Thinking of buying your first home?
It’s a big milestone—and an even bigger commitment. The excitement of finding the perfect house often comes with a side of stress. There’s a lot to consider: the paperwork, the legal jargon, the financial planning, and figuring out if a home truly suits your lifestyle.
To help make the process a little smoother, we’ve created a simple, easy-to-follow home buying checklist. Whether you’re buying a house or an apartment, these 12 essential steps will help you make confident and informed decisions.
The cost of a home isn’t just the price tag.
Factor in stamp duty, registration fees, parking charges, maintenance deposits, brokerage, and maybe even some new furniture. These can add another 5% to 20% to the base cost. Knowing the full cost upfront will help you budget realistically and avoid surprises later.
Don’t just go by the built-up or super built-up area advertised.
What really matters is the carpet area—this is the actual livable space inside your home. If needed, have it verified by a property evaluator. If you’re applying for a home loan, banks usually check this during their own verification process.
Owning a home comes with ongoing expenses.
These might include monthly maintenance, property taxes, EMIs, commuting costs, and utility bills. Check how this fits into your monthly budget and ensure it’s sustainable in the long run.
Hire a real estate lawyer to go through all documents.
This is especially important if you’re not buying directly from the builder. Documents to verify include title deed, land use, municipal approvals, and occupancy certificates. If you’re taking a home loan, the bank will usually do a legal check too, but it’s always wise to have a second opinion.
Find out the average property prices in the area.
Talk to people living in nearby buildings or check real estate websites to get a sense of price trends. Even neighbouring buildings can differ in price by 5% to 10%, based on construction quality and location within the complex.
If you’re buying under construction, do your homework on the builder.
Visit their completed projects and speak to residents about their experience—whether the project was completed on time, if there were any issues, and the overall quality of the construction.
Discuss the payment structure upfront.
Sometimes, sellers might ask for a cash component, which can cause issues later. Avoid under-the-table transactions to protect yourself legally and financially. Go for full transparency—it’s safer in the long run.
The kind of people you live around can affect your quality of life.
Try to choose a building where the residents are of similar lifestyle or age group. This helps avoid future conflicts related to building rules, parking, pets, or maintenance decisions. A uniform resident profile often means smoother community living.
If you’re buying for investment, think like a tenant.
Is the location well-connected? Are there job hubs, schools, or public transport nearby? Check the rental demand and expected monthly rent in the area. Also, consider if you’ll need one or two parking spots—especially if you’re renting to families.
Your home’s location can impact your daily life more than you think.
Talk to building staff or neighbours to check on water and electricity supply, security, domestic help availability, and access to essentials like groceries, medical facilities, gyms, and schools. Choose what suits your current and future lifestyle.
Explore home loan options early.
Look for favorable interest rates, especially if you’re a woman co-owner or senior citizen, as some banks offer lower rates. Compare different banks for ease of service, digital tools, and repayment flexibility. Pick a loan that fits your long-term plans.
Real estate can be a strong long-term investment—if it fits your overall plan.
Financial advisors often suggest a balanced asset allocation: about 40% in real estate, 40% in equity, and 20% in debt instruments, especially for investors under 50. When calculating ROI, factor in rental income (2–3%) plus expected appreciation, minus maintenance costs.
Buying a home is more than just a financial move—it’s a deeply personal decision.
Doing your due diligence across all fronts—legal, financial, and practical—can save you from unexpected issues later on. With the right preparation, your dream home won’t just be a great property—it’ll be the right fit for your lifestyle and future.
Happy house hunting!
