Tips For First-Time Home Buyers
Having their own home is the ultimate desire and ambition of everyone. But buying a property requires lots of time and running around with financial and mental preparation because you cannot afford to go wrong in this.
These days with so many real estate options coming up it is very difficult to select the right type of option as buying a house will probably be the biggest investment you make in your life. Naturally, then the list of concerns while buying a property is plenty and so it is important for you to not rush in this property selection process.
You should always do quality research before finalizing property and it is advisable to consult real estate professionals, legal experts, family and friends before taking any decision.
Here are some of the tips and solutions that can help you while selecting the property
Budget and Affordability For The First Time Home Buyers
Many time when we buy a property we think that we have calculated all the expenses. But as soon as we move into a home a whole lot of expenses like painting, maintenance, interior decoration, furnishing and other miscellaneous cost occurs that can send our budget off the roof.
So it is suggested while calculating the real cost of buying the home we should take all these expenses into account and then arrive at the final figure and decide whether or not to move forward in buying property after considering current responsibilities and standing expenses.
Look For Reputed Builder
While booking a property always looks for a reputed developer who has the record of successfully delivering the project on time. These can be trusted as they don’t want to damages their reputation because of one wrong project. You can prefer builders who are listed on the stock exchange as they have to meet mandatory transparency standards.
It is suggested to always cross-check the area of the property as the area mentioned in most advertisement are super area and what you will get in reality is a carpet area. This could be lessor up to 30% or more depending on the layout design of the building.
Lower the super area ratio is better for the customer, so you need to find out the super and carpet area ratio before booking. You need to be clear about the actual and usable area of the property.
Most of the advertisement these days comes with all-inclusive deals but some other important costs such as car parking, club membership, maintenance etc are normally excluded from the all-inclusive cost mentioned in the ad.
So it is very important for you the clear all these things before booking. If you are buying a resale property try to visit society and talk to the residents to find out the deal they were offered. If you buying in any upcoming project then check online about the project and can discuss it in online real estate forums.
Always remember to check all the documents before buying any property. It is always safer to take a legal expert opinion in this if you don’t want to put your hard earn money on risk.
Home Buyers Loan Process
This is the most important thing for any home buyer as everything depends on the amount you can get for your dream home. So before applying for the loan, it is wise to go through the documents you need for finance, for this, you can go to the lender website or visit personally to get your documents in order.
The most important thing for a loan is your CIBIL score. So make sure that you must have at least 750 out of 900 before making any loan application. A poor CIBIL report can harm your chances of getting a home loan so ensure your report is error-free.
Most of the home buyers make a mistake of going for the minimum amount of EMI by opting maximum loan tenure and ignore the interest component involved with a long term loan. Therefore it is important to make the right balance between EMI, loan tenure and the amount taken, you can take help from a financial adviser if you are unable to take the right decision.
Finally, if you think you are prepared now then go ahead and buy your property. Now as there is indeed no better time than now as Real Estate Bill has come into effect and the interest of home buyers will be further protected.