7 Tips for First Time Home Buyers
It looks very tough to decide to consider buying a house for yourself at first instance. After all, you will be investing a hell lot of money into this. To help you decipher this process Propunity has got some tips and handy advice, so as to make the most out of your first purchase.
Considerations before you buy:
- Precursory Preparation: Owning up a property for sale cannot be an impulsive buy; one has to acquaint themselves with the facts and figures before giving wings to their aspirations. For instance, getting prequalified for a loan amount to learn their budget or saving money to meet future miscellaneous expenses are perquisites before making a move.
- Know your wants: Having a dream house of your own can shape up mesmerizing pictures of a big backyard, open kitchen, tiny pool and what-not, but you don’t want to be swept off your feet by a phantasm and left holding a serious bill. This is probably the biggest purchase of your life, so lay in some thoughts, iron out the points you absolutely need in your “house-to-be” and conclude areas that might be deal breakers for you; Do you require a traditional residential home, apartment or premeditated BHK flats? Consider the several options available, for this discussion can be the difference between years of loving your humble abode versus contemplating how long you can wait until you can look for another one.
- Browse, Explore and Evaluate! : The most solicited tip for buying home when you are absolutely certain of getting one is to visit most of the homes that are up for sale (both above and below your budget) so as to comprehend how values differs with features and location and portrays the best picture of what’s out there and what you want. Look for analogous homes and apartments in the area to get a pricing estimate. The best way to is to go online and search properties, flats, houses for sale (Depending on your requirement).
- Plan Your Bills : Buying a home is a very costly affair and you will be investing a major amount of your savings as well as a fair share of future income when buying a house. You have your monthly mortgage payments very seriously to get a firm grip on your affordability. To get started, you can make use of online mortgage calculators to evaluate the range of monthly payments based on the price of the property. You can also ask your bank manager or experts to walk you through the pain points.
- Make margin for other costs : Miscellaneous costs of buying a house can be a bit overwhelming; it’s always better to make room for them in advance. Pre Costs may include mortgage payments, closing costs comprising of attorney fees/stamp duties/house registration fee etc and post expenses comprise of maintenance costs, refurbishments etc.
- Know the laws : In India home buyers are allowed to claim tax deduction of upto 2lakhs on the interest component of the loan, most recently in The Budget 2016, the GOI offered an additional Rs 50,000 waiver for first time buyers. A look out for recent updates may sometimes also cushion you against extra expenses.
- Go online And Consult An Expert : Internet gives you facility to know more about the properties and also the cost implications from the comfort of your home. Look for a website that lets you find the properties easily preferably on the Google Map kind of interface so that you will have wholesome view of the location, related properties and also about the neighbourhood. Also look for a company which offers you free site visits and best prices directly from builders.
Hope you find these tips helpful. If you have further query do comment in below.