5 Tips for First Time Home Buyers
Your first home is truly special for you, making it imperative that you leave no stone unturned in your research process to find that perfect home. From doing many field trips for finalizing the location to proper due diligence, buying a house calls for a lot of effort on your part. You need to weigh all the options, pros and cons, before signing on the dotted lines. A sense of satisfaction, contentment and pride should come with ownership of your First House. Making your task easy, we summarize and share top five home buying tips.
- Personal: You need to weigh your requirements before taking the plunge. Whether a 2 or 3 BHK is required, carpet area, property location, amenities within the society and in proximity. Other than these, you must also consider, if you will shift into that house, rent it or you are buying it from an investment point of view. Paying careful heed to the location is a must as whether for investment or personal use, you will definitely want good return on your investment. So, check for areas, where the rates will appreciate in medium to long term and your home will be truly an asset for you and your family.
- Financial: Once you know the property you wish to buy, analyze your finances. You may get up to 80 or 90% home loan, but paying the EMI’s should never be a burden on you. It is best advised that you should keep 4 to 5 months EMI in your bank account for an emergency situation. Likewise, when making the down payment for your house, you should keep funds for basic work at home, which you as an owner will have to get done. A lot of money can go into painting, woodwork and other miscellaneous expenses, which are mandatory to make a home comfortable for yourself. There are many real estate developers, which also offer semi-furnished flats, so you must have everything in writing whether you will get a raw or semi-furnished flat. If you are getting it semi-furnished, then what all furnishings will be provided that must also be taken into consideration.
- Due Diligence: If the property is convincing and matches your requirements financially and personally, then the next important step is to carry out a due diligence on the developer. Whether renowned or novice, you should make efforts to know the past record of a property developer. If the property is still under construction, then go to the other ready to move in properties constructed by the developer and review the construction quality. Moreover, if you are buying a property which is under construction, then try to gather information if the earlier projects were timely delivered. A complete background check on the developer is a must both in case of ready to move-in and under construction property.
- Legal: No don’t be afraid of a lawyer this time around, as the role of a lawyer is crucial at every step of home buying. Right from getting the agreement verified to title deed, tax computation, and home registry, a legal expert will be indispensable from start till you gain the possession of the property.
- Site Visits, Possession & Registration: Once you buy a flat, then keep making site visits if the property is under construction. Some developers are flexible and won?t mind doing minor alterations for you. On possession, there will be physical transfer of your property and you will have to get it registered with the local authority. At the time of property registration, you will also have to bear the expense of a stamp duty, which is a government tax levied on every property transaction. Most importantly try to avoid brokers at the registration office. Be Advised.
Hope, this handy and brief blog gives you a complete insight into home buying. You can keep visiting this site for more property and home buying tips as we are the renowned name in real estate industry.
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