What to do when Buying a House?

Buying a house involves certain stages. Let us see each of these phases and what to do in each of them:

The Planning Stage
The Searching Stage
The Choosing Stage
The Formalities Stage

The Planning Stage

You have decided to buy a house. But, there are umpteen questions to be answered before you embark on your quest. Finding an answer to these questions will make it easy to plan your search.

Some questions that might need an answer are:

What is your budget? (start putting in applications for a sanction letter to various banks)
Would you be looking at new property or resale property or both?
Do you want immediate possession?
If you are ready to wait for possession, then how long can you wait - 1year, 2 years or even more?
Will you go in for only big builder’s or are you okay with smaller ones too?
How big a house you are planning to buy?

Seeking an answer to the above questions will help you to understand your needs and give you a blueprint that you can follow.

The Searching stage

In the searching stage, you do just as the name suggests-go round searching for houses. The stage involves just too much effort, time and expense. One way to ease up your path is to take more effort during the preplanning stage, have a clear plan and check out only those houses that satisfy your condition.

Start appointing real estate agents. See here to learn how to deal with real estate agents. You can appoint as many agents as you like, give them the details and coordinate. Remember two things:-

i) You don't have to pay anything till they actually get you a house, and
ii) You don't have to disclose to any agent about the other real estate agents.

The Choosing Stage

Maintain a house buying journal during the searching stage and that would help you to compare and analyze the houses to choose the better among them. Do your research and speak to the people in the would-be neighborhood before taking the decision.

The Formalities stage

Once you have chosen your house and decided on a value for it, (You can use a Valuer for the purpose, if necessary!) there are various formalities to be completed before you can call the house your own.

It is important to understand your duties and responsibilities when you decide to buy a house. Do you think this entire process is laborious? or do you think there are some more holes that need to be plugged in?

Archana Sarat is one among the millions of people around the world hoping to bag their dream house during the current recession. Archana writes about her knowledge and experience in the real estate industry at www.housebuyingtips.in to help the others find a comprehensive information resource on buying a house.