Making the decision to buy a house is a great one, but not an easy one. In fact, it’s only the beginning of a long journey. Whether this journey is going to be a tedious one and full of pitfalls or whether it will be a smooth ride all depends on you. A lot of research and groundwork needs to be done in a systematic manner prior to starting house-hunting. Here is a stepwise breakdown of the route to finally getting rid of your landlord and owning your own home.

Finances

Getting your finances right is a major step forward. You have to be prepared with a large nest egg to make a hefty down payment. This will help bring down your monthly EMIs in the long run. You also need to ensure that the EMIs don’t eat into your monthly expenses and make life miserable for your family. Aside from paying EMIs and your monthly expenses, get ready to pay property taxes and have some funds on the side for maintenance and upkeep of the property too. And if you can’t afford all this, then you aren’t ready to buy a home yet!

Bank Loan

Ensure that you are eligible for a home loan by maintaining a decent credit history and a healthy bank balance. Prior to approving a loan, your CIBIL score will be checked to ensure your credibility. Shopping around for a home loan will also let you know how much money you can spend on buying your new home. Since banks offer varying interest rates, shop around for the one that fits your budget.

Location

Your research should let you know which the best locations are. An ideal location should be safe, within easy commute of most places within the city, have the necessary infrastructure as well have the potential to increase in property values.

Brand

Going with branded builders is your safest option since you are making such a big investment. They are more likely to stick to standard practices.

Neighbourhood

Once you have zeroed in on the home that fits your needs and wants, check out the neighbourhood for safety, easy accessibility to important facilities as well as being free from major pollution.

Paperwork

Ensure that your builder has taken all the necessary permits and certificates from the various governing bodies. Ensure there are no litigations or encumbrances attached to the property and all taxes are up-to-date. Hiring a property lawyer at this point is a good decision.

And once your lawyer has ensured all the paperwork is in order, go ahead and sign on the dotted lines!