Are you planning to buy your dream home in Chennai? Are you finding it difficult to go about your impending home purchase? Owning a property in a big city like Chennai is a matter of pride for most home-seekers. Owing to the multitude of luxurious home choices, the booming real estate sector in India has led to a rapid increase in the number of prospective property buyers.
Nonetheless, majority of the people face difficulty when it comes to finding the best Chennai individual house for sale. Yet, making an investment in real estate can help you safeguard your future provided that you exhibit financial readiness, choose an apt location, indulge in research, and make the right choice. This article discusses the essential home buying tips so that you can actualize your dream of home-ownership.
Tips To Keep In Mind While Buying A Home In Chennai
Whether you’re planning to buy a home for occupancy or investment purposes, you should be extra careful while finalizing your decision regarding property purchase. Here are the 10 essential tips that you should keep in mind before looking for your dream home in Chennai in order to make certain that you make the smart choice and invest your hard-earned funds in the right avenue.
1. Know Your Home’s Requirements
When it comes to planning for the purchase of your dream home, the very first step is to know your requirements and necessities so that you can make the right selection. Think of the amenities which would be needed at this phase – such as swimming pool, gymnasium, and a children’s play area. If you live alone, a 1BHK flat would work but if you have a family, consider buying a capacious house.
2. Get Acquainted With The Home Buying Procedure
The next step is to get acquainted with the home buying process. Purchasing a property in a big metropolitan like Chennai may seem like a daunting task, but you have really made your mind to make the investment, knowing the procedure shouldn’t be that difficult. Commence your search online and learn about working with professional agents. Narrow down your favorite house picks and visit the location during weekends.
3. Consider All The Various Locations
Now that you have familiarized yourself with the home buying procedure, you should take into consideration all the available locations with the help of online property portals. See whether these areas have the required infrastructure and facilities that are highly important for you. Ensure that the location you choose is well-connected via public transport and is situated nearby hospitals, educational institutions, marketplaces, and so on.
4. Check Your Credit Score
While opting for a home loan, you would be required to have a score of at least 700. However, if your credit score is 750 or higher, you would easily get the best rates of interest on home loans. There are plenty of websites online where you can check your credit score free-of-cost. For a good credit score, you should maximize your credit card’s limit and settle all bills timely.
5. Limit Your Spending & Begin Saving Money
It is extremely important to cut down on unnecessary expenses and save money so that you have sufficient funds for down-payment at the time of property purchase. Banks would only lend up to eighty percent of the total property’s cost whereas you’d have to arrange money for the remaining twenty percent. Thus, start saving as soon as feasible.
6. Prepare A Viable Budget For The Purchase Of Your Dream Home
You need to prepare a viable home budget that doesn’t affect your current standard of living and allows you to easily settle your home loan in a twenty to thirty-year period. Besides that, you must consider your educational background and income level while formulating the budget for home investment so as to circumvent the financial burden in the future.
7. See Whether You Qualify For A Home Loan
Pay a visit to your preferred bank to find out whether you meet the eligibility criteria for the home loan. If your credit score and history are good enough, you would easily get pre-approval for the home loan. Nevertheless, the home loan would only cover up to eighty percent of the property’s total cost which means that you will have to arrange the remaining twenty percent funds for the down payment.
8. Find A Reliable Real Estate Agent & Analyze The Quality Of Available Homes
Finding a reliable real estate agent is one of the most important steps. A trustworthy real estate agent can help you make a good home choice while cutting down on extraneous expenses that you may possibly have to bear in the future. Furthermore, a real estate agent will also make it easier for you to get an overall sense of markets, average rates, and quality of available homes in various projects.
9. Finalize Your Offer & Negotiate Accordingly
Once you find the house of your dreams that meets all your requirements, be quick and finalize your offer without any delay. Go to multiple meetings so as to secure the best deal. As far as price negotiation is concerned, your agent can help you get a reasonable rate.
10. Arrange For Closing Charges At Settlement
Having finalized your offer, do not forget to prepare a budget and arrange for closing charges at settlement for transaction-related costs such as legal charges, stamp duty charges, taxes like GST, the brokerage fees of your agent et cetera. Once you are done with this much, you can plan to move and relocate to your new place of stay.
It’s inordinately important to understand that home purchase is a lifelong investment and you need to be extremely cautious with factors such as affordability as well as the location of the property so that you don’t regret your choice in the future. Lastly, keep the aforementioned tips in mind in order to take the right decision while buying your dream home in Chennai.