Owning a new house gives one a great sense of freedom, pride and responsibility. The house-hunting process and choosing your favourite colours on paint charts can be an overwhelming life experience. It is that stage of life in which you and your family decides to invest in a new house - emotionally and financially.

The real estate market is extensive and you need to take care before investing in your dream property. Here is a list of things to remember before buying your first home.

Investigate: Make sure you investigate well before making a final decision on a secure property. Research well on the builder’s official website, read their history and analyse their profile. Talk to people who have already invested and read the reviews of the ongoing real estate projects.

Money matters: Estimate the total cost of the new house, as it impacts your daily expenses, savings and earning capacity. Budgeting is crucial when you are making a large investment. While considering the total cost of the property you need to consider down payment, repayment of home loan principal, interest on loan, registration fees, documentation costs, and maintenance fee, among other things.

Address: Then have you also decided where exactly you want to live? Go in for a property that is convenient for your entire family - a place that provides a good connectivity to your workplace, schools, hospitals, markets and transport stations.

Paperwork: Make sure to check all your paperwork carefully. Run your property papers through a legal representative before you put your money into the property. It can be construction, sale, purchase or lease of a property. Considering that most of the time property prices appreciate, taking legal advice to prepare and draft an agreement for a particular property is a must. Above all, be sure you are not investing in a fraudulent property.

Resale assessment: There is a high possibility that you may forget to check the resale value of your property. Budget could be your sole focus while making such a huge investment, but make sure to pick the right property in the right location.

Rental rates: Knowing the rental rates in the area will help you make a better investment decision. There might come a time when you want to rent out your home to live somewhere else. So, be prepared and make decisions based on rental potentials too.

Additional costs: You may have to save some extra money for professionals you might hire to check your paperwork. Apart from that there’s a service charge by the real estate agent, legal fees, notary charges, etc. Also, if you are purchasing an apartment you will have to consider the purchase of a parking lot and not to forget the maintenance fee.

One of the financial institution which offers home loan without any collateral and also multiple repayment options is Tata Capital. Visit Tata Capital to know more about home loans.