Who doesn’t want to own a home of their own? It’s a milestone that everyone wants to achieve. However, buying a home in India needs careful planning. After all, you will invest a big amount. In this blog, we will discuss essential home buying checklists and things to consider.
Important tips for homebuyers in India
Set your budget and look for better financing options
The first step in buying a home in India is to set a budget. Look into your savings, income, and other financial responsibilities to determine how much you can afford. Also, consider other financial options that you can easily access, such as home loans and mortgage loans. Research and compare home loans, interest rates, eligibility criteria, repayment terms, and other conditions before entering the final agreement. Having a list of various financial institutions or banks can help you in this regard.
Verify the property’s legal status
Whether you buy a flat in Lucknow or settle for villas, plots, and commercial properties, it is always wise to check the legal due diligence. By conducting a thorough property verification, you can check whether the property is legal and has land record, title deed, and other documents required for the property’s legal status. It’s always better to seek professional help from a lawyer.
Check location and amenities
Checking the location of your potential flat or apartment in Lucknow or other parts of India is essential. Consider your lifestyle preferences and daily commute before finalising a property. Also, consider nearness from your office, healthcare facilities, schools/colleges, and other amenities. Furthermore, check out amenities for senior citizens, kids’ amenities, and other facilities to avoid future issues.
Conduct a property assessment check
Among other essential checks, inspecting the property to understand its structural wellness is also important. Check for any plumbing, electrical, or structural problems. If needed, hire a professional evaluator to check the property for you. Pay attention to possession terms, fees in terms of payment delay, and other conditions, too.
Be vigilant for tax association and documentation
Make sure you’re aware of tax implications before buying a flat in Lucknow or anywhere in India. Find out how much stamp duty, GST (Goods & Service Tax), and property registration charges you have to pay. You can check registration charges by visiting your state’s official website. Alternatively, you can contact a tax advisor. Additionally, make sure you have all the documents required for a smooth registration process.
Conclusion
The earlier checklists ensure that you streamline your home buying process and avoid any risks. It is always beneficial to be careful rather than to be sorry later. Buying a property is one of the dreams that everyone wants to realise. Check everything before getting into a final legal procedure. Check the property’s legal status, pay attention to structural issues, if any, consider amenities for kids and senior citizens, and check the proximity to your workplace. Paying attention to these things will save you from inconvenience and other potential risks.
