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For our ancestors who didn’t have the benefit of a world map...

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For our ancestors who didn’t have the benefit of a world map...

Rizom - April,2018
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For our ancestors who didn’t have the benefit of a world map...

Rizom - April,2018
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For our ancestors who didn’t have the benefit of a world map...

Rizom - April,2018
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Ritika Saxena 2019-08-18 22:22
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15 House Hunting Tips to Help You Make the Right Decision

Buying a house can be frustrating and stressful, especially for the first time buyers. There are so many things to be taken care of. If you just make a purchase based just on the aesthetics of the house, you will surely be regretting it later.

As you are checking multiple properties, keeping up with all the details is not easy. You need to set your priorities set. House hunting is not something you do on intuition. You need to thoughtfully create a plan according to your budget and needs. Real Estate is a costly investment and hence you should never overlook the planning part of your responsibility.

So fasten your seat belts and be ready to receive the most practical 15 House Hunting tips to make your house buying process smooth.


#1. Decide Between Your Wants and Needs

Before even beginning the process of house hunting, sit down and list out all the priorities. Separate your wants from needs. This is very essential since everyone ‘wants’ a big house with a green lawn, but not everyone can afford it.

Once you start your house hunting process, it is easy to get swayed by aesthetics and luxurious amenities. Having drilled down your needs to specific details will keep you floating below the budget.  

 

 

#2. Make a Comparison Chart

After you have seen dozens of properties, it becomes very difficult to keep track of all the facilities, amenities, pros and cons. So I advise you to prepare a comparison chart where you fill out the pros and cons of each property you visit. This way at the end of your house hunting, you can sit down and compare all the properties, helping you in your decision-making process.


#3. Physically Visit all the Properties

I know this is the internet age, but the photos and videos captured can be misleading. Basing your decision based on online inspection will never yield any fruitful result. Mentally note down how you feel about the property. Visit every corner of the house and examine if there is any structural damage. It’s difficult in the beginning but once you get used to it, you will know where exactly to look for. Accompany someone who already has better experience in house hunting.

Which brings me to my next tip.



#4. Hire a Real Estate Agent

With all the facilities available on the internet, you may feel there is no need for a real estate agent to buy a home. But you couldn't be more wrong. Nearly all the deals that happen these days are aided by a real estate agent. A real estate agent helps you figure out what kind of home you can expect in your price range, negotiating the right price, inspecting your home and suggesting better properties if necessary. 


#5. Pin Down Your Location

Your location determines a large part of your budget, where your children go to school, the mode of your transport and overall quality of your social life. Consider the type of area you would prefer  - a gated community, a cozy area surrounded by nature, surrounded by social hub etc. Very few houses will fulfill all your wishes, so it’s better to know your needs beforehand.    


#6. Know Your Furniture Measurements

With a new house, every piece of furniture can bring you problems and can add thousands of rupees to your budget - something which you need to avoid during your first home buying process. Have a good look at your current furniture and decide what to include in your new abode and what things to exclude.


#7. Start Saving Your Down Payment Early

It is common to put down 20% to 30% of the amount down, but today many sellers permit much less. Nevertheless, you should start saving the down payments as early as you can. Putting down less than 20% of down payment means you will be paying high mortgage cost. Play around with your calculator decide what amount can you get ready for a down-payment. As soon as you do that, start making plans on how to save money and start using an app to track your progress.


#8. Sketch a Basic Floor Plan

You don’t need to be a world-class artist or an architecture graduate to draw a basic floor plan. Just draw some basic lines starting from the front door, windows, walls and stairways of each property you visit. This little rough sketches will prove beneficial in case you want to revisit the property. Vaastu shastra is an important factor while buying a home for many people. If you follow these philosophies, sketching a basic floor plan and conducting a basic research for vaastu shastra tips  will help you eliminate the properties which do not comply with the vaastu norms.



#9. Take Photos and Videos

It gets confusing to keep track of all the amenities when you visit multiple homes each day. Make sure you draw a basic floor plan and take photos for reference. It gives you a full picture of how your house looks like. You can also share these photos with your family and friends and ask their opinion. Just make sure you have the permission of the landlord before you click any pictures.


#10. Focus on Structure Over Style

Instead of worrying about appearance, you should focus more on the functionality and the structure of your house. Passing on a home just because it’s paint or carpet doesn't look good is a bad idea. Avoid looking at temporary things which can be easily fixed. 

Check the alignment of the floor, window panes, how old is the roof? the electric connections plumbing systems etc. This is where your research comes handy. narrow down your search list by choosing only the best real estate developers of the city. They have a standardized design patterns and less chances of finding any structural damages. 


#11. Calculate the Approximate Resale Value

The resale value doesn't seem of much importance when moving in, but I can bet that somewhere in the future it will. People typically live in the same house for around 10 years before they finally move someplace else. Keep that in mind while buying your new home.

Research the surrounding area and find whether there is an upcoming project or development planned for the area. Some development programmes like transportation line, water line could raise your property value. Others like highway running through the properties could decrease the value of residential properties.


#12. Get Your Mortgage Pre-approved

House hunting is exciting, but it would be a disappointment if you are not financially qualified. Start your home hunting by getting your loan pre-approved. Preapproval will give you an idea of how much your bank can loan you and it also shows the seller that you are ready to commit.


#13. Check for Storage Space

Proper storage space is an important point in how your home will look when you are living in it. Note the number and size of the cupboards and basement. If you feel the storage space is not adequate, you need to plan for storing your additional home appliances. 


#14. Understand the Importance of House Inspection

After your offer is accepted, you need to inspect your home for any possible damages and repairs. This provides you with an opportunity to look at your home inside and out. Take the help of a reputed inspector and back off if the seller doesn't promise any damage repairs.


#15 Buy an Adequate Home Insurance

Choose insurance who can provide you with an adequate amount of money to restart your house if it gets damaged in an unfortunate accident. Make sure your insurance policy covers important situations like fire, flood or any other disaster.


House Hunting is both thrilling and frustrating. If done right, you get to live in a beautiful home with a secured investment. Make sure you go through these tips and make necessary plans anytime you are buying a house.




written by

written by

Ritika Saxena

 

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