Are you a first time home buyer? You will get several people and well-wishers, giving you different tips and advices for making your way to purchase a new home hassle free. Well, it is difficult to understand whom to believe and what to believe. However, after reading the below mentioned tips, decision making will be easier.
Undoubtedly, buying a home is one of the biggest investments of your life. And it turns to be more special, when you’re doing it for the first time. It is not less than a challenge. But not to worry, to help you demystify this process and make a wise purchase, Savitry Greens has made a list of points that would be very helpful for first time home buyers.
#1 A Pre-Planned Wish List:
As you are doing it for the first time, make sure to prepare a wish list of your new home. What you like to have? Ranging from the interiors to the exterior, parking spaces, playing grounds, amenities, security, power supply, etc., keep a list of demands ready with you. You must consult with every single member of your family before you finalize things.
#2 Look for Your Budget:
By preparing a list of wishes, doesn’t mean your job is done. There is no end to the wishes. Hence, it is essential to keep an eye of your budget. How much you can afford? Going blindly over the facilities, will surely land you in problems. Your budget must include the cost of your flat, taxes, bills, etc. Else for these you have to plan later, which is not a good idea.
#3 Credit Check:
It is not an easy thing to buy a new apartment in today’s world. Expenses are rising exponentially. Thus, if you don’t have too much of savings, you can go for a loan. A number of governed and private banks offer amazing loans at very less interest rate. But, for this you need to get your credit checked in advance. Look for different banks. You can always negotiate regarding the interest rate. T
#4 A Perfect Location:
If you are done with funding, it’s time to look for an ideal location, which serves as a living paradise for you and your family. Talk to different realtors, make them understand your needs and visit the apartments yourself. A green living space, packed with several amenities and highly secured environment is something you cannot miss to have.
#5 Inspect the Property Yourself:
Although, the realtors assure you with different facts and figures, yet it is time to act smartly. Don’t rely on them and start making your search. You can talk to the previous buyers and learn how much of the promises have been successfully delivered.
This is usually the biggest mistake one commits while investing in their first property. Don’t spend more than your budget. At times you buy an apartment for a reasonable amount, but spend a huge amount on its customization. To prevent this, you can take help of some professionals. A number of online calculator tools are also available, which can provide you a safe estimate.
#2 Wrong Builder Choice
Have you verified the builder? If no, then it is a big mistake. You must count on a builder, who is certified and insured. You can look for a reputed builder. Their past deliveries and the customer’s reviews will lessen the risk in your purchase.
#3 Ignoring the future aspects:
The location, the apartment and the builder you selected might be excellent, but have you ever given a second thought to the future traits? If you are not sure, then ask these questions:
• What type of development plans going to be held in your neighbourhood in the coming years?
• Will the connectivity to you apartment increase or decrease in future?
• Are there are specific zoning laws for your location, which would affect the value of your apartment?
• What are the chances of increase in the cost of your home?
In all, if you are a new buyer the above mentioned tips will be greatly useful to you. But, if you have been already through this amazing phase of life, do share your experiences here!