Thursday, December 14

Your Money – Finance Column -Buying A Dream House

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1. Location: Select location of your house very carefully.  It must have good connectivity along with good roads. That location should have good educational institutions, hospitals, markets, restaurants, and other infrastructure. This can make living comfortable besides increasing resale value.

2. Verify ownership of plot of land: Make sure the land you are going to develop is free from any litigation and is properly registered.  Also check whether it is freehold or leasehold. Check reputation of the seller also.

3. Prepare a budget: Decide on the amount you are willing to spend on buying your dream house. Decide whether you are going to buy an apartment or construct a house.  List out the facilities that you require.  Also, check your finances and decide whether you are self-financing your house or you are going to avail a loan for the same.

4. Check all the legal documents regarding house: If it is a flat you are buying, check builder’s legal documents concerned with the flat.  If you are constructing your own house, then obtain engineer’s certification and qualifications along with terms of contract.

5. Time frame: Check out the time frame in which the flat will be delivered or the house will be constructed as this can affect your finances.

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