Buying home is the biggest investment in anyone’s life and is almost impossible to be fully prepared for it. If you are a first time home buyer, then following these ten things can be helpful in your process of home-buying.
10. Whether investing in home is worth or not
Of Course, buying a home comes with so much of efforts and benefits but so does renting, and your first job is to analyze whether it’s good to rent or to buy depending on your long term goals and the budget in hand.
9. Understand the process of buying a home
If you are very much sure about investing in the home, then the next step is to understand the whole process of buying a home from start to finish. You can go through some online portals to understand the whole process with ease.
8. Beware of brokers
Brokers might let you buy a house which you may not like in long run. Depending on their own personal interest, they might show you properties that don’t fit into your budget or the neighborhood you are not interested to live in. So inspect carefully and make your own decision without any other person influencing you.
7. Know exactly what kind of house you want
First, try to analyze your interests and search through a number of properties based on your taste. Ask for any offers or deals on the houses for sale before putting in a deposit. Also, if it is a resale property, try to get all the information as Why the owner is selling it and what was the initial worth of the property.
6. Analyze the conditions of Buying
If you are self-employed, and have savings to buy a home, then spend it wisely after analyzing every small detail but on the off chance if you already has some property that you want to sell to buy a new one, then it is better to analyze that you want to sell first then buy, or buy first, then sell.
5. Be handy with the down payment
You should be ready with at least 20% down payment as soon as you plan to buy a house. It is always better if you can pay the more amount as down payment so as to reduce the burden of EMI’s but if that is not possible, saving for a down payment before planning a house is utmost necessary.
4. Be clear with your CIBIL score
Keep paying your credit cards bill on time and you are good to go for a home loan. In addition, to save for down payment, it is very necessary to keep in check the other expenses too.
3. Any other issues with the building of a house
There are certain points that needs to be taken care while finalizing any home deal. It is important to be sure that there is no leakage in any corner of the house and is completely spill proof. Also, it is highly recommended to make sure that the home is not in flood risk zone and there are no issues with sewer lines, plumbing or any other electrical systems.
2. Buy in your budget
It is always best to go for a house that you can afford or for a house that comes within your budget. analyze your income, savings, expenses, EMI, and down payment first before making any deal. There are many online home loan EMI calculators available, that can provide you with an estimate based on your budget.
1. Don’t be in Hurry
When you are looking for making an investment for a lifetime, it’s better that you take a time more than required to analyze things properly before finalizing a deal. Go around to search and look for different properties for sale in Mumbai, Gurgaon, Noida or preferably in the city where you want to finally settle down, understand the challenges and when you are fully ready, then only make a payment.
Prakshi Agarwal is an excellent, creative and imaginative writer, serious in her work. She is good in organization, excellent in public relation and socialization. Articulate in her presentation and strong in her convictions. Currently she is working on real estate articles for QuikrHomes.