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The process of buying a house is a little like arranging a wedding. It involves a lot of time and effort and intense planning. You can’t afford to have anything go wrong and every detail needs to be dealt with meticulously. And on the final day, you have your new partner – your house!

For some people the reason for buying a house is simply because they are fed-up of spending on rent while others are tired of moving around and want to settle down in one place. And then there are those who want the prestige that goes with being a home-owner and independent. When buying your own home, here are a few questions you need to be answered first:

Type of home – There are numerous types of homes on the market including apartments, villaments, villas and independent homes. With each type of home having its own pros and cons, you need to decide which one meets your goals.

Specific features – While it’s good to be flexible, there are some features you can’t compromise on. You will need to make a list of these features when going house-hunting to ensure you don’t forget anything – after all buying a house is a major investment that most people only make once in their lifetime.

Loan – Before starting house-hunting, you need to shop for a home loan first. You need an idea of how much the banks are willing to offer you and at what rate. Before applying for a pre-approved home loan, ensure that your CIBIL score is within a decent range and you don’t have any outstanding credit. This will make you eligible for more credit. Generally, banks offer loans with EMIs that fall within 30% of your monthly income. 

Repayment – As the old adage goes – ‘don’t bite more than you can chew’, similarly ensure that the loan you take is repayable. Only if you are confident you will have enough funds for your monthly EMIs should you go for the home loan; default can result in your losing your dream home and leave a bitter after-taste in your mouth. And keep in mind that there will always be property taxes, utility bills and homeowner’s association bills to contend with too!

Down-payment – Aside from the home loan, there is always the down-payment cost which you have to dish out from your own pocket. It’s usually around 20% of the total cost of your home and comes down to a neat amount. 

And once you are ready with answers to all the above questions, time to head out and start house-hunting!