Buying your first home is one of the most significant decisions you'll make. This comprehensive checklist covers everything you need to know before purchasing, from financial preparation to legal documentation and property inspection.
Financial Preparation
Before starting your property search, ensure you're financially ready:
- Check your credit score: A good credit score (above 750) ensures better loan approval and lower interest rates
- Save for down payment: Typically 20-30% of the property price
- Get pre-approved for a loan: Know your borrowing capacity before searching
- Budget for additional costs: Registration, stamp duty, brokerage, insurance (10-15% extra)
- Keep funds for maintenance: Emergency repairs and maintenance fund
Property Search and Evaluation
When searching for properties:
- Use AI-powered platforms: Get smart recommendations that match your criteria
- Visit properties multiple times: Morning, evening, and on weekends
- Verify property documentation: Title deeds, ownership records, and previous transactions
- Check locality development: Proximity to schools, hospitals, markets, and transport
- Inspect structural integrity: Walls, roofing, plumbing, and electrical systems
- Check water and electricity connections: Municipal water supply, drainage system, power availability
Legal Documentation Checklist
Ensure all legal documents are in order:
- Title Deed: Clear title with no pending disputes
- Property Card: From municipal corporation
- NOC (No Objection Certificate): From banks if property is mortgaged
- Encumbrance Certificate: Shows no legal claims on the property
- Previous Sale Agreements: For verification of transaction history
- Tax Receipts: Property tax payment records for last 5 years
- Occupancy Certificate: From local authorities
Before Making an Offer
- Get a professional property valuation done
- Compare prices with similar properties in the area
- Negotiate the price based on market rates
- Get insurance quotes for home and contents
- Hire a lawyer to review all documents
Final Steps
- Sign the agreement: Have your lawyer review before signing
- Arrange financing: Complete loan documentation with your bank
- Arrange insurance: Home and contents insurance
- Final inspection: Before possession transfer
- Register the property: Complete legal registration
- Transfer utilities: Water, electricity, gas connections to your name
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