The Ultimate Guide for Buying Home

One of the biggest decisions in the modern times when you look to settle down is buying an apartment. However, so many people get put off in the journey because of the lengthy and complex process that it is. And it is understandable but let’s break things down and make this whole process fun, in a way that you can be organized and you can get things done.

Buying a Home: The Ultimate Checklist

Step 1: Look at Your Budget

Buying an apartment in Bangalore or any other place is a money-heavy investment. If your finances are not in order, if you do not have enough capital to get a loan or make the down Payments - it is probably best to not think of buying a home at this point of time. Even if you manage to pay for your home, you will also need to be able to keep your house maintained, furnished and for that as well, you would need to have money. This is why a good, hard look at your finances is needed and you can judge for yourself if you are ready to take on that Investment . Once you say yes to being able to pay your down payments, start researching home loans. Different banks have different interest rates and different features in their home loans so find one that works for you.

Step 2: Start Looking At the Location You Need

Evaluating your present and the possible future of the people who will be living in the home is very important. Think about where you want to live - do you want to live somewhere closer to your office? Do you want to live somewhere which is accessible and has top educational institutions and hospitals? Do you want to live somewhere closer to your partner’s office? Do you want to live closer to public transport points? This is extremely important to help you get your requirements straight before you can go to your realtor and make the search more fruitful.

Step 3: What Type of Home You Need?

After you have decided on the locations, it’s time to start thinking about the type of home you want - how many bedrooms you want, if you want a 2bhk or 3bhk apartment in Bangalore , how many balconies, any certain facing kitchens or dining rooms, any certain design aspect you prefer - all of these are something that you will have to ascertain with your family according to your future plans or requirements since this is a life-long investment you would be making. Think about the architecture style you want, the attachments you want with the property and the amenities you could want with it. Having this clarity will help you ultimately make the right decision when you look for your dream apartment.

Step 4: Readying Documents

Get your homeownership documents in place like for example some important documents to know if you have already found that you like

- Sale Deed, the legal document that signals that this property is ready for sale and transfer

- Occupancy Certificate, a legal document that the developer has to apply for after the completion of property to ensure that the completion has been done as per the plan and can be inhabited by residents

- Completion Certificate, a step back from the Occupancy Certificate, a legal document given by the local governing body to ensure that the construction of the property has been completed.

- Encumbrance Certificate, that makes sure that the property purchase you are looking to make is free from legal or financial liabilities.

- If you’re planning to apply for a Home Loan, get your property documents, liability statements, address proof, passport size photographs, Form-16, salary certificate and bank statement in order.

Step 5: Research, Research, Research

With your ready documents, now all you need to do is go for open houses and research your heart out. Look at property prices and research if it is according to the trends in the area or if it is too exorbitant. Conduct your research on whether you want other design aspects in your house and how the prices of the flats have fluctuated in the past years. Look at the neighborhood and see if it is developing or not, just to determine the resale value of the flat in the coming future. Research will help with all of that in your journey of buying Flats in Bangalore or anywhere else.

Step 6: Say Yes To Your Dream Real Estate Space

Once you have found your dream apartment, you need to sign on the dotted line of the sale agreement. Before that though, you need to finalize your housing Loan so make sure that is done before the title agreement is signed. After signing the sale agreement, you have to register the house as yours - making it legally yours. This will have to happen in the Sub Registrar’s office and you would need your lawyer and two other witnesses with you. It should take typically 15 days to get your property registered.

Step 7: Get Your Home Insured

You have bought your dream 2bhk in Bangalore - does the process stop there? No, it does not. You have to arrange for Home Insurance. Home Insurance is the only way to ensure that your home is protected from unintentional damages like break-ins, accidents or other damages. It is not a mandatory step to follow but with mishaps and liabilities being covered by the insurance companies, it helps to make the financial load a little less on the homebuyer who would already be dealing with the emotional and mental aftermath of the mishaps.

And that’s all! It was long, arduous and multifaceted - a journey that required careful planning and consideration. However, you made it just a little bit easier with this first-time buyer checklist. You can make it even easier by trusting one of India’s most trusted developers, Gopalan Enterprises in your search for your dream home. Bonus tip: Patience and diligence along with the right partner can go a long way in your homeownership journey.

FAQ

Do I have to get the Occupancy Certificate along with the Completion Certificate?
Please understand that in your homeownership journey, it is very important to have the Occupancy Certificate which will be given to you by the developer as well as the Completion Certificate. The difference between both is that once a project is completed, the developer opts for the Completion Certificate. However, the Occupancy Certificate is only granted by the government deeming the property fit to live in meaning you will be needing that certificate for water, electricity and other amenities.

When Should I Get My Home Loan?
Before you sign the sale deed of the apartment, once you have selected the apartment you want to buy, you should opt for the home loan. Before you finalize a home loan, however, make sure to check which features and interests suit your needs more. There will be different banks that you would want to consider and even private lenders, if need be but make sure to put all charges on paper and keep everything transparent.

Do I Need to Consider the Type of House I Am Buying? Will I Not Be Able to Redesign It?
Yes, it is very important to consider the type of house that you are buying and be mostly sure of your future plans. It might not always be possible that you would break down the walls of the apartment to redesign an apartment that was already made. Therefore, we would recommend you go to as many open houses and explore as many options possible so that you can find the apartment or home most suitable for you.