Top 5 Home Buying Tips For First Time Buyers
By Magnolia Realty | Apr 15, 2020
Buying a home is a big factor, in fact, for many, it is the biggest investment of their lives. Owning a home is a dream for people, especially those who have saved their wealth just to buy a land or a house. This dream is achievable but requires planning, diligence and financial commitment. For the first time home buyers, there are many small details need to be understood to avoid any expensive mistake. The good thing is, first time home buyers actually enjoy lots of benefits from lenders as well as developers.
To demystify the process to get the maximum benefits, here are five essential home buying tips for the first time buyers.
Tips 1 – Long-Term Planning & Build An Emergency Fund
Owning a house is expensive, especially if you take a good amount of housing loan. When you own a home, you are accountable for all the maintenance and upkeep costs. These costs apparently look affordable but those can add up fast. First thing before buying a house to ensure that you are debt-free. Second thing is to do proper long-term planning and create an emergency fund for at least six months of expenses in place.
When you have a new house, the spender in you will tempt you to buy things to decorate your home. It is strongly advised to stay debt-free until you you have sufficient money to buy non-essential things. You might be some spartan space to show but your budget and future self will be grateful to you.
Tip 2 – Decide Early The Size Of Your Home
Everyone wants a big house but finance doesn’t permit, so ‘how big is too big’ is the moot question. There are people who are in an utter dilemma whether they want 2BHK or 3BHK. Some of them need 3BHK but they cannot afford a particular desirable locality. Some can even extend their budget but they are not really convinced why they need it.
There are the number of factors involved in this decision such as the number of family members, budget, the possibility of increment in family members. Some developers also charge a higher rate per square foot for flats (FRC) which are located on the higher floors. Similarly, there is Preferential Location Charge (PLC), so say if you want a corner flat or south-facing or swimming pool facing flat, you need to pay a higher amount. So, while deciding to buy, you need to calculate all these factors.
Tip 3 – Research Neighbourhood For Best Fit
After your planning stage and zeroed down on some houses in your price range, do just finalize it. According to a study, home buyers are more willing to compromise on a house’s condition and size than on the quality of the neighbourhood. Take a careful look at the location and consider commute time from there to your workplace. Also, the location must have schools, medical facilities nearby. Visit the neighbourhood at different times and see the traffic condition, pollution level and observe whether people are comfortable being outdoors.
Tip 4 – Give A Thought To Amenities And Facilities
Today, people are mostly interested in gated communities because these communities have a good number of amenities and facilities like gyms, swimming pools, children park, clubs etc. However, the price of these amenities in most of the places are borne by the occupants, so you need to be careful about that. You should look closer to the agreement deals and see whether these amenities are worth the price. There are the number of charges such as maintenance charge, club membership etc. are levied on the occupants, so you need to calculate the monthly cost and come up with a decision. Many housing complexes form the clubs consisting of the occupants and they are the deciding bodies, so you can understand the concept and see whether it is suitable for you or not.
Tip 5 – Check the reputation Of Developers
When you are searching for properties, also check the developers or builders, their profiles, their past performances, properties etc. Most of the developers have their websites, so you can easily check there. However, it is better to check on social media because there you can evaluate lots of factors. Some of the important factors of the builder to consider are whether they are capable enough to complete the projects on time, quality of construction, customer relationship management and testimonials.
If you are a first-time buyer, it requires dedicated time and commitment to finding the right home for you. There are lots of factors such as budget, the reputation of the developer, location and others play important factors. So, it is significant to understand those factors and workout with proper planning.