A Short Guide to the Dos and Don'ts of Buying a House

 You shouldn't take lightly the decision to buy a home. This is most likely the most expensive purchase you will ever make, and most homeowners live in their home for at least 10 and more years. It is crucial to be aware of what to do and not do when house hunting.

Don't Borrow More Than You Can Afford

Lenders base lending decisions on your ability to borrow. But just because you are able to borrow INR 50,00,000 does not mean you should purchase a home worth INR 50,00,000! You should instead consider your budget and only borrow the amount you can afford to repay. You must also account for insurance and property taxes in addition to interest and principle payments.

Do you want to inspect a house before closing?

There's no reason to not spend the INR 5000 required to inspect your home. Inspections may uncover potential problems with the property, such as mold, a leaky roof or pest problems. These issues may not be obvious to you or may not be disclosed by the seller before you take ownership.

Do not: Join a Bidding Wars

If you don't think a home is worth less than the market, there is no need to enter into a bidding battle when purchasing a house. There will likely be another house that suits your budget and needs. Bidding wars are often started by people who want to feel the excitement of "winning" a home. There are very few benefits to living in a 3 bhk bungalow in Kolkata or a 4 bhk bungalow in Kolkata home.

Do you want to work with a real estate agent?

A real estate agent or another similar professional has a good understanding of the local housing market. The real estate agent is a person who probably has the best idea of the bungalows kolkata. They will show you houses within your price range, negotiate with sellers, and provide any other assistance you might need during the home-buying process. You should choose someone with experience working with first-time buyers and those with government-backed loans.

Although owning a house can be a great way to build wealth and establish roots, not all houses are worth buying. Trusting and talking with your agent will help you find the right property for your needs.

 

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