10/28/2015 7 things to know before buying your first home ­ Yahoo India Finance

Wed, 28 Oct, 2015 1:29PM ­ Indian Markets close in 2 hrs and 1 min

7 things to know before buying your first home

Simplus Information Services – 2 hours 30 minutes ago

Buying a new home can be an overwhelming life experience. It gives you a great sense of freedom, pride and responsibility. However, money and a good
credit score are not the only things you should focus on.

Before rushing into the real estate market, here are some important things you need to consider:

1. Make inquiries: Make sure you investigate well before making a final decision on a secure property. Research well on the builder’s official
website, read their history and analyze their profile. Talk to people who have already invested and read the reviews of the ongoing real estate projects.

2. Money matters: Estimate the total cost of the new house, as it impacts your daily expenses, savings and earning capacity. Budgeting is crucial
when you are making a large investment. It is easily assumed that the cost of the property is the total cost. You also need to consider down payments,
interest on loan, registration fees, documentation costs, and maintenance fee, among other things.

3. Address: Then have you also decided where exactly you want to live? Go in for a property that is convenient for your entire family ­ a place that
provides a good connectivity to your workplace, schools, hospitals, markets and transport stations.

4. Paperwork: Make sure to check all your paperwork carefully. Run your property papers through a legal representative before you put your money
into the market. Be it construction, sale, purchase or lease of a property. Considering property prices only appreciate, taking legal advice to prepare
and draft an agreement for a particular property is a must. Above all, be sure you are not investing in a fraudulent property.

5. Rental rates: Knowing the rental rates in the area will help you make a better investment decision. There might come a time when you want to rent
out your home to live somewhere else. So, be prepared and make decisions based on rental potentials too.

6. Resale assessment: There is a high possibility that you may forget to check the resale value of your property. Budget could be your sole focus
while making such a huge investment, but make sure to pick the right property in the right location.

7. Additional costs: You may have to save some extra money for professionals you might hire to check your paperwork. Apart from that there is a
service charge by the real estate agent, legal fees, notary charges, etc. Also, if you are purchasing an apartment, consider the maintenance fee as well.

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