Are you planning to buy a home for yourself ? Looking for some useful home buying tips ? Don’t miss to scroll down this detailed post on Smart tips for first time Home buyers.Your perfect home buying checklist and a complete guide giving you great tips on home buying.
Thinking about your own SWEET HOME …Wow!!! Just the very thought of having your own house, gives you a wonderful feeling.What if in reality, you afford to get one for yourself and your family.Excited…really excited !!
After paying so many of those monthly rental instalments, where you know that the same is not adding anything to your personal assets.You are just putting your hard earned money into the landlord’s pockets and making him richer. Hence, you are tired of the same and want to take a leap from being a tenant to a house owner.
“The home should be the treasure chest of living”, as quoted by a famous architect Le Corbusier. So,you have to plan things well in advance and take each and every step cautiously to make it so.
But, the excitement and pleasure of having your own house is not enough.You have to be very careful while taking decisions regarding home buying since it involves a huge sum of investment.You plan to put all your past savings in your dream house.Here, one wrong decision and you might just get stuck in an undesirable location for years to come and its really difficult to overcome it.
So, you have to be extra cautious and analyse all the pros and cons of buying a house considering your preferences and needs.Buying a house needs a huge sum of money, whether you arrange it yourself or get it financed from banks.
Let us go through few smart tips for home buying that shall make your path easier.
5 Home Buying tips for first time home buyers :
So,while buying a new house , what you need to do is to follow the ABCD of home buying as given below :
1. AWARENESS is the smart key :
This is the foremost thing to be kept in mind before hunting for a house.You need to be aware of all the possible options available.Explore each and every possible location or source before taking a decision.It is one of the major and valuable decision that will impact you throughout your life, so be aware and search as much as you can.
Take your time, complete your search and don’t get too much influenced by the brokers who just sell to earn a percentage of commission.Discuss with your family, relatives, friends about your requirements and then only come to a decision.You should gather requisite knowledge about the costing, latest market trends, the current fluctuation in prices etc.
2. BUDGETING on the go :
Set your own budget for investing the money. Be practical, analyse your finances, as to how much you already have and how much external finance will be required to put your plans into action.Have proper financial planning to meet your other short term as well as long term objectives.You should be left with at least some money in hand to cater various other important needs that might arise.
Taking a home loan is a good option, but you should read the terms and conditions of the banks or lending institutions carefully.In India, getting home loans also gives you tax benefits like interest on home loan deduction U/s 24, principal repayment as tax deduction Under Section 80C and further deduction of Rs.50000 U/s 80 EE to first time home buyers.
Similarly, there may be other benefits available while buying a house that are based on your country of residence. Check for all these benefits and plan for your home once you have sufficient funds and a set budget to invest therein.
3. CHECKLIST for Home Buying :
Before buying a house you should consider various crucial factors that might affect you in the long run.Given is the checklist that you should not ignore while planning to buy a home.
- Furnishing cost (In case the house is in unfurnished or semi furnished state).
- Water and Power backup facilities.
- Repair & Maintenance cost.
- Transport facility available.
- Facilities offered (preferably if you are buying a flat or apartment).
- Nearby markets (like general stores).
- Nearby Schools and colleges (for the benefit of your children).
- Other neighbourhood amenities.
These factors will definitely affect you in some way or the other once you move to stay in the house.You need not compromise on safety, security and other basic necessities when you are investing such a huge amount.
You may also like : Applying for Personal loan : Check Eligibility, documents & Apply online !
4. Due diligence before finalising and verification of Property Documents :
Buying your own home is a cherished dream and you have to be diligent at each and every step.If you have the requisite knowledge,you can pore through the property documents yourself and check for their validity and ownership status.
Check for the necessary permissions, approvals and clearances that are required in relation to land or the house that you intend to buy.Go through the Registration documents,telephone,electricity or water bills etc.
You can also hire a consultant in order to be doubly sure about the validity of the property as well as the deal documents.You should deeply analyse the Deal documents and clarify beforehand for any loopholes that might lead to confusions later on.
You may also like : What is a good CIBIL score ? How to improve your credit score ?
5. Decide and put your Plans to ACTION :
After analysing all the above factors such as your needs and aspirations, setting a well planned budget, checking your personal finances, location, safety, security, necessary documentation, if you are completely satisfied, you can put your plans into action.These are just the guiding factors, finally it is you who has to decide upon what best suits you.
Buying a home provides you a sense of financial as well as emotional security especially when you turn old and retire.
“Owning a home is a keystone of wealth-both financial affluence and emotional security”, as said by famous author Suze Orman.
May it be a 2BHK, 3BHK,4 BHK flat, an apartment, a penthouse or a lavish villa you just need to Think , Plan and Act Wisely.
You are taking the biggest risk of your life by putting in your best savings and biggest investments.So,the returns should be rewarding as well. Keep your ears and eyes open to each and every bit of valuable information.
Go and Get your Dream Home…….
Feel free to share your comments and any home buying tips for first time home buyers, that I might have missed out. Your valuable feedback might help someone who is thinking to buy a new house.