Buying a home is a long-term decision entailing several aspects which can leave the buyer confused. If you are also searching for a home to buy, read on to find out what things should be actually considered.
Each buyer has unique needs and priorities. It is recommended to list down your priorities for your new home. The topmost priorities of most buyers are the Location, Size, Floor Plan, and Price that could serve them in the best manner. Once you’ve found a home that meets most of these priorities. Next, you should be checking a few major things that will ensure comfort in the coming days if you’re to buy this home.
Let’s discuss in detail the 5 things you should be considering when buying a home:
Table of Contents
1. Owner verification and Due Diligence
When you are dealing in the real estate market, it is very likely that you’d come across fake sellers. Fake sellers waste a lot of your time and are a threat. To avoid becoming a victim, always verify the seller/owner of the house.
related: How To Verify Real Estate Documents?
Demand the copy of Documents of house ownership such as copy of the title deed or property registration certificate from the seller, and get it verified.
Confirm that there is no litigation or bank lease on the house.
You can use conventional methods or the online property verification system (OPVS) for property verification. Traditionally, a local Patwari (Land Records Officer) would verify the validity of the deed. The online property verification system (OPVS) evaluates records and registrations of the property which can include the layout plan, plot LOP approval status, and the final approved layout plan of the property.
Furthermore, you can get the documents and layout plans verified from the relevant development authority such as CDA, RDA, LDA, etc. The development authority also performs a property inspection before the transfer which usually checks for violation of the construction rules.
2. Age of House and Renovation
Buying an old home comes along with many advantages. Old homes have a character and are located near the center of the town.
However, old homes can have their drawbacks too such as foundation or structural concerns. With the passage of time, homes are likely to form cracks and unevenness in the foundation slab.
Check if there are any cracks in the walls, tiles, or windows and doors that jam easily. These can be telltale signs that there are some foundation problems.
If you see such issues of mild nature, you may negotiate the price.
Furthermore, you may need to do a lot of renovations to make the house presentable and more suited to your lifestyle. Do consider the time and cost of renovations required along with the price of the house.
Lastly, old houses also provide an opportunity to customize the house according to your needs and style. A major difference between buying a house and constructing one of your own is that when you construct the house yourself, you design it according to your family’s specific needs and lifestyle. Buying a house comes with a lot of fixed and unchangeable features that you may not like.
While there would be a lot of necessary renovations such as replacing windows, repairing pipelines, etc. in old homes, you will have the opportunity to completely change the style of the house as well. However, you may wanna keep the time and cost of that in mind while purchasing the house.
3. Features of House with respect to Location
You should look for the following features of the house with respect to its location.
- Noise: If the house is located on the corner or by the main road, it is prone to traffic and street noise. Before reaching a final decision of buying that home, ask yourself: is the noise bearable for you?
- Light: Is the house located at such an angle to the sun that it receives enough natural light throughout the day? Natural light improves the ambiance of the house. A house that is well-lit with natural light would require less artificial lighting. Moreover, it hinders the growth of germs and fungus within the house.
- Open Drains: If there’s an open drain near your house or in the neighborhood, this would emanate obnoxious odors all the time which clearly reduces the quality of life. Do not confuse it with standing rainwater in the streets that evaporates away within a couple of days. Similarly, rainwater open drains are also filled occasionally.
- Security: There are some aspects of the location that help you gauge the security of the house. Vulnerable blind corners, neighboring localities, nearby abandoned houses and desolate surroundings are some aspects to look out for. Again, the extent of danger depends on your specific case and will help you decide whether it is better to leave this property or find a solution to work it out.
4. Look for signs of water damage (seepage)
Most sellers renovate the house before presenting it to buyers for sale. Although, renovating a house indicates good intent of the seller and that he is determined to make the sale.
However, such renovations hide the small but significant flaws of the house such as moldy walls (that indicate there’s some seepage in the wall). Seller would have painted fresh to hide such things. Soon after your purchase, these signs start showing as the paint starts to chip away from such walls. Try to look for signs of water seepage and water damage.
Moreover, if there’s a basement, make sure that the rainwater doesn’t enter or seep through. Cabinets near water are also prone to water damage such as under-sink cabinets in the kitchen or bathroom.
Such things are not a huge problem and can be fixed through minor repairs and renovation. However, they do provide you with some negotiation power. Moreover, you will know what you are getting into and whether you are up for the level of renovation required.
5. Credible Agent
Hiring an agent to help you buy a house has multiple advantages. However, before you hire one, be certain that the agent is a registered one. Some agents work independently and some are working under the umbrella of a real estate agency. In the latter case, you must see the track record of that agency. In case anything comes up, a good credible agency/agent will protect the buyer’s rights and help in solving the issue.
A credible agent will also help you in the due diligence of the house and the seller as he will try to stay away from trouble and keep his track record clean.
Moreover, a good agent or agency will have contacts in the development authority and experience with various possibilities. His experiences will help keep your transfer process as smooth and quick as possible.
The decision of Buying a home is more of a long process. As you decide to buy a home, you should be confident about your decision. That is only possible if you know what you are signing up for. If you consider the points discussed above and inspect into the (above discussed) details of the house, you’d be able to make an informed decision.