Buying a House Checklist: Step by Step Guide to Buying a House First Time

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Are You Ready to Buy a Home in Mumbai? Consider These 5 Things First
May 16, 2019
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Buying a House Checklist: Step by Step Guide to Buying a House First Time

Buying House Checklist

If you’re new to the home buying process, or if it’s just been a while, then the thought of house hunting can be a little intimidating. After all, there are so many aspects involved. It’s easy to forget or overlook something, and then you’re stuck! So, as you’re searching for new houses make sure to keep this handy House Buying Checklist by your side. This shall help you keep track of different important aspects of buying a new home and can also help eliminate the extra pressure of buying a new home.

So here’s a quick guide that can help you through each step of the process, from first thinking about buying a home to closing the deal.

  • Proximity To The Essentials

Whatever “the essentials” are for you at this stage in life, you’ll want to make sure that they are close to or easily accessible from your new house. Say, for instance, if you have little kids, you’ll want to know if there are any parks close by. And how close is the local grocery store or mall?

  • Number And Configuration Of Rooms

It’s not only the number of rooms that are important but the configuration has to make sense for your needs. Remember, it’s not only the number of rooms that are important but their configuration.

  • Natural Light

Most of us love natural light, which means it must be an important part of your assessment checklist for buying a house. The best way to check if your potential new house has lots of natural light is to visit it during the day. Pro tip: Homes facing north generally bring in natural light.

  • Neighborhood

When you’re visiting your future residence, talk to current residents or get details from the agent (if you have one) to know about the neighborhood. Do people have loud parties late into the night? Is it too quiet that it feels like a ghost town? You’ll want to make sure that the neighborhood suits your lifestyle.

  • Utilities

Making sure that all the utilities are in proper functioning order is a critical step in your house buying checklist. After all, can you imagine having the lights short every time you switch on your AC? But more than that, if the utilities don’t function well (lights, water pressure, power supply, hot water system, and air conditioning), you may end up having to spend a lot of money in constant upkeep.

When buying a house, there are two well-known sayings worth remembering: (a) “Let the buyer beware” and (b) “Buy in haste, repent at leisure”. Choose your house carefully, and don’t rush the decision.

Speaking of choosing a property, documents matters the most, it’s a deal breaker, to be honest. Having the right documents certainly gives confidence of investing in the legal property having no problem for the long term.

Let Us Now Check 8 Such Important Documents You Should Look For Before Buying A Property:

1. Title Deed

This document outlines the chain of ownership of the respective property.

2. Sanctioned Building Plan

Check if the developer agrees to present the sanctioned plan, if not then the construction is termed as illegal.

3. Completion/Occupancy Certificate

Municipal authorities issue the Completion Certificate (CC) after the completion of the project.

4. Tax Receipt

Make sure to check if the existing property owner has completed the tax regime.

5. Encumbrance Certificate

It is important for you to check whether the property is under mortgage or loan.

6. Mother Deed

This document is the parent document tracing the ownership right from the start.

7. Power of Attorney

This is an important document to know if the seller has complete right over the property and selling it.

8. Mutation Document

This document contains details & history about the property including the name of the owner, property size, location, and other important information.

After years of renting, difficulties getting on the property ladder and the stresses of the buying process – you’ve finally done it. Once you’ve completed, you can collect the keys to your new home and move in.

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