • Close to educational institutions
  • Close to the market/mall
  • Close to movie theatres/restaurants

Whatever be your reason, the fact is, you need a new place to move into!

Now that you have answered the above questions, shortlist houses that meet with these parameters:

  • Your budget
  • Reputation & goodwill of the builder/developer
  • Loan facilities
  • Construction quality of the property
  • Ready to move in or under construction
  • Carpet area of the shortlisted house
  • The Neighborhood (safety, economic strata, etc)
  • Connectivity to your workplace, and other important areas
  • Approximate rent amount this property can earn you
  • Re-sale value of the property
  • Home loan entitlement
  • Final cost, including GST, Registration fees
  • Before paying the token amount, seek a lawyer’s help to
  1. Ensure title clearance & other legalities
  2. Go through the fine print

Once you have gone through this entire process, you are well-equipped to make that leap and formally announce your choice of home!