Home Buying Tips For First Time Buyer

Real estate is booming tremendously in the present time and many builders are coming up with a lot of lucrative schemes. Government agencies and private companies are building beautiful homes. Many people are putting their hard earned money to buy theses flats in the several societies and apartments. Cost of property is rising exponentially and that is why one has to be very vigilant while buying home. If the person has enough credit to pay upfront he will be in a comfortable situation but if property is to be purchased through finance, deep analysis is required. Though it depends on the requirements of the person but there are some general guidelines one must follow before buying the new home. Let see the list in detail as under:

Long term Investments

Buying home is a long term affair and must be dealt in the same manner. House must be bought as per the family size. Kids will be requiring separate study space and old people will need peaceful area. Locality of the house should be like that various amenities are in reachable distance. Schools, hospitals, market, ATM, bank, bus station, railway station and other thing should be nearby. The other important thing is that if one wants to sell it in future, good prices can be obtained.

Aesthetic aspects of the house

In the busy schedule of life house is the place where one wants to be at easy and get relaxed .This is the reason one must give a deep though to choose the appropriate design of the house. Which floor one want to choose; which direction the house is facing; and many other stuff like park, sports area, gymnasium, swimming pool, banquet hall etc should also be checked. It gives a kind of mental satisfactions when the house owner lives in the premise with his loved ones.

Checking the Fix expenses and Savings

The next crucial step before buying a house is to monitor one’s existing expenses and savings. Cost of transportations and other utilities are increasing day by day. Those who are opting for home loan to purchase the house they must see that how much monthly installment can be paid easily. Based on that one can decide about what amount he wants to pay from the pocket and how much from external finance.

Source of Funding

Now funding is also one of the most crucial things in buying a home. It is always advisable to check the finance criteria with the financial institutions. If loan is approved on a particular property the chances of genuineness becomes higher. There are various loan options like constructions linked plans, lump sum plans or any other plan specified by the house makers. If one is planning to live in the house after some time he can go for the construction linked plans. If one‘s financial health is very sound he can go for lump sum plans also.

Selection of Builder

It is a complex decision that which builder or government agencies are offering the possession in the mentioned time frame. In government projects there are less chances of fraud but one has to check the track record of the issuing departments. If one is buying the property from a private builder he needs to check that the company is having good reputation in the market space in delivering the projects in time. Here one must visit the actual site of the property and should not believe on the rumors. They should also check the process like documentations and paper work; material used in the home; design and layout of the premise etc.

Understanding the terms and conditions

A lot of documentations are involved in buying a house so one has to be very careful before signing any document. The buyer must read and understands the entire clause in the various contracts. It prevents from facing any future problems. If one has any doubt it should be cleared immediately. The buyer also must preserve all the important papers so that they can be presented at the time of the requirement.

Resale options for the House

One must see that the resale value of the house should also be excellent. He must check with the local bodies about the reselling pattern of the properties in the area. It gives the true picture that if someone wants to sell his property he or she must get the processes easy.

Apart from these tips there are various parameters where one can focus on depending on the specific needs. One is going to invest a lot of money in buying the house so any wrong decision can cause big troubles afterward. Hence one must analyze everything before making the final word and must take the informed decision.