Buying a new house could be a very stressful process, especially if you are doing it for the first time. Whether you like it or not, you are hoarded with suggestions and tips from your friends and family, which will overwhelm you. So, what do you do to make this experience smoother? Follow these 10 tips.
Identify your budget
Since the property is going to be a long-term investment, it becomes crucial for you to know how much you can stretch on the home loan based on your existing liabilities and income. It is advisable to not look for properties more than three times the annual income of the family. Look for a property for which you can arrange the down payment, brokerage and stamp duty. Once you have done that, you can use our home loan EMI calculator to get an idea of your monthly EMIs. This will help you reach an informed decidion about your finances.
Start your research
As a first-time buyer, read as much as possible from websites, newspapers and magazines to look at the changing prices and the time gap between the changes. This will help you get familiar with the changing trends of the real estate market.
Take advantage as an early bird
Many builders offer attractive prices for early birds. Hence, it is a good idea to invest in an upcoming project and take advantage of the attractive offers provided.
Check for builder’s reliability
While you invest in an upcoming project, it is also important to check on the builder’s reliability. There might be people around you who may have invested in the project, only for the project to get stuck.
Hire a real estate agent
While buying a house, a good real estate agent will solve many of your queries. They will negotiate on your behalf, provide you with information regarding the neighbourhood, cost and property.
Check your loan eligibility
First and foremost, you should figure out your eligibility for a home loan. Approach your banker and get answers to your queries regarding home loan eligibility, home loan application and home loan interest rates. Based on your credit score and income, they will inform you about your approximate home loan eligibility amount.
Avoid multiple loans
Purchase your house only with the home loan. Don’t depend on personal loans if you are falling short on money. Try options like borrowing from family, selling gold, etc.
Look under the hood
While you look for your perfect home, don’t forget to inspect the house completely. Make sure you look through every corner of the house, so you don’t have to deal with any issues after you have invested in it. This will also help you to prepare for any modifications you wish to make to the house and the budget required for it.
Don’t run behind offers
Builders may lure you with offers like, ‘book today and get a car free’ or ‘book now and get additional discounts’. Opt only for sensible offers which are going to benefit you. For example, if they offer you free parking, grab the opportunity right away!
Consult a lawyer before you pay an advance
You also have to ensure that there are no disputes on the property. You have to make sure that the documents are free of encumbrances, including permits, before you pay an advance. Consulting a lawyer is a smart decision as it will help you make the whole process easier.
Overall, do your homework because this will be one of the most important decisions you will be making. Do not start without any data in your hand, ensure that you have enough information before you get a roof over your head.
Thinking of owning your own home? Apply for home loan online.