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7 Things You Need to Check Before Buying a House

7 Things You Need to Check Before Buying a House

Everyone dreams of buying the perfect home for themselves and their family. It is a lifetime investment, so; the only way to take the best decision involves a lot of research. This can help you evaluate the risk involved in taking this decision and the amount you will spend on it. Let’s take a look at some steps that you can take to buy a home:

1. Set a budget

When you want to buy a house, calculate the money you can put forth to buy it. Whether you are looking for a 2BHK or 3BHK flat in Gurgaon, look for the one that suits you best and is within your budget. Check with the banks or NBFCs for financial aid and calculate how to repay your EMI through the EMI calculator.

2. Select a location

Select a locality according to your convenience and preferences. Check whether it is in the vicinity of banks, hospitals, shopping complexes, school and other important places. Choose a location which also has access to public transport as well as a railway station and airport.

3. Verify legal documents

You must verify the building plan that must be approved by the local authorities to avoid any kind of failure. You must do this to ensure that the property you wish to buy is free from any monetary or legal liabilities.

4. Know the hidden costs

Check the hidden costs such as GST, property tax and registration charges. You must include all these additional charges in your budget to get the best estimate of buying a house's expenditure.

5. Check the RERA certificate

RERA is short for Real Estate Regulatory Authority, this certificate is a legal document given to the property agent as proof that they have been registered. This gives them permission to operate their business legally.

6. Research on property prices

Check the trend of change in the property price that you are going to buy because detailed market research is essential. You can check the recent prices in that locality, and if that has depreciated in the past few years, that can be a red signal.

7. Buy a home insurance

Once you decide to buy a house, do not forget to get home insurance to secure your home. This will cover damages or losses that can be caused due to accidents or natural calamities. It also covers interior and exterior damage to personal assets and injury due to an accident within property premises.

As the decision to buy an apartment is tough, you need to go through many filters. Such as what your necessity is, whether you should buy a 2BHK, 3BHK or 4BHK apartment and which locality you need it in, such as Gurgaon, Mumbai, Delhi or any other city. These are some of the major points that can help you decide to buy a house.

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