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What are some important things you should know when buying a house?

Vikas Khurana has mentioned some excellent points. To those, I will add: Be absolutely sure that the city where you are buying will be your city of permanent residence. Assess your job in terms of security and steadfastness. You will most likely go for a loan. You must be able to repay the loan. There is no need to hurry to buy now. Save for the downpayment right now to reduce the loan. It is a myth that good property will be lost if you dont buy now. Expanding on the above point - do not go for a hefty loan with a 30-year tenure (because it reduces EMI). The longer you pay, the more interest you pay and the longer you are in debt. I always advise 15~20 years. Check out resale properties. A good bargain can be had on resale - closer to your chosen area, bigger, etc. Vikas said that buy somewhere close to the office. That is something on which I have a different PoV. Nowadays we often change jobs. So today you are close to the office. What about tomorrow? What if tomorrow, your office is a good 30 km away? So looking at resale properties somewhere closer to the city centre may be better.

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