Buying a home for the first time can give you jitters, but on the other hand, it is also exciting. If you are new to the real estate market, it’s an entirely new experience as you venture into a different domain.
To ease out the process of hunting and buying home, you should be aware of Things that first time home buyer should consider. Thorough knowledge of tips and tricks will prove to be beneficial for everyone looking for a home for the first time.
With the popularity of Real estate market trends increasing day by day, you might be tempted to invest in the luxury residential properties right away but be aware of the preparation required when Buying A House For The First Time.
Rather than making rookie blunders that can give you setbacks and disappointments, it’s better to make smart decisions and make the experience of Buying home for the first time a pleasurable one.
And here’s what you should know,
First Time Home Buyer Guide
1. Fix Your Budget
The first and foremost step while planning to buy is that you must set a budget before you set out to find a new home and make sure you stick to it.
You might be tempted by the lavish flats and upscale interiors and may end up spending more than you intend to. This unnecessary flow of credits can even put you in a financial crisis which no one wants.
Having a fixed budget will not only help you in shortlisting the options but will also save you from extra expenditure on properties.
2. Study the Location
Having your home in a good location is the most important Advice for First Time Home Buyer. Before buying the home, make sure to search the places close to the area in which you are looking for a new home.
Search the maps for connectivity and the distance taken to travel from your favourite places to your home. Visit the entertainment areas, shopping complexes, schools, theatres and hospitals in the vicinity.
You can also drive through the area to know about the traffic at various times of the day and to be familiar with the neighbourhood roads.
3. Set a Down Payment Amount
An amateur home buyer would be the one to look for a property without setting a specific amount for the down payment.
To save yourself from the risk; you must make a smart decision to calculate your down payment and save the right amount of money to avoid any issues arising due to lack of the monetary funds.
This will not only help you in being focused on the specific amount of money you need to save but will also help in deciding the house that suits your down payment and the budget.
4. Make a Checklist
The best thing to do when searching for a property is to prepare a list of all the things you want in your home.
For example area of the home, number of bedrooms, open area, type of amenities, and other facilities of clubhouse etc.
Also, jot down the preferred location, desired condition of the property and even the builder if you are looking to buy a home from a top real estate builder to be sure of the property.
Furthermore, if you are looking for a home with an investment purpose then under-construction property will be beneficial in the long run.
5. Be Prepared
Sometimes, when you make decisions as a First Time Home Buyer, it is flawed by lack of being prepared beforehand. Well, a piece of wise advice is not to let this happen to you.
Once you have decided to buy a home, start to prepare the things required for the purchase of the property.
Make sure you have sufficient cash for the down payment, legal papers including ID’s and other valid documents which are necessary for the process of home purchasing. Being unprepared will only waste precious time and will also make the owner feel uninterested.
6. Condition of The House
Whether you opt for a new home or a resale home, do not forget to check the status of the house to save yourself from the hassles later. Take a keen look beyond the paint to inspect cracks or chipped walls.
Make sure to check the Creaking doors or windows which need repairs or oiling. Also, see the fittings and fixtures of the bathroom, switch boards and switches in all the rooms.
Moreover, check the construction quality of the building if you are planning to buy an apartment and take note of the strength of the building and thickness of the walls.
7. Check the Digital Platforms
In comparison to the older times where hiring a broker to find a home was the only option, now you can search your home online.
All you need to do is visit the popular property sites like 99acres, housing.com, homeonline.com and set your preferences then select the type of home that you want.
Voila! You will have ample of options to choose from and you can even request a site visit at the time that suits you the best.
8. Explore Loan Options
It is a wise decision to do a little searching beforehand and look for the banks that give flexible loans and good down payment options.
Also, look for banks that give low interest on EMI or home loans.
In addition to it, note that many states offer assistance programs for first time home buyer with attractive schemes like down payment assistance, tax credits and offer a discount on interest rates. Some might even volunteer to help with the documents required for the home purchase.
Ready, Set, Hunt…
Your first home is the most valuable asset of your hard work and maybe even the biggest one you’ll have ever made up! It’s because of this fact that you don’t want to risk the money and do not want to face disappointments later for sure.
Getting practical first time home owner tips like searching for home loan options, checking the location etc. will keep you safe in the process of home buying and will also give you an ideal home.
An excellent real estate professional like Mahima Group will take the weight off your shoulders by helping you to find a perfect home and see the process through until the key to your dream home is finally yours.