Neha Nagpal

Buying a house is one of the most important decisions in life. Especially for the newlyweds who are already wrapped up with handling and managing wedding frivolities such as bookings, trousseau, flower arrangements, etc. If you add ‘scouting for a new house’ to the already tall list, it becomes stressful.

Help is at hand! Here are some dos and don’ts which might ease up your search activity. Come to think of it – it is the first major financial decision undertaken by you and your partner. Before beginning your search, it’s important for a newlywed couple to assess each other’s short- and long-term requirements and expectations.

Agree on wants and needs

Why does the ‘other half’ need a house and more significantly what is his/her requirement in a house? Your need can differ from your partner’s need. You may want a house similar to the one you grew in while the other wants a house from an investment point of view. You might want a pool table/gaming room while your partner may just want a master room with a huge bathroom.

Also, is the neighbourhood more important than the house while looking for an apartment?

Shortlist the requirements and have a discussion on the points that can be accommodated. This way, you will have a clearer picture of your needs as a couple. It is important to discuss as understanding and agreeing on each other’s need, will certainly make the house-hunting journey easier.

Also read: Top 5 tips for first time home buyers

Know what you can provide

Apart from needs, it is imperative to have a specific budget in mind. An honest analysis of finances will help you realise what can be achieved from the list of requirements and the elements that should be left out.

While buying a house together, both of you will have to provide income proofs to state your credit worthiness to banks.

Check your credit score and reports to ensure there are no errors or discrepancies. Know how much financially viable and the interest rate can qualify for.

Discuss how much you want to invest or spend

If you are buying a house by investing your life savings, it is best to calculate future spending to know the amount that can be spared for EMIs and the amount that can be paid as a down-payment. Consider future factors such as starting a family, getting an education degree or paying any other loan (car loan etc.) which will impact your financial powers.

Choosing a right locality

You may will able to change various things about your house, but not the location. Pick a neighbourhood that you are comfortable with. Consider your short-term and the long-term goals. It is wise to check the scope of developments around and in the locality. If the property is for end-use then you must check the presence of schools, proximity to hospitals, nearby market areas, etc.

Plan a home inspection

Hiring a home inspector to evaluate potential new homes before making a commitment to buy. A home inspector can help you guide if there are problems with any major operating systems or with the structural integrity of the home you are considering. This way you can get an idea whether it is worth investing in.

Take an expert help

Taking the help of a broker/real estate agent, can help streamline the search and buying process for newlyweds. An agent can provide advice as well as give an overview of other properties, infrastructure and amenities available in nearby areas. This way you will have a wider choice to shortlist from.

Apart from this, an agent can help you to negotiate the best price and bag a good deal. The agent can also help with the necessary paperwork related to the purchase.