Whether you intend to buy a house for residential or investment purpose, there are a few things which must be taken care of in either case.

* Spending limit: You must know the amount you can afford to spend to own a house. Planning to purchase a property out of your reach will only complicate the matter.
* Property pre-requisites: You need to hunt for a house that fits your taste as well as needs. If you have a clear idea about the number and size of the required rooms, particular floor if any, ventilation facility and overall size of the house then you can avoid wasting time on properties which do not fit your prerequisites.
* Right locality: You can’t choose your relatives, but you can surely choose your neighbors! Living in the right neighborhood makes life worthwhile so always give importance to the neighboring areas and your neighbors. Also, check out whether the property is easily accessible, facilities for hospitals, schools, market, shopping outlets, eateries, and entertainment exist or not. Ensure about the safety concerns.
* Basic amenities: Basic facilities of water, power and sewage should also be considered. Acute shortage of any of any of these throughout the year or in particular seasons should be noted down.
* When to invest: If at all you feel incapable of purchasing a house at a particular time, wait for the right time and then buy it. Taking a hasty decision might rob you of your savings and also not let you own a house.
* Do the needed homework: Do not settle for the first house you visit. You must always make efforts and scan several homes to draw a comparison before finalizing a particular one.
* Construction quality: Always take into account the construction quality of the house you want to purchase and whether it’s in a living condition or not.
* Market trends: Survey the prevailing prices of the property in the area you are keen on buying a property.
* Builder’s reputation: This also is an important fact not be overlooked as it acquaints you with the quality of projects delivered in the past and whether you should avoid some of the builders on the basis of their previous performance in the market.
* Resale worth of the property: Always evaluate the resale worth of the property you are interested in. You can also inquire about the supposed rent the property can fetch you, just in case you change your mind a few years down the line and want to shift your residence.
* Bank Loan: The most important thing after you make-up your mind to own a house is arranging the money. Various loan schemes are available in the market from different banks. You should always compare the offering and then select the best one considering the rate of interest, EMI and the loan tenure.
* Look for hidden charges: Ensure that the total cost of the house has been revealed to you and no hidden charges occur. If any hidden costs are present your budget will go haywire and you would have to opt for multiple loans to pay the same.
* Total estimate: Draw a rough estimate of the total cost involved in the purchase, i.e., price, registration amount, stamp duty, monthly expenditure, maintenance charges and cost for other facilities.