Thursday, January 24, 2008

Buying a home: Some thoughts

Buying a new home often becomes a cause of sleepless nights. But it can be avoided. Read on

Buying a home is not only an important personal decision, but also a big financial investment. It’s important to find a home that’s right for you. It’s equally important to find a builder, who provides the best overall value and service. Following are a few tips you can keep in mind to make the buying process enjoyable and successful


Know what you want, what’s available and how the buying process works, before you start thinking seriously about signing a contract. Keep in mind the location and consider it’s distance from the local market and schools, etc. Check for availability of transport even late at night and check the security available. See, if travelling at late hours is not a hindrance. Consult with family, friends and coworkers. Most importantly, visit model homes and talk with builders and salespeople and even the residents of that area if need be.


If you plan to borrow funds or take a loan to finance your home purchase, talk to your lender about mortgages early in the process. Knowing in advance how much you can spend comfortably and getting preapproval for a mortgage means you can proceed from ‘just looking’ to a signed contract with confidence. Verify the rates of interest with various banks and think not twice , but atleast for a fortnight carefully, before signing the loan agreements.


There are many reputable, professional builders in the industry, who provide great homes and great service. As you talk with builders or their salespeople, ask a few questions: How long has the company been in business? Does it have any other buildings in the same location? Go and check out some other constructions by the same builder. Is there any kind of fault in the construction?
Check if the society is formed and is wellfunctioning. What are the facilities available in the building? And check for water and electricity supply.


It’s necessary that the builder (or salesperson) understand your needs? If you are used to a certain lifestyle, see if you can still continue with it. If you own pets, see if pets are allowed in the society.


Whether a builder has a model home, a sales office or sells directly from drawings and plans, you’ll have plenty of opportunities to look closely at the quality of the builder’s home and what’s included. The builder’s list will detail the construction materials and finishing products. When viewing a model home, don’t hesitate to try out windows, open drawers and look into every nook and cranny — the builder
wants you to be convinced of the home’s quality and solidity. LEGAL ASPECTS
Get detailed prices and estimates on everything involved in buying a home. Your builder and lender can advise you on the costs of securing a mortgage, taxes and so on. Ask your lawyer to give you a detailed breakdown of closing costs, including land transfer taxes where applicable. Call movers for estimates.


If you plan
to borrow funds
or take a loan to finance your home purchase, talk to your lender about mortgage process

Check if the society is formed and is well-functioning

Get detailed prices and estimates on everything involved in buying a home

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