A successful home-buying experience is about getting the details right from start to finish.
Are you planning to buy your first home? Many people dream of owning a house, but turning that dream into reality requires hard work, diligence, and financial commitment. As a first-time home buyer, you must be extra careful and understand the processes involved.
Searching for a home requires time, effort, and commitment. Given your current lifestyle and budget, you must carefully weigh your options. Most people buy a house only once in their lives, so it is exceedingly crucial that you do it right. The home should be future-proof in that it serves your family’s needs in terms of living space, location, and value for years to come.
Before we move on to the first home-buying tips, knowing the type of property you wish to purchase is essential. You can decide which property suits you by considering the budget, upkeep costs, and the kind of investment. You can pick from apartments, residential plots, villas, etc. However, choosing the right property can be quite a dilemma, especially if it’s your first time. Speaking with someone who has already invested in real estate or recently bought a property can help.
1st Time Home Buying Tips
Moving on to home-buying tips, whether you are buying a house for self-use or investment, the following homebuyer’s guide checklist must be kept in mind.
1. Evaluate Your Financial Health
Before buying a home, go through property listings to search for your dream home. This is necessary, but first, evaluate your financial health and see if you can afford to repay the equated monthly installment (EMI) of the home loan. Look at your savings and see if you have enough to pay down.
2. Shop Around
To get the best deals on home loans, shop around to check for the interest rates that various lenders offer to compare the benefits, including interest rates, and help you make an informed decision. After comparing the benefits, once you decide on the lender, it is a good idea to use the Home Loan EMI Calculator tool to calculate the EMI amount you will need to pay for your home loan. Doing so will help you assess whether you can afford the EMIs.
Also Read: What Are The Property Rates In Jodhpur?
3. Ideal Size of Dwelling
When it comes to the size of the home, you should weigh several factors: your budget, the number of family members living in the house, the possibility of guests coming over to stay, whether the house is solely for self-use or an investment, etc. Answering these questions helps you decide the ideal size of the dwelling.
4. Type of House
When it comes to the size of the home, you should weigh several factors: your budget, the number of family members living in the house, the possibility of guests coming over to stay, whether the house is solely for self-use or investment, etc. Answering these questions helps you decide the ideal size of the dwelling.
5. Location is Paramount
Pick a house in the right location based on your daily schedule, work location, and the need for good schools for your children. Opt for a location with a hospital where you can go in case of medical emergencies. Also, consider good public transport access, the neighborhood, the building’s society, and their rules and regulations. Look for all these factors carefully when purchasing a house.
6. Possession Time
As a home buyer, you can buy ready-to-move-in homes or in the construction phase. If you are buying the home for your self-use and can wait for a few years for possession, consider buying in the construction phase, enjoy a spread-out payment schedule, and get a better deal.
However, if you are buying from an investment viewpoint, buying it in the construction phase makes better sense, as you will benefit from significant price appreciation when you take possession of it.
Check that the builder has all the legitimate approvals, certificates, and licenses needed to avoid delays in project completion or unnecessary complications and hassles.
Also Read: How To Avoid Property Fraud In Jodhpur?
7. Take Advantage of Affordable Housing Schemes
Under the Pradhan Mantri Awas Yojana (PMAY), you can take advantage of the Credit Linked Subsidy Scheme (CLSS) offered by reputed lending institutions on a home loan. Besides offering a subsidy on interest rates, the best thing about these schemes is that it is available only to first-time home buyers. Another advantage of PMAY is that there’s no processing fee.
8. Check for Bank Approvals
Checking whether a reputed bank approves the project is essential when buying a house. Since the bank verifies everything, these projects are guaranteed to be legally and financially compliant.
9. Choose Comparatively Shorter Tenure
Choosing a longer repayment tenure reduces the burden of high EMIs, but you will pay higher interest in the long run. Hence, choose a comparatively shorter tenure for which you can afford to pay the EMI comfortably. The money you save on the interest can be used to invest in various financial products such as fixed deposits (FDs), mutual funds, etc. Investing in these products can earn you good returns.
10. Verify the Property Through RERA Registrations
Check if the property is registered under RERA (Real Estate Regulatory Authority). Then, visit the official portal to verify the RERA number.
11. Consider the Amenities & Specifications Within the Development
Once you have decided on the type of property, you need to consider the lifestyle you wish to live; here, the amenities and specifications offered by the property come into play.
12. Review Maintenance Costs
Another essential factor is whether the project has various amenities and features. Asking about the annual maintenance costs in advance also helps you gauge the total cost of living in a particular project.
13. Request for an Aerial View of the House
Ask for a drone shot of the view from your possible new home. It can even help you narrow the house floor and the balcony view and check for ventilation and natural light.
14. Check on the Noise-Cancelling Features
While it’s commonly perceived that a top-floor apartment eliminates the noise outside, it is not always the case. If the property is parallel to the main road, the sound of the blaring horns and commotion may reach your house. Therefore, check if the developer is providing you with sound-proof windows that cancel the outside noise to a great extent. Your home, after all, needs to be your safe and peaceful sanctuary, away from the bustling city life.
15. Verify Vastu-Complaint
Although beliefs may vary from person to person, most homebuyers consider the Vastu compliance of the residences. Therefore, most real estate developers ensure the homes they build are Vastu-compliant. You can check for this aspect, too, while buying your home.
16. Explore Social Infrastructure
Check for the social infrastructure and connectivity across the city. Make sure you buy a well-connected city-wide property and one where you can find the best healthcare and education nearby.
As you can see, homebuyers need to exercise due diligence and buy property from a trusted developer. Surana Realtors Guide helps you with the entire home-buying process, from start to finish, ensuring a happy experience.
Navigating the first-time home-buying world can be exciting and overwhelming. However, armed with the proper knowledge and guidance, you can make informed decisions that set you up for long-term success. By following the above home buying guidelines, you can confidently approach the procedure and ensure that you make the right choices for your financial well-being and future.
Remember to establish a budget, prioritize your needs, research the market, seek professional advice, explore financing options, conduct thorough inspections, negotiate wisely, and be patient throughout the journey. With these strategies in place, you will be well on your way to finding your dream home and making a solid investment in your future.