Buying the first home is a significant milestone in everyone's life. There is no place like home, especially the one that you can call your own! You always dream of having your name on the nameplate and decorate it to reflect you. However, fulfilling this dream can get quite overwhelming as you may need a lot of planning related to searching the ideal location, evaluating the features or facilities you want, your financial capacity and your home loan eligibility. The home buying process can be complicated if you are a first-time homebuyer and have a long list of queries in your mind.
Looking for a home requires your time, effort and commitment. To make the task easier, here's
Determine your home requirements: Determining your needs is the first and crucial stage. What? Where? How much? Pre-determining these aspects will give you a clear idea of what to look out for; thus narrowing down your search and saving a lot of your precious time.
The ideal needs of your family: The number of people in your family is one of the primary factors. The size of the family will decide the number of rooms or space that you will need to buy for everyone to reside comfortably. There has to be a place for everyone; family members living in the house today and in the future, and the possibility of having guests come over to stay.
Type of residence most suitable for you: There are various types of residence options – apartments, bungalows, duplexes and penthouses, flats available in a society, individual houses and much more. Determine what you like and what you need; before checking out the available properties in the city.
Location and proximity: Location is paramount when you decide to buy a home. Look for a place that brings you closer to your loved ones/community and has convenient access to your workplace or school, road connectivity, public transport facilities, recreation clubs, gym, mall places, etc. Most importantly, you should consider a location with a hospital nearby, where you can reach in time of emergency.
Amenities/Specific features you need: Different members of a family have different needs. A sports enthusiast may need a gym; a leisure-friendly member may want a pool; your elderly may like to have a big garden or maybe more parking space. As first time home buyers, you must determine your needs for these amenities and whether they fit in with your particular lifestyle when searching for your dream home.
Know the actual market value of the property: The seller will always want the best price for his sale. But it is essential to ascertain the current market value of the house you are looking to buy. Based on the current market rate, you can determine what would be your purchase price.
Consider all the additional expenses that come with a new home: The price of the house is one aspect. However, it comes with various other expenses such as yearly maintenance charges, ownership transfer costs, insurance, parking allotment expenses etc. Take account of all these charges when working the financials.
Potential Investment Growth: As home is also a type of real estate investment, be sure to study the market and buy a property that promises higher capital gains in the future.
Financial Planning: Once you have mapped the requirements for your dream home, the next step is financial planning. You need to understand and analyse your current financial position. But before you commit to any paperwork, make sure to plan your funds judiciously. Analyse all your plus and minus points; it helps you understand and plan; how much you can invest in your new house. Buying a house is a big financial decision.
Financial Affordability: Once you have decided specifications of your dream house, then it's time to put its viability on paper. Take a note of all your monthly expenses against your monthly income to determine your monthly saving ratio. This saving of yours will give you a clear understanding of how much you can afford to allocate per month to purchase your first dream home as a home loan EMI. Your affordability and ascertaining your financial income will help you decide the budget for your new home. As being a first time home buyer, it is preferable to determine your budget.
Mode of funding: Buying a home is a considerable investment. While you may have saved some funds, you might need to consider a home loan to fund the gap. Taking a home loan with a reputed financier is crucial as it can bring you a better rate of interest and unmatched benefits. Poonawalla Fincorp offers home loans with pocket-friendly EMIs, tax benefits and the best services. You can have a look at our home loans starting with a loan amount of 5 Lakhs.
These were some of the essential tips for first time home buyers. Own your first home needs thorough planning, efforts and commitment. The more you research and educate yourself, the less stressful is the process and the more likely you will get the house you want for a price you can afford. When you decide on your new address, check out our Home Loans, we ensure you get easy funds with simple processing and quick approvals.
How magical was the day when you discovered your career path? After a lot of research, putting in so much hard work, late nights, your heart and soul, you have become what you are today.