Essential Home Buying Tips For First Time Home Buyers

"Buying a house for the first time can be a nerve-wracking experience for many. You need to first decide the city that you want to live in and also decide the type of house as well. Suppose you want to purchase a luxury flat in Mumbai then there may be many questions clouding your mind, right from how to choose a home best suited for your needs to which lender to approach for a home loan. You have to be very careful while taking the plunge, because a new home not only means a hefty investment for a long duration, but also costs you ease of mind if you aren’t sure of your move.

Here are 20 home buying tips for beginners looking for a first time home purchase:

  1. Your new house is not just a place you would be living in, but is also an investment. Therefore, when planning a home purchase, make sure you know the long-term implications of your move.
  1. Include the total home loan and maintenance costs of a property in your monthly budget. If you like a house but the monthly costs, when added to all your other fixed expenses, is more than you can afford, it is time to move on.
  1. Find out how much a home loan provider will lend you and at what interest rate. This will help you gauge the most you are able to pay for your first home. Read also : Tips on applying for a home loan
  1. Before you embark on a home purchase, think about the kind of neighbourhood you want to reside in and the style of house you want. Make a checklist of your home must-haves, which you can take along with you every time you visit a house. Click photographs so you can tick each item off your list. Organisation is key to you and your family making the right decision.
  1. You don’t necessarily want to buy a home in a building with a high percentage of people living on rent. They may not look after the property the way they would if they were owners. So look for a society that has a good mix of owners and renters.
  1. If you fall in love with a house on the first visit, don’t close the home purchasedeal in a hurry. Visit the property a second time for a meticulous inspection led by your finances and your needs, not your heart.
  1. As a first-time home buyer, you must gauge your options by getting acquainted with the local market. Visit houses on sale that are above and below your budget to evaluate how values differ with features and location.
  1. Once you have zeroed in on the area you want to buy a home, get a sense of what other houses in the area have sold for recently. This will give you an estimate of what your starting offer should be when you’re ready for your home purchase.
  1. If you are looking to purchase an older house, you must get a home inspection done. This will help you draw out any possible infrastructural problems, such as faulty fixtures and overloaded electrical systems.
  1. Build on savings to make a substantial down payment for your home purchase. The more down payment you can afford, the lesser the amount of loan you need from a lender. This means a shorter repayment tenure and lesser interest payment on your home loan."

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