Buying a house can be an overwhelming experience, both financially and emotionally.  Right from financing the purchase to selecting the builder, it encompasses numerous aspects. To help you through the process, here we share with you a step-by-step guide to buying a house.

1. Research of Locations/ Property: The first step would be to narrow down the locations of your interest and also evaluate which properties meet your need in terms of price, amenities, size of the house, specifications, etc. Make sure the properties you choose match the criteria of your home buying.

1.  Affordability: The first step you take before buying a property is assessing what kind of cash reserves are required and how much loan are you eligible for and from where you would be getting the loan. Generally, 20% down payment is required at the time of booking. It is generally recommended that people look for homes that cost no more than three to five times their annual household income after deducting the down payment. Apart from the cost of the property there are other overheads too like stamp duty, legal fees, property tax, etc. Define how you plan to invest in a property.

1. Perform legal due diligence: The due diligence stage in real estate is a vital part of the homebuying process. The most important aspect is to check the ownership right of the seller and also if he has the right to sell the property to you. You have to check the credibility of the builder in an under-construction property and also that the development is legal and all the sanction plans have been approved. It is recommended to go for RERA registered properties only, so they can have recourse to the regulator, should there be a dispute.

1. Allotment & Sale Agreement: If you are buying a pre-existing property there will be a sale agreement among the seller and buyer after you both have agreed on terms of the sale. In case of an under-construction property first the developer will allot you a flat after you make the down payment. The sales agreement will happen once the project nears completion and payment plan has been executed.

This is a contract which signifies that the property has been sold to you and also highlights the details of your unit. Please cross check that all the details that were promised to you, especially the price, square footage, delivery date and penalties for late delivery and payment plans (penalty for late payment) are what you had agreed upon with the developer.

1. Registration & Possession: The final step to buying a house is getting the registration of the house in your name in the local municipal records. At the time of registration, you will have to pay stamp duty which is 6% of the total agreement value. Once the registration process is completed, the developer will hand over the possession of the flat, which is physical transfer of ownership.
   

Now you are ready to move in your new home! Visit www.horizonpromoters.com for the key to your dream homes.