Top 6 Tips for a first-time Home Buyer in a India.
Buying a home is the largest investment in a anyone's life. Buying for the first time are requires a good understanding on a various aspects such as a setting in the right budget, deciding on the type of the property, location, amenities, builder reputation, and the getting in the home loan to the buy your dream home.
Like our first date or our first job, in the purchasing of our first home is also one of the most significant moments in our life. It is a dream come true for a most if us. However, buying to a home are requires to a lot of the careful planning and the financial due diligence. Here are the top tips for you if you are buying to a home for the first time.
1. Get to a fix on a budget
The first thing you need to do is to get to a fix on the budget. Prices of the homes will be a very widely depending on the type of the property and the location and it is a important to get a very clear idea of your budget. You may be want a high-end property in a posh neighborhood, but it may be not be a within to your budget. One way to get an a idea of your budget is to use a home loan eligibility calculator.
By using a calculator, you can be a figure out your max eligible home loan amount, monthly repayments for a certain loan amount by a considering to a reasonable interest rate and a tenure of 15 - 30 years. For this it is a important to look at your financial commitments because as a rule the total EMI s (equated monthly installments) you should be a paying across all the loans should not be a more than 40 per cent of your take home income.
2. Decide on the type of the property
This will be a depend on your budget. You need to the decide what type of the house you want. Most of us a living in a big cities would be a buying an a apartment. Consider factors like in the number of the rooms are depending on the number of the family members, parents, children are requirements and so on. Try to the arrive at a best fit depending on your budget and to your requirement.
Also a consider in the purpose of the buying a home, whether you are buying to the live or a buying for an a investment? If you are buying to the live, how long you are planning to stay are some of the aspects to the consider. If you are buying for an a investment, considering in the target tenants and their tastes before a zero in on the type of the property would be a good idea.
3. Focus on the location
Choosing in the right location is an a important factor when are buying to a house, especially in a big city where are commute times can be a long. Your work location, distance of the schools from your house and the access to the public transport and nearness to the train or a metro stations are some of the factors you would need to the consider. Other factors that you need to the keep in a mind is a good neighborhood and the closeness to the markets. The budget will be also a play an a important role here because home prices vary a lot depending on the location.
4. Consider amenities
It is a important to decide on the amenities you want. Nowadays apartment complexes are equipped with a swimming in a pools, gyms, spas and clubs. Decide which are amenities would need. For a example, if you have to a little kids, a play area is a good thing to the invest in. if you have your own vehicle, you would need a garage or a parking lot. It is a important to choose the amenities carefully as all these will be add up to the total cost of your home.
5. Choose a reputed builder
Since a purchasing a home is a big commitment, it is a important to check the credential of the builder. Check in the track record of the builder and see whether it has a delivered projects on time in the past. You can also a speak to the customers and see how in their experience has been with the builder regarding in the construction quality and the delivery of what was a promised. Avoid a fly-by-night operators with a no track record who are making a big promises. If in a doubt, a ready-to-move in a unit is the best to the avoid a many issues with the builders.
6. Select the right home loan
Since a home is a big-ticket in a purchase, very few people can be pay upfront for a loan. Hence, one needs to the avail a home loan. You can be talk to your existing banker, but it is a good idea to the compare home loan rates and the features offered by a several lenders. Having to your home loan approved is one of the most important steps when buying to your house. A home loan also a offers substantial tax in a benefits.
As a best practice, keep to your home loan tenure as a short as a possible. Cumulative interest payments long tenure loan is a very high. As an a example, total interest payment for a 25 year home loan is a 160% compared to the 55% for a 10 year home loan.
Conclusion
For a first-time home buyer, in the process of the buying a home can be a daunting. However, following these tips can help you plan properly and make to your first home purchase an a experience to the remember.
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