The Indian real estate market has seen a rising trajectory post-COVID. As per a published report, the housing market in 2022 saw an uptick of 40%. Cities like Bengaluru, Mumbai and NCR saw a significant increase in home sales thus fueling higher expectations of a double-digit growth in 2023.

The statistics clearly indicate that this year would be the right time for investing in a property. But, finding a home for yourself can often be challenging and especially if you are a first-time buyer, it can indeed be a big decision to make. 

But if you want to choose the right home, account for various factors and do ample research. Everyone has different reasons for purchasing a home, and there’s not just one correct answer to understand the criteria for selecting the best home for yourself. 

So, these few tips listed below might help you choose the right home. Keep reading this blog to find out about these tips!

Set A Budget

Have a solid budget in place before you begin hunting for homes. It will help you know how much you can spend on the house and how much you will be spending on renovations or furnishings. Make sure you also use tools like Clicworth that help you gauge the market value of your home before you buy it. 

Start by making sure you are thoroughly aware of what your finances look like right now and what your future holds. Do an affordability check before you choose any home to get a rough idea of whether you can afford it.

The home’s price is not the only cost to consider while choosing a home. These are some other essential costs you need to think about:

• Upfront costs
• Recurring costs
• Furnishing costs
• Maintenance costs
• Renovation Costs

1. Upfront Costs

The amount you will be paying upfront will vary depending on the down payment amount, loan amount, and fees. You will also pay stamp duties, legal fees, and commission if you have a real estate agent. Your agent will be co-broking with the seller’s agent unless you buy the home privately. 

2. Recurring Payments

Once you own a home, you will be making some regular payments like:

• Mortgage Payment
• Home Insurance
• Utility bills
• Property tax
• Insurance for your mortgage

Account for all of them while setting up your budget!

3. Furnishing Costs

Furnishing your home can be a more significant expense than you would expect. Adding basic amenities or home decor to your home will come at a cost, do account for them.

4. Maintenance Cost

The maintenance cost varies depending on the size of the home. Maintenance costs include:

• Getting the plumbing fixed
• Getting pest control done in your home
• Replacing parts of your home when they break or become old.

Maintenance of the home can be unexpected too. Hence, you need to put money aside when you buy a home. This maintenance cost ensures that your home is functional, aesthetic and does not tumble into an unlivable state.

5. Renovation Costs

Home renovation can be costly, so make sure you plan it accordingly. The cost of renovation depends on the following:

• Size of your home
• Type of renovation you need to do
• Materials required for renovation
• The person hired for the renovation

Finding the Right Location

Find the ideal location for your new home while narrowing down your choices. It is one of the most vital things to consider before finalizing on a property. 

For instance, if you want to buy a property or home in Mumbai. You can determine property prices in Mumbai, by observing the locations carefully and choosing the kind of neighborhood you are looking for(keeping in mind your budget as well:

• Type of location you need
• Preferable area to live
• Cost per square foot of the home in the location
• Accessibility to the rest of the city
• Amenities near your home
• Any popular landmarks

It’s crucial you pick an area that meets all your requirements. If you’re working with a real estate agent/company, do tell them the type of locations you feel would be ideal for you so that they give you the best options.

Figure Out The Home’s Size and Layout You Need

Make sure you consider the layout and size of the home you want to buy. Find answers to questions like:

• Do you prefer a more private or open layout?
• Do you need any outdoor spaces like a patio or balcony?
• Do you need an office or a study space at home?

Look out for wasted space. Wasted spaces in a layout are irregularly shaped rooms or long corridors that leave odd corners and are hard to furnish. The cost per square foot will increase if your house has more wasted space. When you visit different homes, consider the window placement as well. Check how the afternoon sunlight will fall in your house. 

Assess and Compare Various Homes

Narrow down your search by looking at available homes online. Rule out the ones that do not fit your needs. It will save you time and energy. If you like a specific location or area, look for homes there. 

Know the specific type of property you need to shorten your list of options. Create a checklist before you go to see different homes and go through each point in the list for each house to decide the homes that fit your requirement. 

Take a Home Loan

Say you found a property in Mumbai that fits your budget, you should secure a home loan. Here are a few important points you should know before applying for a home loan:

• Research all the loan options available
• Choose an affordable housing option
• Make sure you are aware of the repayment tenure
• Maintain your CIBIL score
• Check your eligibility for a home loan

Look Out For Hidden Charges In A Home Loan

Once you decide you are taking a home loan, make sure you look out for these 13 different types of hidden charges in it:

• Administration fee of home loan
• Processing fee of home loan
• Credit score report charges
• GST on home loan
• Stamp duty and registration fee
• Documentation charges for the home loan
• Property’s legal assessment fee
• Re-sanction charges of home loan
• Cheque bouncing charges
• EMI late payment penalty
• Pre-payment charges for the home loan
• Fee for change of home loan’s tenure
• Incidental charges on the home loan

Conclusion

Purchasing a home requires you to invest your time and money. Hence, understand your requirements beforehand while choosing a home. Knowing your budget, the home size you need, and the location you like will help you at this time. Keep that checklist ready before you visit different homes.