Home Buying Tips

Buying a house is not a child's play even if you have money. You have to pass through a lot before there Home Buying is a satisfactory deal. It is easier to do business than tobuy a house according to your requirement. A common man doesn't evenknow where to buy a house, from whom to buy or how to arrange extrafunds. Here are some valuable tips to make your way somewhat smooth:

Last Updated - 1st December 2005

Understand the Truth - Beforeyou decide to buy a house it is essential that you know the bittertruth. The whole procedure is extremely cumbersome and goingto give you many sleepless nights. If you are one of those few luckyones you could land a fine deal due. But, in reality, don't expectit and be ready to face the acid test of your stamina. You definitelyhave to spare time to explore the sources.

Talk to Friends and Relatives - Thebest way to smoothen your way is to talk to friends and relativesabout your requirements. Many people hide everything till they getthe final deal and give a surprise to others. Extract maximum informationfrom them regarding every aspect of properly buying. It willcertainly help you a lot.

Meet Some Property Brokers to Gain Knowledge- They are an important source to know the ins and outsof the properties. Yes, they are all sugar when you are at their officefor a deal and they may hook you for their profits. The bestmethod is to talk to half a dozen property brokers in the beginningjust to have knowledge. Take a pledge that you will just talkand gain knowledge without finalising any deal even if it is good.The strategy will help you to gain composure and hit a good deal atthe right time.

Pick up Newspapers - Open propertycolumns of newspapers and look for the options. Pick up your phoneand call to get first-hand knowledge from various dealers of differentlocalities. You will know about the rates and the types of propertyavailable in a particular area.

What do the Banks Say - Visit somebanks to know about their terms of sanctioning a property loan. Don'tgo after their sweet sales talks. Just get knowledge about theirprocedures and their requirements -

Remember, most of the banks just show you the chocolates they haveto offer not the bitter pills they throw on you later. So be cautiousknow as much as you can.

Need of a Bank - You may be havingsome hard-earned money to invest in property. Never use allof it in a property deal. Take a loan from a bank or financial institution.Property loan rates of banks are often low therefore do take a loanand invest the excess money you have in shares or business. As banksalso verify the property before sanctioning loan-amount it will behelpful to get a safe property. After loan agreement with a bank youwill know how much should be spent to buy your dream house.

Other Sources - If you want tosave interest then be free from your hesitation and borrow as muchinterest-free money as you can from your friends and relatives.

How to Verify the Papers - Whenyou take a loan from a bank it will verify the property papers. Still you must take the help of experienced friends or an advocateto verify the papers. What is to be verified?

Take Someone to Accompany You - Itis better to ask an experienced friend or relative to always accompanyyou so that you don't make a mistake.

Is It Necessary to Visit a Police Station?- Check with the nearest police station that the propertyyou are buying is not having any dispute and the owner has no criminalrecord.

What is the Actual Price - Askfrom several property brokers, acquaintances in the area about therate of the property. Also ask the people residing nearby. Youmay get some helpful tips from them.

Bargaining - Keep a large bundleof notes with you to show the owner at bargaining table. It will lurethe owner more when you highlight a few negative points of the property.Try to convince the owner that you are giving more than necessary.If you know that the actual price of a property is ten million startbargaining from 8 and try your best to finalise the deal at 9 million.