7 Things you should know before buying a house in Nepal
Are you thinking of buying a house in Nepal but are confused and wondering what to do or where to start? Then you are in the right place and here are some great tips on things you should know before buying a house in Nepal.
1. Invest time in yourself, find what you want
Buying a house is a very personal matter because it is the place you come to rest and relax at the end of a hectic day away from all your worries inside your personal space.
You will create a lot of memories and get attached to your house. So before buying one, you should first find out what you want because if you want a peaceful environment and a small garden to play with your pets, then the city area might not be the right choice for you.
Hence firstly, prioritize your needs and wants so that you become clear on what you want. The first step to getting what you want is to be clear about your priorities, so invest time in yourself.
2. Budgeting and tallying your budget with what you want
Let’s talk about the biggest fish in the tank that is “Budget” because the house you would love to own might not always be in your budget. You have to come to a middle ground with your budget and the type of house you want or the location you wish to get settled in.
Another option will be to take home loans from various banks in Nepal if the house you want is a bit out of your budget. Financial expert Dave Ramsey recommends your housing payment, including property taxes and insurance, to be no more than 25% of your take-home income, but there is no hard and fast rule to this because it depends upon you.
3. Local community
Another essential factor you should consider before buying a property is the community you want to stay in because, in Nepal, even before building your house, you will need signatures and a copy of the citizenship of your neighbors.
If you want to stay in a growing and developing community where you also want to contribute, then you should look for a community with like-minded people.
So make sure to take a look at the community and talk to some people around. If you can find a group of people or Samiti, then you can have more insights about the community.
You should choose a location compatible with what you want (e.g., Place near your workplace or a bit far from the crowd) and your budget, but future prospects of the location should also be considered because it dramatically affects the resale value of your house.
5. Look for transparent deals
You can consult with your realtor/agent who understands the market to guide you to make the most attractive offers. Homebuyers must look for transparent deals and make prudent decisions.
6. Ask a lot of questions and inspect thoroughly
If you are going to spend such a massive amount on something, then you should know it’s every detail before buying it.
Ask questions from water supplies, sewage facilities to anything that concerns you.
Inspect the property thoroughly and ask for the age of the house, electric points and pipelines in the house, look for the roof leakages or toilet leakages, check on the foundations of the house, or what types of rods or cement were used while building.
Check if the house is meeting all legal requirements and have all required documents like Nirman Sampanna certificate and do not hesitate to ask anything.
7. It is up to you to make a house your home
In the end always remember no matter what property you buy or how much money you spend on the property, it is you who will make the most out of it. It is you who will customize the house to your needs and make it your dream home.