This Buying a House Checklist is designed for First time home buyers . This checklist includes various factors that need to be considered while buying a house so do check this checklist before buying a house .

1. Buying a House Checklist
Buying a House Checklist for First Time Home Buyers

2. Check Location or Accessibility of the House

3. Builders Reputation or Brand Name
• Since you are planning to invest in a constructed or being constructed
property, it is important to invest on a reputed brand if you want to
appreciate the value. Brands always matter since they will not
compromise on the quality of construction and the basic amenities
and facilities provided that they provide as a standard to all their
constructions. A good brand may cost a little more than the other
builders but they will definitely fetch you better returns as far as the
real estate value is concerned.

4. Apartment or Villa
• It is a common dilemma most of the investors face! Apartments will have a
lot of common facilities and amenities and will be quite secure too. Those
who prefer to socialize will find the apartments more affordable and a
better place to get settled. If you are buying it as an investment, they cost
less and can easily fetch you good tenants than a villa.
• Villas are generally much expensive than apartments. You will find it
difficult to get tenants for a villa, though you can get good resale value for
a well-maintained one.

5. You can either select an Apartment

6. or a Villa

7. Gated Community Villa or Independent House

8. Why Choose Gated Community Villas ?
• Gated community villas have a lot of advantages over the usual
independent houses. The gated community villas come with all the
common facilities and amenities of apartments plus they offer the
privacy that the apartments fail to offer. Independent houses lack
these amenities and facilities which make them less desirable.

9. Check for Construction Delays
• Construction delays have become very common these days and these
depreciate the value of the investment in many ways. We invest
considering getting the property in hand in a particular year and
when it delays beyond one or two years, the reputation, our ROI, and
the resale value all are equally affected by the delay. It may also affect
the structure of the apartment which is open to many years of
climatic changes. So it is always better to inquire about the property
you plan to invest on and avoid the ones that were delayed beyond
normal.

10. Check for Customization in Construction

11. Why Check Customization in Construction ?
• While customized constructions are not promoted by reputed brands,
some new construction companies allow that to get a customer. But
such constructions may not be as good and the company may
compromise on the quality of construction to maintain their margins.
So it is better to avoid major customization.

12. Check for Poor Maintenance
• Irrespective of how well the property is located or the brand name
connected with it, if it is poorly maintained, the value is bound to
depreciate. This happens with many NRI's who either rent the
property they buy or leave it locked without maintaining it. Some new
builders also do not maintain the property well even if they are
bound to do it as per their contract. This depreciates the value
considerably.

13. Why Check Age of the Constructed Property ?
• Properties that are more than 10 years old fetch very little resale
value. As it gets even older, the value recedes further. So when you
are planning for a real estate investment, make sure you buy newer
constructions or those below 5 to 6 years old.

14. Check for Facilities and Amenities

15. Why to check for Amenities while buying a
House
• Whether it is a gated community villa or an apartment, the basic
facilities and amenities offered can influence its value and
appreciation. Apartments with elevators, modern security systems,
play area, recreational space and other facilities fetch better value
than those without these facilities. In fact, people are very reluctant
to invest in apartments without elevators since it is very inconvenient.

16. Take a Balanced Decision between:
Affordability and Accessibility
• We have seen that accessibility can affect the real estate property
value and hence, it is important to invest in a property that is easily
accessible. The most desirable investment is one which is located in
or nearer to a good residential area, one which has convenience
stores, school and medical facilities nearby.

17. Your Affordability matters the Most
• If you end up investing in a property which is not affordable, after the
few initial months of struggle, you may not be able to pay up the EMIs
and hence will get into trouble very soon. You may have to take
further loans which will only increase your debts and you will end up
losing money and the property. You can either invest in a property
you can afford for the time being or then as you progress in your life,
consider buying a bigger or better property at a later stage.
• Another option is to stay invested in other safer investments such as
shares or banks till you can afford the real estate property and then
make the investment.

18. You are now ready to buy your Dream Home!
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