The easy availability of finance and tax benefits, along with high disposable income, has made home buying an attractive proposition for many young professionals. Even as the age and profile of the homeowner is changing, the challenges associated with buying a home remain the same. It may be months, even years before purchasing your dream home. However, this journey can be shorter and more pleasant by following these simple steps:
Understand your requirements and goals
To save time and shorten the home buying process, you must assess your specific needs from the property right at the beginning. With countless options available in the market, it’s advisable to keep a pre-determined list handy to help you make a quick decision.
For example, you must decide in advance the kind of amenities that should be available within and around your new home.
It’s equally important to take into account your future goals and this crucial factor shouldn’t be just an afterthought. To save yourself from future hassles, it makes sense to invest in a bigger home if you family is still growing. You must also consider proximity to schools and hospitals for the future needs of your family.
Determine the location
Waste no time in zeroing in on a location to suit your personal requirements and budget.
Location remains the single most important factor while shortlisting a home and deciding swiftly is the key to accelerating your home buying journey. Factors such as connectivity to business areas, proximity to educational institutions, malls, and hospitals will help you choose the right location. Also, take into account future planned developments in the area that could have a positive or negative effect on the value of your property.
It’s a tall task to personally visit every prospective home and it may take you weeks, even months just to skim a few options. To cut the chase, set some time aside to research potential homes online. Property portals help you evaluate options with the help of photos and virtual tours. A few hours of online browsing can help you shortlist homes you’d actually like to visit and shift your home buying journey into top gear.
Home inspection is a relatively new concept in Indian cities but one that is proving to be useful, especially in the case of ready-to-move-in properties.
With many firms offering home inspection services, you can get professionals to thoroughly inspect the property for any possible defects. A professional home inspection tour will help you save crucial time, as the trained eyes of inspectors can spot defects and even alert you against potential damages in advance.
Due diligence by an expert
It’s vital to check all the legal sanctions, plan approvals, and agreements related to the home you have shortlisted. However, scanning each and every legal document is a lengthy process and one that requires expertise.
A good alternative is to consult a lawyer specialising in property law. He/she will minutely check all important documents such as the sale agreement, sanction plans, encumbrance certificate and ensure that there are no loopholes.
Improve your credit score
For homebuyers, a good credit score is significant and one of the key factors considered by banks while issuing loans. To improve your chances of securing a quick loan, you can apply for a credit report with credit bureaus like CIBIL (Credit Information Bureau of India Limited), Experian, TransUnion, and Equifax.
A score between 700 and 750 is considered excellent and can help you secure a loan in no time and also at a lower interest rate. On the other hand, a score lower than 550 could deter your chances of getting a loan sanctioned.
Get a pre-approved loan
A pre-approved home loan is another way to accelerate the home buying process.
In this case, the bank or financial institution makes a virtual confirmation of the loan and loan amount after checking on your credit report. A pre-approved loan also gives you a clear idea of your home buying budget and helps you plan your finances in advance. But once this loan is sanctioned, you have a limited timeframe to finalise your purchase, failing which the pre-approval can be cancelled.
Hire a real estate agent
Hiring a professional who is well-versed in the ways of the real estate market is a sure way of reaching your destination sooner.
A real estate agent’s job starts with finding the best properties within a short span of time. They come with a wealth of knowledge about the industry and will be able to find you the best matches. You can also count on a property agent to help you speed up the negotiation process and save valuable time.
Working with a reputed real estate agent is essential as he/she is your best bet to avoid potential problems. You can also count on your agent to point out the pros and cons of various options and make home buying a faster and more efficient experience.
Home buying is a lot of hard work and can be a lengthy and stressful process. Whether it’s dealing with copious amounts paperwork or waiting for the home loan to get approved, landing a deal for your home could test your energy and patience levels.
However, with the help of technology, online tools, and the right experts, home buying can turn out to be a smooth and hassle-free deal.