Buying a house can be an easy task if one has done a thorough research and complex market analysis. Since the market is volatile and extremely fluctuating, understanding its pulse is extremely important. A perfect and good house can bring in happiness and contentment.

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Buying a new house especially during an economic boom in the real estate industry can be a task. One needs to have thorough knowledge of what is available in the market and whether it is worth the price or not. Since everyone is now living in nuclear families, people have started spending on real estate as a mode of investment. There is a significant rise in property buying.

One needs to be very careful while selecting a home as it is a huge investment. Study the market carefully and tracking the inflation rates are the 2 most critical things to consider before investing in such an expensive asset. First time buyers should follow below mentioned tips to avoid any extra payments or purchase of a dead asset.
 

1.  Compare Prices: It is essential to check selling prices of comparable homes in the area where one is planning to buy a house. Go through the websites and get a general idea of prices and rates. One can do a quick search of actual real estate listings in property newspapers or magazines. Comparing area prices will give you some insights into the actually ongoing rate of your property. Also consider the facilities it offers and who has built your property before making a purchase decision.

2.  Check Affordability: Before buying a house check your liquidity and your bank balance. One should be able to afford the house in every way. Maintainence bills, parking charges, cost of living in that location should be considered. In case you plan on taking a loan, interest should be calculated with monthly EMIs. If the cost of the house it too high one can take multiple loans or check other alternatives.
 

3.  Insurance: One needs to calculate house insurance before purchasing it. Premiums should be kept minimal so that it doesn’t add on to the cost of the house. Compare the insurance policies of various companies and take the most reasonable and best one.

4.  Hire a Lawyer: Hiring a lawyer for buying a house can be a good option if there are few property issues attached to it. Property and Home Insurance lawyers can also be helpful in few difficult settlements. They are very helpful in cases when there are few mortgage and rental issues. If there is an involvement of a builder or some political parties it is advisable to get the issues settled with help of lawyers. They can assist is paper work and documentation at the time of signing a deal.
 

5.  Talk to Real-Estate Agents: It is extremely important to get in touch with real-estate agents, especially if are new to a particular locality. This will help in your negotiations, and make sure you are able to make the best purchase at the best rate. Ensure they are genuine and reputed. One can make a huge loss if you buy a house through a non-registered real estate agent. Real estate agents have correct knowledge with respect to falling prices if any, valuation of a house and any other obligations with respect to buying a house. They can help in correct negotiations and bargaining.

6.  Consider Additional cost: It is very important to consider the cost of interiors at the same time while purchasing a house. Also ensure you plan a layout as per your convenience if you are constructing it from scratch. Material, labor and other developmental cost should be considered. However, one can adjust such cost and incur them in future. If the cost of the house has already touched the budget, keep the additional cost minimal.
 

7.  Locality: If you are living with your family select a location which is not very secluded or lonely. Ensure you have all the basic amenities like a market, school, college, train station in close vicinity. Always buy a home which has safe and secure surroundings.
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Consider all the above mentioned tips before purchasing a new house to call home.