Tips and cheklist for first time home buyers

1. Things to do - First time home buyers A home is an asset that stays with you for a very long time if one decides to stay in it for the rest of his lifetime. It is usually an investment in one’s own life, and is compulsory and must be made after a lot of contemplation. This decision can be so compelling and stressful that a lot of people land up making a lot of grave mistakes, especially without financially planning the decision, approvals or maybe without even chalking out the greater and lesser expenses and sorting out the priorities. Buying a home, for an individual is probably his biggest investment and purchase, and he or she should learn to sort out the plans way ahead of time.

2. Searching your options: Start saving early: This is probably the very first thing that one needs to do if he or she is looking for a good deal for an affordable price. Calculate the total amount of money that you can spare, the amount of money that the bank is providing a loan, and of course take into consideration the amount of money that the house will cost you. This is the only way that one can estimate the total expenses. If you do not have enough to continue with the purchase, then simply start saving vigorously. This will save you from the disaster. Determine your pocket expanse: Buying a dream home is a talk in the clouds, and it is extremely silly if you cannot estimate how much you can spend. Everyone can have large dreams, but you need to estimate if you have the means to fulfill your dreams. Only then you can move to buying your dream house. Credit check: Your bank will give you loan depending upon how much credit you have left in the bank. This is extremely important because, without this, your loan will not be sanctioned at all. Check your dues, pull out the errors that have taken place and try to restore your credit. Stop new credit activities: If you are looking at other projects to be bought, or any other investments, push the halt button immediately. What you need to understand is that a home will be the first big investment leap you take, and you must take a proper leap if you have to. Look upon government schemes: There is no harm if the government helps you with the purchase. Look upon programs offered by the central and state government, and see what they have to offer. There might be a huge chance that first time home buyers will be given a special discount by the government itself. Budget for closing loans: You might have taken the loan, but you as well have to pay it back, for this very purpose, you need to see how and when you can paybacktheentire amount of money and own the

3. property to yourself. You can do a lot of background research on home loans from various banks and accordingly pick a good bank with lower interest rates. More money after move-in: If you thought only buying the apartment would do, I think there is a major mistake out there. Simply buying an apartment will not solve the problems. You need to save for the next event: moving in. There will be a requirement of furnishings, rugs, carpets, bathroom fittings, and so many more which include paint and decorative items. Consider what type of apartment/ home: Clear the picture in your head. Whether you want a home, or a flat, or a bungalow, the entire process of purchasing each of these will be completely different from each other. Once you have cleared the picture on what you want, you can easily proceed in the direction you want. Compare rates: Every bank has a different rate to provide. Some banks ask you a higher interest percentage, and it is obvious there that a lot of people falter. For this very reason, a proper detailed market survey is required.

4. If you have already done these, move to the next step Hiring an agent: You would be working in close association with your real estate agent, and needless to say you have to make sure that you don’t make the wrong decision here. Pick the neighbourhood: You do not want to walk into the wrong neighborhood which will be noisy, or full of theft and criminal activities. You would preferable select a colony where there would not be much noise or wrong doings. It is always safe to take well planned decisions, and this is a crucial step indeed. Open house: If it is a second hand house, or even a third hand one, purchase it. Ask the brokers if this house had a previous owner, get out the details carefully, ask for the dates when what in the house was exactly changed, and figure out the details carefully. A home for tomorrow: It is the easiest task to buy a home that suits your present needs, but it is equally tough to predict what kind of house you would need in the future, in the sense of amenities and Investment, in that understanding make a futuristic purchase. This is a great deal of expertise of course. Compromise: It’s impossible to find a settlement that completely suits your needs, and it won’t ever happen that way. Learn to compromise and let go of the little things that mattered.