To own a flat is everybody’s dream and purchasing a home needs humongous amount of time and effort. Whatever is the size of the home, small or big, similar amount of planning, document checking and determination are required to finalize a deal. For those who are buying a property for the first time, it is more difficult and mentioned below are home buying tips for first time buyers.
Planning to buy your own house and finally have mustered the needed funds to fulfil the monetary obligations for finalising a house. But one needs to check point wise what all are the necessary dos and don’ts while buying a property. Real estate industry doesn’t have set rules and one needs to research and read well before plunging into the property market.
Getting a good grasp of the real estate scenario, especially about the place you intend to purchase a flat, is essential and very much needed. Despite being majorly unorganized, there are some basic rules pertaining to land use, circle rates, buyer seller deal, transfer of property and builder responsibility. These have to be looked in and properly checked before signing the dotted line or paying the booking amount for a property.
Hire a realty or legal expert
Since, you know that this is a new field and it the first time one is purchasing a property, then hire an expert or consult him when you get confused about property related, rates and any other information pertaining to buying and selling a property.
This will help to seal a concrete deal which is fool proof and you know that the money invested is not going waste and is worth putting in.
Buying budget and loan
Though everyone wants big, spacious and a beautiful house but not everyone is able to afford it. Pick a property which meets your basic needs like residential area, nearby markets, proximity to hospitals and schools and so on. These aspects are very important when you live in a place and during emergencies.
The second most important aspect is the amount of loan you are planning to take and how do you wish to pay it back. This will help you plan it for your future payments and ensure that your daily routine and needs are not affected by the burden of home loan.
Keep in mind that the EMIs for home loan begin immediately with clearance and you should be in a position to pay them back easily and without putting any strain on your savings and future planning. Also, choose the home loan amount and interest rate carefully and compare the offers by different banks on their home loans and interest rates.
Now it is about buying a house and not renting it, hence choose a location carefully and the colony where you are buying a house. It should not be detrimental to your standard and status of living and it should make you feel good about it. The distance from facilities and amenities is an important thing and so is the general vibe of the area and the kind of atmosphere it offers.
Many new colonies, constructions, societies and townships are coming up in suburbs of metro cities and these are becoming hot buys. Not only they are new constructions but also proximate to the professional hubs or employment areas of the professionals working in these big campuses. The concept of having a residential township next to a professional hub is common now and is beneficial for both the offices, as their employees stay nearby and for the real estate builders who get good prices for properties near commercial areas.
Anupam Sharma has been engaged as a print and television journalist for around 10 years now and she has been covering a variety of beats. Currently she is writing for the Real Estate industry focusing on property trends etc.