Things To Watch Out When Buying A House In India?

If you are thinking of buying a home, consider these few location factors:

  • The proximity of Important Services.
  • Neighborhood.
  • Commute Times.
  • Lifestyle.
  • Availability of civic amenities.
  • Resale Value in Future.
  • Quality of Infrastructure.
  • Nearby Means of Transportation.

Before buying a property in India, you must inspect the basic elements of the property like water, electricity and sewer system. Do a quality check If you are buying an old house, then you must check the quality of doors, windows, wall paint, drainage system, water tanks, bathroom tiles, floor tiles and rest other things.

What should I check before buying a house in India?

10 things to check before buying a home or Property in India

  1. Goodwill of the Builder and overall Brand.
  2. Connectivity to your Work Place.
  3. Connectivity to Schools, Hospitals, Transport, Markets etc.
  4. Resale Potential in Future.
  5. Rental Potential.
  6. Air & Lighting.
  7. Amenities Offered.
  8. Construction Quality.
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What should I check before buying a house?

10 things to consider before buying a property

  1. Owning a home is a dream for many average Indians. They invest their hard earned money into this brick and mortar structure, called the house.
  2. Location.
  3. Lifestyle.
  4. Connectivity & transport.
  5. Clear title deed.
  6. Basic infrastructure.
  7. Social infrastructure.
  8. Construction quality.

What do Indian buyers look for in a home?

Indian homebuyers are likely to buy Vaastu-compliant homes. This means that the directional alignments, angles, placement of rooms and corridors should be decided according to Vaastu Shastra so that they bring prosperity and good luck to the residing family.

What should you avoid when buying a house?

Six costly mistakes to avoid when buying a home

  • Outspending your budget.
  • Overlooking mortgage options.
  • Working with the wrong agent.
  • Choosing wants over needs.
  • Skipping the due diligence.
  • Forgoing the home inspection.

Can I buy a house with no money down?

You can only get a mortgage with no down payment if you take out a government-backed loan. Government-backed loans are insured by the federal government. There are currently two types of government-sponsored loans that allow you to buy a home without a down payment: USDA loans and VA loans.

How much money should I save before buying a house in India?

If you calculate the extra expenses like registration fees, loan application fees, furniture and interior designing costs, you will actually need to have close to Rs. 40 lakhs saved up before you can buy a house for Rs. 1cr.

How many times should you view a house before buying?

How many times to look at a house before buying? Ideally, four to six viewings should be sufficient. Attending two to three visits inside, with a realtor and/or appraiser, and another two to three visits scouting the house and neighborhood independently, from the outside, may be a good approach.

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What are three things you should consider when buying a home?

Whether you are a first-time homebuyer or a seasoned investor, here are some of the most important things to consider when buying a home:

  • Debt-To-Income Ratio.
  • Duration of stay.
  • Job security.
  • Down payment.
  • Emotional state.
  • Local market indicators.
  • Mortgage rates.
  • Supply and demand.

What is an acceptable offer on a house?

As with all negotiations, start low. A good rule of thumb though is to offer 5% to 10% lower than the asking price. Don’t forget that sellers often take this into account and deliberately put their house on the market for more than they expect or would accept.

What direction do Indian homes face?

For example, an ideal Indian home has a front door that faces east and a back door that faces west to mimic the sun rising in the east and setting in the west. Other acceptable directions for the front door to face are north and northeast. West is doable, but a south-facing home is least preferred for this culture.

Do North Indians believe in Vastu?

Vaastu-compliant homes are widely believed to render positivity and success, and consumers seem to hold this belief close to their hearts when it comes to big-ticket purchases such as homes.” In Northern India, spaciousness and functionality of the home are considered to be of utmost importance.

How do you negotiate sales with Indian culture?

Get the seller to give you prices on each item; play one item off another to show you are looking for the lower price point. Rule # 5 – Wait for the pad of paper — Every Indian sales person has a pad of paper and a pencil that they pull out when the bargaining gets a bit more serious.

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How much money should you have saved up before buying a house?

If you’re getting a mortgage, a smart way to buy a house is to save up at least 25% of its sale price in cash to cover a down payment, closing costs and moving fees. So if you buy a home for $250,000, you might pay more than $60,000 to cover all of the different buying expenses.

Can you take pictures when viewing a house?

Agents are supposed to get the explicit permission of homeowners before authorizing picture taking at an open house and you should talk with the agent before taking any picture. You should also make good use of the open house to ask questions from the agent and take notes of things that interest you about the house.

How much is a downpayment on a 300k house?

If you are purchasing a $300,000 home, you’d pay 3.5% of $300,000 or $10,500 as a down payment when you close on your loan. Your loan amount would then be for the remaining cost of the home, which is $289,500. Keep in mind this does not include closing costs and any additional fees included in the process.

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