Buying a house for the first time can be scary, and understandably so. You’re stepping into a world that you know nothing about!
Owning property is a dream that most people compete to achieve at least by the time they are 30.
However, it requires a good understanding of several aspects like:
Determining an appropriate budget,
Deciding on the type of property,
Picking a location,
Finding a good builder, and
Obtaining a home loan.
Finding a home is a meticulous process that requires a lot of planning, both mentally and financially.
So, we decided to try and make your first home buying process simpler, by providing you with 8 easy tips that might help solve a few of your worries.
Tip Number 1 – Decide and plan your budget
Deciding on a budget is the first and most vital step of the homebuying process. It’s crucial to know what your budget is and just as important to stick to it.
As prices of properties can vary based on size, amenities, location, and the builder; it’s important to know what you’re looking for and to plan your budget accordingly.
This will help keep you from falling into debt and having to pay more than what you can afford on a monthly basis towards other expenses.
Tip Number 2 – Choose a property type
It’s important to have a reason for wanting to buy property – Whether this may be a life goal, a responsibility towards family, an investment, or otherwise.
Factors like, how long to plan to live in the property, how many people you will be living with, the location, the amenities you’re looking for, and a builder you trust; can help you decide what property type will suit your needs best.
Tip Number 3 – Pick a location
Picking a location is just as important as knowing what property type you might require. They both go hand in hand and can help decide your future lifestyle.
Therefore, it’s important to choose a location that suits your needs. These needs can be – companies you might want to work for, schools if you have children, hospitals for healthcare, entertainment facilities in the area, and others.
Choose a location that works best for you – A place that allows for an easy commute and offers the best resources to suit your lifestyle.
Tip Number 4 – Consider Amenities
Choosing amenities is another tip that will help you immensely as time goes by.
There are different kinds of amenities available in apartment complexes these days like – swimming pools, clubhouses, play areas, libraries, and much more.
Choose the amenities that you desire. For example, you might want to opt for a play area and a garage if you have kids or a vehicle.
It is important to choose your amenities carefully because they will all add to the overall cost of your home.
Tip Number 5 – Assess the locality
Knowing what the area around your property is like, is one of the most important things to consider before you choose to move to a certain location.
These can range from little things such as knowing who your neighbors are and what the silence meter around the area is like; to others like the crime rates in the area and the availability of public resources.
It’s also useful to know how accessible it is to commute to places like your workplace, grocery stores, playgrounds, and other necessities.
Tip Number 6 – Select a good builder
Because buying a home is such a large investment, it is critical to check the builder’s credentials. Examine the builder’s track record and confirm their project delivery rates.
You can also speak with current customers to learn about their experiences with the builder in terms of construction quality and project delivery.
If in doubt, a ready-to-move-in unit is the best option to avoid any other builder-related issues.
Tip Number 7 – Choose a good home loan
Since most home loans are granted based on your income, its important to remember not to take a loan that will be a burden to pay back.
Taking a loan that suits your budget and lifestyle will definitely be an asset to you in the future, whilst helping you cut down on monthly expenses.
Choose a bank that offers a good interest rate and tax benefits, and consider opting for a project that has a pre-EMI payment option if you don’t mind buying or investing in a property that is under construction.
P.S: It is best to keep the term of your home loan as short as possible. Cumulative interest payments on long-term loans become excessively high.
A 25-year home loan, for example, has a total interest payment of 160%, whereas a
10-year home loan has a total interest payment of only 55%.
Tip Number 8 – Find a good home inspector
Getting a good home inspector is an important part of the buying process. This not only helps with checking the quality of your property but also helps you check for safety hazards and problems that need repairing.
If you do find anything wrong with the property, you can use the inspectors’ report to renegotiate with the seller, asking them to make the noted repairs or provide you with the funds to do it yourself.
A quality home inspection is essential to ensuring that you buy a safe, well-maintained property that is worth the money that you’re paying for it.
We hope our tips were able to help simplify your homebuying process, and that you don’t have to worry about not knowing what to do.
If you have any further queries or something that you don’t understand, then Bridl360 is here to help! Call us now at +91-9966696961 to book a free consultation with our property experts!