After getting a job, every person starts thinking of buying a house. He starts looking for Bangalore apartments or flat in Mumbai depending on his work location. It is certainly a big decision and you must gather adequate knowledge about the entire process. Give sufficient time for studying the market and survey all possible real estate projects. Here is your step-by-step guide for deciding how much to pay for buying your dream house.
- Check your financial status – Take the stock of your financial resources and savings that you can use for purchasing a new house. It is likely that you will need financial assistance from bank in terms of home loan. Fix a meeting with bank officials and discuss the actual loan amount you can avail and the EMI for that loan. While doing this, also look at your future money requirements/projections. After this homework, you will come to know about the exact budget for buying your dream home.
- Market Study – You must read all kinds of real estate news features in local newspapers or websites to gain the knowledge about current market conditions. The prices vary from one city to the other and the factors affecting real estate prices are different at different locations. Get to know about all these things and season yourself with the local real estate terminology. After doing such study, you will come to know the price range for different types of houses available in nearby localities. Builders advertise for discount offers on special occasions or festivals and you can save lot of money during this time.
- Check builder’s history – Check few of the earlier projects completed by the builder. Talk to old customers and check the quality of construction. Try to know more about the financial conditions of the builder and partners associated. This will give you a clear picture of the builder’s reputation in the market.
- Calculate the exact cost – When you find a house well within your budget and other requirements, then it is time to calculate the actual cost of the house. When you go for a meeting with builder or developer, you must be aware of the other costs associated with the real estate deals. Pen down all these costs and then calculate the actual money you are required to pay the builder. Many people find this step difficult to understand and trust the builder for all these calculations. However, you should understand all of it properly and finalize the deal only after self-satisfaction. To understand how this works, you can visit two or three different builder offices and check the calculations given by them. This kind of survey might require more time but will surely eliminate any kind of flaws or possibilities for fraud.
- Verify the deal with bank – Builders generally have a bank associated with his project for financing. It is actually good to deal with the same bank as all paperwork is ready. You are just required to sign the loan agreement, which will take less time. If you are going for other bank then you need to get the verification from bank officials and present real estate papers again.
Going through all above steps will guarantee that you get best deals for your dream home.
