Important Steps to Follow while Buying a House

Posted by Eldeco Group on October 30th, 2018

Purchasing a house is ideally one of the biggest investment decisions people make in their entire lifetime. Hence, it is imperative that they carefully go about this process. However, selecting the ideal house to set up a residence and ultimately purchasing it can be an incredibly long-drawn and complex process. The first time homebuyers can follow the steps mentioned below as a guideline while planning to buy a house:

• The first step of buying a house is to decide on the perfect location to make the investment worthwhile. People should ideally choose the location that is well-connected and easily accessible. For example, while planning to set up a residence in the NCR, buying an apartment in Noida sector 119 would be a good idea owing to its proximity to the upcoming FNG (Faridabad-Noida-Ghaziabad) corridor and the NH-24 that provides an easy access to the upcoming Noida City Centre and Metro station.
• After zeroing in on the desired location, homebuyers should check out the premium residential projects developed there. Before investing in an apartment, people should ensure that it has all the important amenities and facilities desired by them. It is advisable to invest in a property developed by a renowned real estate company as they invariably offer advanced security system and premium contemporary amenities to ensure the full safety, comfort, and conveniences of the residents.
• After choosing the ideal apartment, homebuyers should acquire important details related to the property and the ownership rights. Whether it is a pre-owned property or the one that has been newly constructed, buyers must carry out a thorough due diligence to ensure that there will be no hassles while processing the papers and transferring ownership rights.
• In case buyers need to get a loan for the investment, they should start off with the loan application process simultaneously with the aforementioned steps. In order to get the loan sanctioned, buyers would ideally require certain important documents related to their tax returns and details of the property they are planning to invest in.
• After acquiring the required sum of money, the buyers need to make sure that the paperwork is done correctly. Therefore, before signing any deed or document, it is important to get those documents checked and verified at least once by a professional.
• The final step of buying a house would be to get it registered under the name of the buyer in the municipal records. The buyer has to pay a certain stamp duty which basically is a government tax levied on property transactions at the time of this registration.

When looking to buy a 2BHK in Noida, Gurgaon, Delhi, or any other city for the purpose of setting up a residence there, homebuyers can follow the above steps to get through the overwhelming process of property purchase with ease.