If you are buying a new house for the first time it should be challenging for you. You have to take care of many things before making an expensive mistake. Here is a rundown of what you need to consider before you buy and what you can expect from the buying process. We will give you some tips which will make life easier after you buy your first home.
Things you should consider before buying your perfect home
1. Set up your budget- you should make a proper budget of whatever funds you have in your hand and how much money will be left each month to meet your expenses. You have to be sure that the property you will buy now will fulfil your present needs and it has to be in your budget. Try to buy a home according to your family requirements.
2. Proper Location- Give preference to the good locality if you can buy near the prime location it would be beneficial in the long run otherwise buy house in the location which will give you good resale value in future.
3. Home Loan eligibility- you have to check the home loan eligibility of yourself which totally depends on your repayment capacity, existing loans and debts, and age of loan applicant. If home loan rates will increase the loan eligibility of the borrower becomes stiffer.
4. Down Payment- The RBI has mandated that all banks and lending institutions can grant only 80% of the loan. So a property buyer has to save for down payment and extra expenses like registration, loan application fees, furniture and interior designing costs.
5. Consider stamp duty and Registration expense- when you are planning a budget for the property you want to buy you have to know about the rate and charges applicable in your city. The stamp duty charges and registration expenses should be added to the final payment of the property.
6. Additional expense- if you are buying for the first time you have to consider the fees and charges taken by real estate agents, home inspector, land surveyor, lawyer or notary expenses. After buying a house a fixed maintenance charge would be levied from you by the builder if car parking is provided there would be extra charges would be added for you one time by the builder.(Car parking charges would be applicable in luxury flats)
7. Insurance- Property insurance will safeguard you from the future uncertainties. The coat of insurance is low but it provides extra coverage in case of problems with property title and certain damages or legal issue. You have to choose insurance from a trusted source or banks which will protect your property and makes the process of buying easy and smooth.
8. Don’t buy over budget house- Don’t choose a home which is out of budget. look for as many options as possible. You can even go for resale homes. It should be place which should be comfortable and according to your requirements at least for the next few years.
9. Check all the documents of house before buying- you have to check all the documents of the house before buying to ensure that everything is done legally just check the documents the floor plans, the approved blueprints, and so on this small step can save your plenty of money and worry.