Investing in a property is a decision of a lifetime. And if you are buying a first home, then it becomes a huge task since you need to factor in many things. Being a new home buyer, you need to be prepared before making any investment as the whole process involves a lot of research and planning of finances. Besides securing the expenses, you will also need to look out for the factors through which your home will enhance your lifestyle.
Here are a few first-time homebuyer tips to get you started.
The Need to Be Prepared Before Investing in a Property
Home buying requires huge capital investment, so being a first-time homebuyer, you need to make a smart and informed decision and be ready for the challenges. The real estate market dynamics keep on changing. So, it is always important to be updated with the current market trends and any new rules or amendments to the main legislation passed by the central or respective state government.
Having a rough idea about such changes can be beneficial in dealing with real estate dealers. It will help you with due diligence and give an idea of all the compliances that must be fulfilled regarding the property purchase.
Understanding Requirements Thoroughly
As a first-time buyer, you must check out every promising real estate property that suits your needs. Be on the lookout for the location and how convenient it is to commute to work. Factor in the distance of schools and colleges if you have children.
Make a list of all the amenities near the residential area, such as parks, gyms, convenience stores, etc. Focussing on your current needs takes priority over everything.
Moreover, you must set the purpose for buying the property, i.e., for investment or self-use purposes, since this will determine the size of the home you consider buying. If it is for your personal use, you can buy a big enough house to satisfy your current needs.
Getting Your Finances Right
For many people buying a home is an expensive investment as they do not have the financial backing. If you go towards taking home loans, which carry interest, you will see significant additions to the overall investment.
Hence, making your financial checklist is one of the important home buying tips. Get an idea of what kind of property you want, i.e., whether ready to move in property or sign up for an ongoing project. Calculate which suits your financial conditions and gives you the most returns concerning funds and loans.
The next phase of the financial checklist is planning out the payment methods. See whether the builder offers a tripartite agreement for home loans. Get a plan in place for your mortgage payment by keeping a record of your spending. Managing your credit score will also be an important factor in ensuring favourable loan rates.
You must also be abreast with government initiatives such as the Pradhan Mantri Awas Yojana (PMAY) which aims to lessen the financial burden on first-time homebuyers by providing a subsidy of up to 2.67 lakhs. Moreover, co-ownership with your spouse is another great way to claim financial benefits.
Calculate your move-in expenses since buying a home is only a part of the home investment. You will also need to factor in the maintenance and other miscellaneous expenses on top of buying the house.
With the help of these first-time home buyer tips, you can make a roadmap for your investment strategy. And incorporating the pointers discussed in this comprehensive home buying guide will give you the correct mindset to follow when considering buying a home.
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