Buying a home is a huge and important decision to make. Especially, if you’re planning to buy your house for the first time, it is normal to feel worried, stressed and doubtful as buying a home requires a high investment. It may be the largest purchase you’ll ever create. You have to make a list of pros and cons before buying. Of course, you don’t want to spoil it by making a poor decision or choosing the incorrect house for you. Therefore it is more convenient to study about the market before making your decision.
Many times, the best way to understand this first-time buying process is by asking multiple questions that you have in mind. Here’s a list of some frequently asked questions with proper answers that will help you in buying your first home.
1) How will I know if I am ready to buy a house or not?
The first question that often arises in our mind is whether we are ready to buy our own house or not? We, here’s your answer.
Ask yourself:
- Do I have a job?
- Do I have enough funds?
- Do I have funds for a down payment?
- Would I be able to afford all the taxes, bills, utilities and other miscellaneous expenses?
- After the purchase, will I have any funds left with me?
- What are your plans to stay in the house? For long-term or Short-term.
Once after knowing these answers, you’d be in a much better position, you’d be more clear whether you are ready to buy a new house or not.
2) Should I buy or rent?
The real estate market changes constantly. Sometimes the price of properties increases, sometimes they decrease. Sometimes renting is a better option than owning as owning requires large funds. If you buy your own house it would be like a long term investment and if you rent you will help the landlord by paying him the rent. Think about it. If you have enough funds you should go for owning it and if not then renting is the perfect option.
3) What’s the carpet area, built-up area and super built-up area?
The area that you could cover using a carpet is the carpet area.
The built-up area is the total of the carpet area and thickness of the walls of the housing unit.
The super built-up area is the total of all the areas occupied by common areas like lobby, lifts, staircase, garden, swimming pool etc.
4) Which taxes do I need to pay when buying the house?
Taxpaying is an important fact when buying a house in India. The owners have to pay taxes such as:
- Tax deduction at source also known as TDS
- Stamp duty
- Service tax
- Value-added tax also known as VAT
- Registration tax
- Property Tax
5) Should I apply for a Home loan? What are the documents required for a Home loan?
It is always better to take a home loan as it helps you in availing several tax benefits.
Here’s a list of documents required for a Home loan:
- Identity proof:
Such as aadhar card, pan card, driving license, voter id card or ration card.
- Income proof:
Employees: Last 3 months of salary slips, IT returns of past 3 years and Form 16.
Business-owners: IT returns of past 3 years, Income generated by the business as certified by CA.
6) Do I need a Real-estate agent?
Yes, as without any estate agent you’ll have to do a whole lot of things alone. Especially if you are a first-time buyer you’d be facing a lot of challenges and issues in getting the paperwork done or applying for a home loan. For a hassle-free experience, you should have a real estate agent. You can also contact Prodigy asset for the best experience.
7) What is the location of the house?
The location is an important factor while choosing a house. You should always look for a safe place to buy a place in which you are planning to stay. Because safety is your first priority!
You should also check the neighbourhood. Is it welcoming or not? Facilities such as schooling, hospitals, markets and other basic facilities are near your surroundings or not.
8) Is the house eco-friendly and pet-friendly?
You should ask your agent whether the house that you are looking for is eco-friendly and pet-friendly or not. If you are an animal lover then a pet-friendly apartment is best for you. You should also look for an eco-friendly house so that it does not harm the environment.
We hope that this FAQ list is helpful for all your queries and Hirola Infra helps you in making a better decision for buying your First-time house without any hassle. If you have any other questions you can ask us and our agents will reach out to you.
Thank you for your Time!