Top 9 Home Buying Tips For Buyers in Nepal

Are you planning to buy a home in Nepal? Are you confused about where to start? Buying a home is not an easy task. It requires a lot of research and hard work. Also, as it involves your lifelong income, you should have a detail planning and know the risk involved. Therefore, to make the work easier for you, here is the step-by-step home buying tips. It will definitely guide you on home buying process.

Top Home Buying Tips

Make Sure You Are Ready For Buying home
Home Buying Tips To Determine How Much You Can Afford
Do a Proper Research on Real Estate Market
Find the Good Real Estate Agent
Find the Right Mortgage for You
Get a House Inspection
Have a House Appraised
Complete All the Paperwork
Close the Sale

1. Make Sure You Are Ready For Buying Home

Buying a home in Nepal requires a lot of hard work in Nepal. As all your lifelong earnings goes into it. Buying a home requires a big financial commitment. Therefore, make sure you are ready. Think about your future plans. Are you buying it with your partner? What if you have to relocate for your work? Do you have the necessary budget, or can you pay the mortgage loans with your current income? Consider all these question with a calm before you make a quick decision. It requires a lot of time and effort to buy a home. Thus, is it the right time for you to buy a home?

2. Home Buying Tips To Determine How Much You Can Afford

You cannot simply go to a shop, choose a home and purchase it. In fact, when it comes to buying a home, it is one of the biggest financial decision you make in your life. Thus, have a proper detail about how much you plan to spend. In case you are planning to take a home loan in Nepal, determine your budget by thinking about your income, debts, location and down payment amount. You should make the decision based on your current financial situation. After all the careful plans and calculations, you can come up with the price range you are willing to invest.

3. Do a Proper Research on Real Estate Market

As said earlier, buying a house is not a child’s play. In fact, you need to do a proper research on several matters. Visit various websites, newspapers, and magazines that have real estate listings. Moreover, you should know about the current scenario in the real estate market of Nepal. Make a list of particular homes you are interested in. You can even talk with owner about the price range and available services. Hence, this will give you proper idea on the housing trends and market condition.

4. Find the Good Real Estate Agent

A real estate agent provides you with helpful information on homes and neighborhoods. However, the right real estate agent can make a huge difference throughout the process of buying a home. They have proper knowledge of the house buying process, negotiating skills, and familiarity with the area you want to live in. In fact, this will provide you with valuable guidance. We have to be very careful on his know-how in Nepal’s Real Estate Market. It is advisable to interview at least three agents. Make sure to choose the agent who will advocate and negotiate on your behalf. Also, as the seller provides the commission to the agent, you have nothing to lose.

Home-Buying-Consultation — Young family choosing house vector illustration. Realtor, married couple cartoon characters. Husband and wife. Real estate purchase flat drawing. Townhouse for sale. Own property, apartment deal

5. Find the Right Mortgage for You

The type of mortgage you used to buy a home affects what you’ll need to qualify for the loan and how you’ll pay it back. Therefore, it is important to choose the home loan option that fits with your financial condition. This increases your chances of approval and even save your money in a long run. You can also know about advantages and disadvantages of the house loan you are choosing.

If you want to know more about types of home loan that banks in Nepal provide, click in the link. https://blog.basobaas.com/home-loan/types-of-home-loan-that-bank-provides-in-nepal/

After finding the right home loan, proceed to get pre-approved for credit. To get prequalified, you just need to provide some financial information to the bank. The bank later will tell you how much they can lend you. To get pre-approved, you need to provide financial documents like bank account statement so that they can verify your financial status and credit.

6. Get a Home Inspection

Before you purchase any home, it is very important to have a proper inspection of that home. Check for any structural damage or things that may need fixing. Similarly, from the foundation to the roof, examine all aspects of the house and its systems. Moreover, you can even hire an inspector to check if there are any threats and defects with the home. Otherwise, if you find the defeats later, there is nothing you can do than regret. A proper inspection allows you to renegotiate your offer or withdraw it without any guilt.

7. Have a Home Appraised

In Nepal, bank will arrange for an evaluator to provide an independent estimate of the value of the home you are buying. In fact, the evaluator is a member of a third party company and is not directly associated with the lender. They will let all the parties involved know that you are paying a fair price for the home.

8. Complete All the Paperwork Required

You already know that buying a home requires a lot of paperwork. Therefore, after everything is finalized, complete all the paperwork regulated by Nepalese Government. Also, make sure that the seller is the rightful owner of the home you are buying.

9. Close the Sale

After completing all the paperwork including the loan documents, you are officially owner of the home. However, make sure to check that everything’s as agreed upon. You will be filled with all the emotions as you get the keys to your new home. Now, you are ready to move in.