Tips For The First Time Home Buyers in India

firsttimehomebuyers

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 can not afford to go wrong in this.

These days with so numerous real estate options coming up it’s tricky to choose the right type of option as buying a house will likely be the biggest investment you do in your life. Naturally, then the list of options while buying a property are plenty and so it’s important for you to not rush in this property selection process.

You should always do the quality study before finalizing property and it’s advisable to consult real estate professionals, legal experts, family, and friends before taking any decision.

Here are some of the important tips and solutions that can help you while choosing the property

Budget and Affordability

Many times when we buy a property we think that we’ve calculated all the charges. 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 shoot our budget off the roof.

So it’s suggested while calculating the real cost of buying the home you should take all these costs into account and then arrive at the final figure. After that decide whether or not to move forward in buying property after considering current liabilities and standing costs.

Look For Reputed Builder

While booking a property always looks for a reputed builder who has a record of successfully delivering the project on time. These can be trusted as they don’t want to damage their name because of one wrong project. So you can prefer builders who are listed on the stock exchange as they’ve to meet compulsory transparency standards.

Area Ratio

It’s suggested to always cross-check the area of the property as the area mentioned in most advertisement are a super area and what you’ll get in reality is a carpet area. This could be lessor up to 30 or more depending on the layout design of the structure.

Lowering the super area ratio is better for the client, 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.

Tipsforhomebuyers

All-Inclusive Deal

Most of the advertisement these days comes with all-inclusive deals but some other important costs like car parking, club membership, maintenance, etc are commonly excluded from the all-inclusive cost mentioned in the advertisement.

So it’s really important for you the clear all these things before investing. If you’re buying a resale property try to visit society and talk to the residents to find out the deal they were offered. If you buying any upcoming project then check online about the project and can discuss it in online real estate forums.

Property Documents

Always remember to check all the documents before buying any property. It’s always safer to take a legal expert opinion in this if you don’t want to put your hard-earned money in danger.

Home 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’s 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.

Cibil Score

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 the mistake of going for the lowest amount of EMI by choosing the maximum loan term and ignoring the interest element involved with a long-term loan. thus it’s important to make the right balance between EMI, loan term, and the amount taken, you can take help from a financial consultant if you’re unable to take the right decision.

Conclusion

Finally, if you think you’re prepared now then go ahead and buy your property. Now as there’s indeed no better time than now as Real Estate Bill has come into effect and the interest of home buyers will be further protected.

Read: Top 10 Vastu Tips to Increase Positivity Energy at Home

Summary
Tips For The First Time Home Buyers in India
Article Name
Tips For The First Time Home Buyers in India
Description
Buying your first home is a big decision in everybody`s life, read the blog to know these important tips for first time home buyers
Author
Publisher Name
www.vikasjoshi.in

One thought on “Tips For The First Time Home Buyers in India

  1. Pingback: Ultimate Guide to Successful Digital Marketing in 2022

Leave a Reply

Your email address will not be published. Required fields are marked *

Open chat