Are you ready to buy a residential flat in South Kolkata? This was the question asked by my maternal uncle when I expressed my interest towards buying a home. As it would be one of the most important financial decisions of my life, he was quite concerned about it. He started the discussion from figuring out the pricing of the property, to considering a realtor when planning to buy a flat. He wanted me to know every bit of information before I make the biggest investment of my life. True, being a new homebuyer needs some serious thinking and advice before taking a plunge.
Know the Buying Process of a Residential Flat in Kolkata
First check, whether you are sure to buy a property for yourself or not. When you are completely sure and ready to invest in a home, then the first thing you must learn about is the process. Needless to say, that there are lots to learn on this subject, so stay attentive always. As purchasing a home is one of the major milestones, it is important to check your financial status at the initial stage. Here are a few points discussed by my uncle for my reference.
Determine Your Budget
Your first step towards home buying depends on how much you can afford. As a general thumb rule, look for the homes that not only suits your comfort but fits your budget as well. Make sure you do not take on any huge mortgage commitment, which you cannot afford. As soon as you have decided your budget, check your cash reserves. Go ahead with a minimum of 20% of down payment and then continue with the loan you take from a financial institution/bank.
Prepare a List before House Hunting
Earlier, it was observed that rarely homebuyers would find their perfect homes within the budget. However, things have changed presently where homebuyers do get homes of their choice, but that requires a list to be prepared before going on a house hunt.
The must-have features in the list include the proximity to the important places of the city, check the number of rooms, bathrooms and bedrooms, check whether the neighbourhood is worth or not, the preference of the space the house offers and so on. Always refer to your list that will help you take an easy and fast decision.
Check Whether You Need a Real-Estate Agent
Browse different online property portals to know about the variety of residential properties available in the city. Based on your preferences, you can easily get the platform to check out the properties. In fact, this is the right time to decide whether you will hire a real estate agent or not.
Hiring an agent will provide you with more home options and information, which you can hardly find on your own. As home buying needs special attention, an agent can be a good mediator between you and your seller.
Following the above-mentioned points really helped me in buying a residential flat in South Kolkata. Now, it is your turn!