Buying a home for the time is the biggest investment decision for everyone. It is a time consuming process as it involves a lot of research work before you finalise the deal. During research you will find many factors that can puzzle you and give you strain about buying a home and for the first timers. Generally, the major confusion is between price factor, location and amenities offered.
To help you demystify the process and make your buying simpler, here we have mentioned 5 must follow tips for first time home buyers in India. These buying tips will reduce your confusion and also help you to select for a better option.
Access your Budget:
The first and most important point that every home buyer can consider before embarking on home search and selection is ‘Budget’. How much you can afford? Buying a cheap home can in fact lead to an expensive decision as you might need to pay additional money for furnishing, interiors, security, etc. This will affect your budget. Thus, utilize you budget accurately. Check if the home matches your requirements and price fits in your pocket. If you find an affordable home, check how much additional money would be needed to make the space comfortable and secured. This way you will be in better position in case any unpredicted expenses arise.
After price, the other crucial factor is to choose the right location. Every home buyer has their own priorities in terms of location. In order to choose the right location, one must access some important factors such as transport facility in the area, closeness to one’s workplace and proximity to all social amenities including educational institutions, healthcare facilities and financial institutions.
Scrutinize your needs:
In the current scenario, you will find many different residential options in the market such as apartments, flats, bungalows, duplexes and row houses. These dwellings are available in different types and sizes. Thus, scrutinizing housing needs with your family members is very important as this will help you to select the type and size of the property you wish to buy. The size of a property depends on preferences such as number of rooms, balconies and abounding more.
Know about builder’s track record:
First time home buyers have no idea about the builder’s track record in terms of project quality and delivery. So, the primary task of every home buyer is to check about builder’s reputation. First time home buyers might not be familiar with legal proceedings related to property. In such situation, you can seek advice and guidance of any legal consultant before sealing a property deal. Also, one could also ask friends and relatives for suggestions, especially those who have experience in buying properties.
Not every individual can afford to dole out a large chunk of their savings to invest in a new home and as such, have to rely on a home loan, an important factor in the home buying process. The home loans offered by different banks may look similar but you need to identify their terms and conditions. Typically, a home loan extended over a period of 15-20 years and available with EMI options. So, you can opt for a home loan that suits you better.
These home buying guidelines will definitely make your buying process hassle free. For more real estate advice visit Superise.com