Buying a house is one of the greatest achievements that everyone wish to do. Several sentimental values are attached with a home and people save a huge sums of money for buying their dream-home. The purpose of buying a home is not just to live comfortably but also to create an asset for their future generations. Though buying a home is a difficult task, after the GST roll-out the process of buying a house has become easier and simpler but a bit expensive. It is, therefore, important to know the buying process and steps that you must follow before investing a huge amount of your hard-earned money in any property. Let’s take a look on the following steps.

  1. Conduct a Research

According to the recent GST bill latest news, you can find several issues such as the increased property rates, builder issues, and decreased rates of under-construction property and so on. Due to such rumors, it’s advisable to conduct a proper research on the Internet for the reliable source, dealer or builder and the property rates, down payments and many more things that you would want to know and understand. You can also go through the latest magazines, news and make a listing of builders and apartments that you feel are perfect for you. In this way, you’ll gain the sense of housing trends that are going on.

  1. Determine YourBudget

Before purchasing a house, you need to determine your own budget so that you do not exceed it. You may like overwhelming apartments and houses that might be expensive and out of your budget. It is, therefore, important to set a budget, type and size of property you’re looking for. Though in most cases, people looking for homes do not want to invest more than three to five times their annual household income, you should plan it according to your decided budget.

3. Get a Pre-Approved Credit for Mortgage

Investing in a property is a big decision, therefore, it is important to know how much actually you want to spend. One of the best ways to do that is to get a preapproved or pre-qualify mortgage. In order to prequalify the mortgage, you need to provide your personal information to the mortgage banker such your annual income, saving details, and so on. According to the information you’ll provide, you have to provide the documents as a proof and for verification purposes.

4. Talk to the Right Real Estate Representative

When buying a property, it’s important that you talk to the real estate representative as the person will let you gain information related to the deal, property and amount that you would be paying as a down payment. A representative can also provide information about the neighbors and the society which isn’t accessible to the public. They are knowledgeable about the buying process, they’ve great negotiating skills and are familiar with the area.  Therefore, they can give you the proper information that you require before buying a property.

5. Get a Home Inspection Done by a Professional

A home inspection is an essential part in buying a home. You need to check for signs of structural damage, leakages if any and whether the ventilation is proper or not. If in any case, you find out any materialistic damages in the property during the home inspection, the contingency protects you by giving you an option to re-negotiate or withdraw it without any penalty. It’s up to you whether you want to retain it or withdraw it.

Wrapping Up

When you’re done with the inspection, you need to bargain a little on the property and make your own offer. As you see a lot of things in a single home, making notes of each detail of the property you’re interested in would be helpful from mortgages to home inspection details. Take as much time as you need to finalize the right property that you would want to live in. You can seek help from the representatives for the negotiation and to make a fair deal as after the GST bill in India have been passed, the major difference can be seen in the commercial and well as housing properties.