Home Buying: Things To Keep In Mind

So you've decided you want to own a home and now you want to begin your search for one. Before jumping into a home search, there are a few things you should keep in mind when going about buying a home.

First things first, you cannot buy a home if you can't afford it! Don't assume how much you can afford, find out your loan eligibility. If you're planning on purchasing a car or any other high-priced item on a loan, then please stall such purchase until after you get your home as your eligibility reduces with every other loan you hold at the time of a mortgage application.

Next, when you go in to see a home, don't let an unkempt / untidy house put you off. Try and visualise the house in its best condition and see if it would suit you then. In fact, an unkempt house may put other buyers off and by some chance this may lead you into a better position when negotiating for the home, as the seller may find it difficult finding a buyer for his place.

If the home you decide to purchase is being sold by the home owner himself, don't deposit any earnest money with him directly. Such earnest money should be deposited in a trust account as some owners mistake such money to be theirs and hesitate in refunding the same if the deal falls through for valid reasons, such as financing or repair issues.

Once you've finalised on a home and go to get an appraisal of the home done by a professional appraiser, do not panic if the appraisal value comes below the actual price you decide to pay for the home. There are options you can consider in this case. You would have to consult your agent or your mortgage broker for some advice.

Some other factors you may want to consider are listed below:

- Any signs of leakage in the house near the roofs and the foundation walls

- Problems with the sewer drainage system, if any

- Neighborhood by daylight and night. Drive by and see for yourself before making a decision.

- Natural light. Are the rooms dark without artifical light? Does that concern you?

- The amount of property taxes that has to be paid every year

- Any structure on the property which may overlap into an adjoining property.

- Is the home located in an airport's flight path?

- Any planned roadways, which may eat into the property's front yard.

So, don't rush into buying a home without considering some of these factors. Wish you the best of luck in finding your new home!

Sameer S Panjwani is the CEO and Founder of ChoiceOfHomes.com - Web Portal to Sell / Rent Your Home Online.

In The News:

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KKR said to raise first Asia real estate fund, targeting $1.5 billion  LivemintHong Kong: Global investment powerhouse KKR & Co Inc is raising its first Asia-focused real estate fund, targeting $1.5 billion as it looks to deepen its real ...
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India’s first Real Estate Investment Trust subscribed 2.58 times  The Indian ExpressThe over-subscription of India's first Real Estate Investment Trust (REIT) issue, which closed Wednesday, points to a positive investor appetite for backing assets ...
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2019 Real Estate & Development Symposium  Central Penn Business JournalEmail: [email protected] Save the date for the 2019 CPBJ Real Estate & Development Symposium. Presenting Sponsor. Supporting Sponsor.
Can RERA authority grant an extension to a real estate project?  Moneycontrol.comWhat are the circumstances under which a homebuyer can claim compensation and/or withdraw his or her investment from a project?
Century real estate in talks to raise Rs 250 crore for home project  Economic TimesBengaluru: Century Real Estate Holdings is in talks with Piramal Ivanhoe Residential Equity Fund to raise funds for an upcoming residential project in a deal ...
New Buyer. New Building. New Problems.  The New York TimesBuyers in new developments often feel powerless when it comes to getting management to address unexpected issues. But that power is within their reach.
How NoBroker Uses AI To Deliver A Broker-Free Real Estate Experience  Analytics India MagazineThe real estate market has long since been hailed as being a natural fit for the application of artificial intelligence and machine learning models. This is due to its ...
Share market update: Realty shares advance; Indiabulls Real Estate jumps 4%  Economic TimesThe Nifty Realty index was trading 0.98 per cent up at 232.60 around 10:33 am.
Real-estate man cheats students with fake lease papers  Deccan HeraldThe Marathahalli police on Tuesday arrested a 47-year-old real-estate agent who cheated nearly eight people with fake lease documents of a property.
Tax on your gold and real estate investments  LivemintIf you choose to reduce exposure to gold and real estate, do pay attention to the tax rules that will apply.Here is a look at the taxes that apply to short-term and ...
Effects on Real Estate in Budget 2019  The HinduBuying a house seems to have become easier. A look by R.P. Deshpande.
GST Council meeting today; rate cut on real estate expected  LivemintArun Jaitley had announced that a final decision on the GST rates on housing properties, will be taken up in a meeting on Sunday.Even in the budget speech, ...
New NBFC loans for real estate developers may be Rs 1.7 trillion  Business StandardNon-banking financial companies (NBFCs) with large, but relatively low-vintage, loans to real estate developers are the most vulnerable to rising risks for asset ...
UP Real Estate Regulatory Authority issues deregistration notices to 7 builders over delay in 14 projects  Business TodayThe Uttar Pradesh Real Estate Regulatory Authority Friday issued deregistration notices to seven builders for failing to meet their commitments to buyers ...
Removal of input tax credit may bring back black money to real estate  Business TodayThe removal of input tax credit (ITC) on housing, ahead of the general elections, will bring back black money in the sector well known for deploying tainted ...
Routt County real estate sales total $11.8M for March 15 to 21, 2019  Steamboat Pilot & TodaySTEAMBOAT SPRINGS — Routt County real estate transactions totaled $11831020 across 17 sales for the week of March 15 to 21. The sales total is up 226 ...
NAREDCO seeks more liquidity for real estate sector; lower GST on cement  Moneycontrol.comNAREDCO President Niranjan Hiranandani welcomed the GST Council's decision to cut tax rate on sale of under-construction flats, but sought reduction in taxes ...
Macro  Moneycontrol.comThe relief is likely to benefit homebuyers, real estate developers as well as housing finance companies.
Billions in Toronto Real Estate Bought Anonymously, with Funds of Unknown Origin  WOLF STREETLooking to launder some cash? You might want to head over to Toronto, and use the real estate. A new Transparency International Canada (TI Canada) report ...
Modispaces Analyses the Current Real Estate Trends in India  Business StandardRead more about Modispaces Analyses the Current Real Estate Trends in India on Business Standard. / -- The real estate industry in India is going through the ...
Size of real estate market to grow to $650 bn by 2040 from $120 bn now: Niti Aayog  Moneycontrol.com"The government is committed not only to real estate sector but all aspects of it. The government is very conscious and cognisant of what happening in the sector ...
The ultimate guide to selling your home without a real estate agent  Yahoo FinanceSelling a home without the help of a realtor isn't for everyone but if you're brave enough to try it, there are a few ways to make the process smoother.
Dubai's real estate developers cut jobs in past weeks  LivemintDubai: Nakheel PJSC and Majid Al Futtaim Properties LLC, two of Dubai's biggest real estate companies, cut jobs in the past weeks, people familiar with the ...
Overall negative outlook for real estate sector but stable for tier-1 companies: Report  Moneycontrol.comThe market share of the top 11 listed players, India Ratings and Research has analysed, increased to 14 percent in 2018 from 10 percent in 2015.
How to Avoid the Next Real Estate Downturn  The New York TimesProperty investments have long been associated with wealth creation. In a recession, though, they can be risky for owners who need to sell.
Scared of Stocks? Buy a House Instead  BloombergReal estate may be a better — and safer — investment than I thought. This is my conclusion after reading a comprehensive study published this month titled, ...
Retirement homes now a separate real estate category subject to RERA norms  Moneycontrol.comHousing and Urban Affairs ministry releases guidelines for regulation of retirement homes to ensure ease of living for senior citizens.
Activists: Iran purchasing real estate in Syria – Middle East Monitor  Middle East MonitorSyrian activists in the province of Deir Ez-Zor said Iran has been purchasing properties in areas controlled by the Syrian regime in the province. Activist and ...
8 Great Ways to Buy International REITs | Real Estate Investments  U.S. News & World ReportReal estate investment trusts make it possible to reap all the benefits of owning property while adopting a hands-off approach. REITs frequently invest in U.S. ...
Newtown economic, real estate development moving ahead, but state proposals worry first selectman  Westfair OnlineNewtown is continuing to make great strides in commercial and economic development, according to First Selectman Dan Rosenthal. And it should continue to ...
10,580 crucial for Nifty; real estate, metal and auto stocks in focus: Kotak Securities  Moneycontrol.comApart from real estate and metals, we should also focus on auto companies as they have formed reversal formation on weekly basis.
Blackstone, Embassy to launch Indias first real estate investment trust  Business StandardGlobal investment company Blackstone and realty firm Embassy Group will in a few weeks launch the country's first real estate investment trust (REIT) with an ...
Vashi real estate agent booked for rape  The HinduThe Vashi police have registered a case against a real estate agent after his 35-year-old live-in partner claimed that he raped her on the pretext of marrying her.
Real-Estate Industry Blasts ‘Pied-à-Terre’ Tax on High-Value Second Homes  Wall Street JournalThe real-estate industry is launching a frontal assault against a plan in Albany to impose a stiff annual tax on wealthy owners of part-time homes in New York ...
MCA warns PMO, FinMin and RBI of credit stress in real estate sector  Moneycontrol.comThe MCA expressed concerns over the sector's exposure to the NBFCs and HFCs, which is pegged at nearly Rs 1 lakh crore.
India's real estate bad loans have nowhere to go but up for now, according to a major Swiss bank  Business Insider IndiaA report by Credit Suisse indicates that non-performing loans from the real estate sector are likely to rise this quarter. This is largely due to the drying up of ...
GST rate cut a huge positive for real estate sector, says SP Tulsian  CNBCTV18SP Tulsian said the GST Council's move to reduce tax rates on properties was an excellent decision, and it will bring positive outcomes for the sector in terms of ...
Commercial real-estate is on the up and up, with new hotspots emerging  Hindustan TimesA growing workforce, slowing residential market, and decentralisation of commercial space in the prime metros, are among the factors that have contributed to ...
Mark your calendars: These are NYC’s top real estate events next week  The Real DealThese are the top NYC real estate events happening 3/25-4/1/19.
House Hunting in … St. Lucia  The New York TimesBad weather and shaky economies in other parts of the world have conspired to hold down prices and demand on this island nation.

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