Moving into your own house is pretty exciting and nervous if it’s your first time. It doesn’t matter if the house is bought by you or you are renting it. The feeling of moving and living on your own or with your family is exciting. But it can turn into a nightmare if you don’t take enough precaution or things through before signing the lease. Factors like pricing, location, community and basic amenities are very crucial and need to thoroughly research before you buy or Move Into a flat.

8 Things to know before You buy or Move Into a flat

Check our list of 8 Things to know before you buy or rent a flat

  1. Search according to price and location

Price and location are the biggest factors when it comes to finding a perfect flat/apartment for you.  Location is an important aspect as you will be commuting from there to your workplace so finding a location that is near or at least a decent distance from the office is very important. Also, if your family lives with you, even not now later they will, so safety and other amenities like hospital, community store, and general store are also crucial to find a location that provides all these. For eg if you are looking for flats in Jaipur in mansarovar and your office is in Malviya nagar, that won’t be a wise location as you will spend most of your time commuting to and fro.

Pricing is the biggest factor as you may like a house, it may be your dream house with the perfect location but it’s out of your budget.  So make sure that you have a price in mind and look for quotation from the builders according to that price, a little higher price may do for you but not too much.

  1. Make sure you do a 20 %  down payment

When buying your own house, you will definitely take a loan from the bank. The smart thing to do is giving the bank a 20% down payment in lieu of the loan taken. The loan amount will be paid to the broker in a lump sum, but we have to pay the bank every month with interest till it’s all paid.

Now I say that 20% down payment should be given because it makes you serious about your property in front of them. If the bank feels like you are not serious about buying the house, and that after a few payments you may disappear, they may not sanction your loan. Trust is the key here, so make them trust your financial sincerity.

  1. Confirm that the terms of lease is exactly what you were told

Before signing the lease make sure that the contract has every detail and agreement that was told to you and what you agreed upon. The best way to make sure that no one is being trapped, have a third party present while agreeing upon terms. Also, if there are any terms or points that you don’t understand or agree upon, ask your agent or the builder. They will happily clear any doubts you have.

  1. Check all additional fees

If you have rented the house, make sure whether the utilities like water and electricity are included in the base fare or billed separately. If you are moving into your own house, check the amount asked for amenities provided and whether what all amenities were promised is actually given to you.

  1. Go from low to high

While looking for a house, don’t start from bigger houses that have the perfect décor and huge space. Because once you see them, you will surely get attached towards to no matter the price or location or other factors that you need to check. Go from low to high, start with houses whose range are closer to your budget and are medium sized but still spacious. Start with them and if they meet your needs, expand your budget to look at bigger homes. The problem with starting from upper end is that you start looking for the exact same thing from the smaller flats even though they are perfect for your need.

  1. Make sure that the community rules are okay with you

Every community has rules that you will have to follow if you start living there. Like visiting hour, pets, about music, some even have rules about bachelors and couples. So make sure that you get the information about all these rules before you shake the hand and take the keys for the house.

  1. Furnish with basic amenities and upgrade slowly

If the home you are shifting is your own and not rented don’t go overboard with furniture. Start with basic furnishing items, which you absolutely need. For some time you can sleep on a mattress instead of a proper bed. Also, buy old stuff till your financial condition is able enough to purchase new things, buying everything new at once will add to the financial burden. Upgrading slowly and gradually gives you the chance to buy the perfect furniture according to your family needs.

  1. About subletting a rented space

If you are moving into a rented space, make sure you clear something’s with the landlord like sharing it with a roommate or subletting a piece of the house to someone else. Making these things cleared with run things smoothly.

It doesn’t matter if the house is rented or your own all these above things need to keep in mind before you sign the contract and move in.  This will help you live happily and without getting into troubles later on.


Author bio: Prince Kapoor is seasoned Marketing Analyst and Blogger. With his skills, he has been helping fellow marketers and brands worldwide. You can reach him out at www.princekapoor.com

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