A real estate investment is a one-time and one of the most important lifetime investments one can make. While doing so, you might have several questions to ask when buying a house. These could include questions about property/construction type to questions regarding the life-span of the property, details about the builder/seller of the house and several others. The list goes on based on your budget and investment plans. 

Here, we have sieved through multiple common questions posed by new home buyers and have come up with a list of three things to check before buying a house.

1. Budget: The primary question to ask when buying a house by any individual investing in real estate is the budget.  This budget includes various aspects: 

• Cost of the property: Before taking the big leap of faith, everyone planning for a home keeps aside a sum for down payment and has a budget range in mind. So, while in search of the property, one cannot randomly check for houses. Instead, filter your search of houses/flats/villas that fits your budget and then contemplate the further steps.

• Down payment: Another question as part of your buying house checklist should be what could be the down payment? Generally, most home buyers do not pay the full amount in cash. Instead, they pay the down payment and pay the rest of the amount through a home loan.

• Housing loan: If you have plans to go for a loan, you have to be aware of the home loan interest rates and details. Some established builders would be associated with individual banks and financial institutions to cater to home buyers' loans. While in your search for a property, you can look for builders who are open to such options.  One has to be aware of the changing home loan interest rates and further details. 

• Closing costs: Apart from the ballpark estimate that the builder tells you while sharing the property details, closing costs will be a little different. Ensure that closing costs are part of your house-buying checklist and you are prepared with some extra cash while investing in the property.

2. Building/construction: As mentioned earlier, there is a long list of things to check before buying a house. After the budget consideration, what anyone should be looking for are the following:

• Type of construction
• Details of builders/sellers
• Cost of the property compared to the similar ones in the neighbourhood
• Approvals from RERA and HMDA
• Review of previous projects by the builder
• Check the quality of the construction and the life-span of each building.
• Number of units booked by home buyers

3. Neighbourhood/location: Other parameters should be equally weighed while purchasing a home. Every question asked when buying a house is of equal importance. We have to carefully consider the neighborhood or the location while buying a home because:

• It determines the future value or appreciation of the property
• Can assess your return on investment(ROI)
• Can determine the comfort of living at the select location
• Convenience from the neighbourhood 

Having these as a part of your buying house checklist will make your decision of zeroing in on the property more accurate. 

Also Read:  Checklist for Successful Home Buying

Resale Property: If you are searching for a resale property then there is a separate checklist. You need to ask the following questions:

• Why is the seller selling the property?
• For how long is the property available in the market?
• What is the life-span of the property?
• Are they any issues with the house, or have there ever been?
• Are they renovations made recently to the home?
• Any legal obligations associated with the home?
• What is the asking price as compared to the market value?

Endnote: No question is irrelevant or trivial while you are taking a big-step like buying a home. It is always better to know and ask, “What do I need to know before buying a house?” than be surprised and regret later. The above checklist is to help you with the most common questions any home buyer can ask. You can add more to it and make your own.

Check out PropertyAdviser.in for the best tips on real estate investment.