The magic thing about home is that it feels good to leave, and it feels even better to come back. Have you felt this way? Yes, this is the feeling we all want when we are looking for our dream home. But unfortunately hunting for an individual house ain't an easy task! Especially for a first-time house buyer it may look and feel super complicated! Between down payments, credit scores, mortgage rates, property taxes, interest rates, and closing the deal, it’s easy to get overwhelmed. There’s so much at stake with a first home!

But don't sweat! We are right here to guide you step by step through this tasking process in Chennai's most trusted online portal — Chennai Properties.

Also, familiarising yourself ahead can help you navigate the real estate market with ease. So let’s get started with how to buy an Individual House in Chennai for the very first time!

Figure out your finances

Once you know how much you can afford to spend on your new home, stick to that amount. If you're buying a home with your spouse, make sure you're both on the same page when it comes to your budget. You don't want any surprises when it comes to saving for a down payment.

Don't give in to the temptation of looking at house listings until you've saved up a substantial down payment. Because, well, you know what could happen. You'll find a dream home that's way out of your price range, and you'll try to convince yourself that your down payment is sufficient. Don't do this! When it comes to purchasing a home, a small down payment is a recipe for disappointment.

Buying a new home (particularly for the first time) requires a mortgage, where a lender fronts you the money and you pay it back over time. However, in order to get a mortgage, you’ll need some sort of down payment. So your first step is to save up on a downpayment. If saving up a downpayment is a real challenge, set a plan and focus on your milestones, and you’ll have that down payment before you know it.

Finalise your location with care

Location is one of the most important factors when it comes to buying your house. Many fall for the house and totally forget about the location! Which is a bad move! There are reasons why location should be considered important, mainly because the location will not change but the condition of the house will.

The value of a house is affected and influenced by its location which includes social infrastructures like schools, shopping malls, offices etc. as they contribute to the overall quality of life. It is suggested that you sacrifice your dream home but not the location.

A good neighborhood will help you live a grand and peaceful life as well as ensure the value of your house increases over time. So how to know which location to settle in and how great it is? Click here to find 15 Best Localities to buy an individual house in Chennai.

Check your CIBIL Score

Did you forget to pay off a couple of credit cards? Unfortunately, it’ll affect your CIBIL score.

In addition to having a down payment, a home buyer will need a decent credit score. CIBIL is a numerical summary of your credit report, a detailed document outlining how well you’ve paid off past debts like credit cards and college student loans.

A lender will look at your credit score and report to determine the likelihood that you will make your monthly payments on time.

The lender will then use this information to determine whether or not to lend you money, as well as how much and at what interest rate. If a lender notices some late payments on your credit cards or other blemishes on your credit report, it can reduce your chances of getting a loan with a low-interest rate, or even a loan at all. So knowing your credit score is critical, as is taking action with overextended credit cards and high-interest debts to improve your credit score.

Research the housing market

It can be tempting, but please do not just pick the first individual house you like without doing any market research. A real estate market research is an analysis of current market values of properties, comparable to a property you are looking to buy or sell. A real estate market survey provides information that helps sellers choose a listing price and buyers determine whether the asking price is too high, too low, or reasonable.

A real estate market analysis should always be performed, whether buying or selling a property, as it will assist in understanding the current market, how much comparable properties are worth if it is an investment property, how much you can charge for rent, and so on. You can easily compare the prices in Chennai Properties and easily verify the property value in Chennaiproperties.in Online Portal.

Go house hunting in Chennaiproperties.in

Hurray, we are finally here at the fun part! As a home buyer, you can peruse thousands of real estate listings on sites such as www.chennaiproperties.in , where you can directly get in touch with the seller or agent to see your favourite property in person. Since the sheer number of homes can become overwhelming, it’s best to compare and choose your properties online.

Chennaiproperties.in is an online medium where anyone can list properties for sale for free through their site's backend. Users can buy, rent, or lease real estate-verified properties. Chennaiproperties.in is a user-friendly online portal where many have found their dream home. It streamlines operations and gives an easy online way to connect sellers and buyers.

Choose a property from an established developer and make an offer

Once you’ve found the right home, it’s time to get serious. That means submitting your offer and signing a purchase agreement with the sellers.

Most importantly don't forget to choose the best real estate developer. There is no shortage of real estate developers in Chennai, but choosing one from the many properties being delivered simultaneously makes it challenging. Choosing a property from a reputable real estate developer, on the other hand, has numerous advantages. To begin with, you can be assured that your home will be delivered on time and will be of high quality.

Get your property legally verified

To avoid shady business practices by the builder or developer, check the legal documents of a property if you intend to buy it or have already paid for it in full. Because the real estate sector lacks transparency, it is best to physically verify all documentation before purchasing any real estate.

Make certain that your house is legally permitted to be built on the land before signing the contract. A home buyer has every right to inquire about the developer's NOCs and permissions from the Municipal Corporation, as well as other local development agencies such as water supply, sewage boards, and electricity boards, among others.

Get your mortgage finalised

If you did obtain a mortgage, you will need to complete another step before closing on your home: final loan approval. This section will require patience. To finalise your mortgage, your lender will dig through a slew of financial details, which could take more than a month to iron out before your closing date.

If you're under contract, don't open a credit card, go out and buy a bunch of new furniture on credit, or change jobs. This has an effect on your debt-to-income ratio and may reduce the amount of a loan you qualify for. Adding to your debt is never a good idea. However, any changes in your financial situation may jeopardise your loan application.

Close on your house

You did it! All the planning, saving, house hunting and waiting are finally over. The final step in the home-buying process is closing on your new place.

You have one more sprint before you get the keys to your new home and can officially call it yours. Paperwork! If you come across any confusing terms or conditions as you go through the paperwork, don't be afraid to ask questions. This is one of the most important purchases you'll ever make, and you should understand exactly what you're getting into.

It's time to exhale a sigh of relief after you've signed all of the paperwork. Ahh. You have officially become a homeowner. Congratulations! The home-buying process may be difficult, but having a beautiful new home to call your own is well worth the effort.

With Chennai real estate booming, now is the perfect time to go hunting for a perfect house that you would proudly call your home! To find the top builders, best properties and prime localities do check out Chennaiproperties.in. The most trusted real estate online portal in Chennai.