5 important things to consider before buying a home
Photo of a modern custom single-level suburban home on a sunny summer day
1. Location
- Proximity to Work, Schools, and Essentials: Ensure it’s convenient for your daily routine.
- Neighborhood Safety: Check crime rates and future development plans.
- Resale Value: Desirable locations retain or grow in value.
2. Budget & Total Cost
- Beyond the Purchase Price: Include registration, stamp duty, maintenance, property tax, and interior costs.
- Loan Eligibility & EMIs: Know how much loan you’re eligible for and ensure EMIs won’t strain your finances.
- Emergency Fund: Keep cash reserve for repairs or unexpected expenses.
3. Property Legality & Documentation
- Clear Title Deed: Ensure the seller has legal ownership.
- Approvals: Verify land use approvals, RERA registration (if applicable), and construction permits.
- No Legal Disputes: Check encumbrance certificate for past issues.
4. Builder Reputation / Construction Quality
- Track Record: Look into past projects, delivery timelines, and quality.
- Construction Materials & Workmanship: Visit the site or get it inspected.
- Warranty & Post-sale Service: Especially important in new apartments.
5. Future Growth & Infrastructure
- Upcoming Infrastructure Projects: Metro, highways, or IT parks can boost value.
- Rental Potential: Even if you plan to live there, knowing its rental appeal is helpful.
- Zoning Regulations: Ensure no unwanted factories or slums might come up nearby.
