The 5-Minute Guide to Purchasing a Home For The First-Time Buyer

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Buying a new house?

The feeling of buying a new home comes with a multitude of emotions – excitement,  nervousness, tension, or maybe even a little disappointment. 

Yes. We know how confusing it feels.

So, here is a checklist that will guide you through a planned and unstressful journey on the path to owning your property.

Understand Your Finances – The Basic Step

Before you even begin the home-buying process, you need to assess your financial situation. It’s important to do this as it will help you set a budget for your dream home. Other than creating a budget, you should also take a look at your credit score. Reviewing your credit score will help you know whether you’re eligible for a loan or not. Take into consideration all the other overheads that come with purchasing a home such as furnishing, interiors, moving charges so that you can budget accordingly.

Plan your Payment method

When you are planning to purchase a property, it is essential that you pre-plan your entire payment method at one go. There are many options like you can take a home loan from several banks. As a first-time buyer, if you are opting for a loan, it would be good to know the CIBIL score beforehand.

Pre-Plan Your Requirements Thoroughly

It is true that when you are going on the hunt for your first home purchase, you will be attracted to everything that looks spacious and eye-catching. You will have plenty of options in mind as there is no shortage of real estate properties today. However, when you’re really thinking and exploring the requirements, you need to focus on the properties that have a future prospect and is in a good neighborhood. Also, there are other important aspects that need to be taken into consideration before purchasing. These are:

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Home Size

There are two main reasons that buyers keep in mind when planning to purchase a house. The first is for one’s own use and the other is the investment purpose. If you’re buying the home for your own, you must take into account your family size and then look out for small or large bedroom sizes according to your affordability. You should check the floor plan of the house. And, if your intention behind buying your home is for investment purposes, then you may opt for a room size as per the renting amount of the area. 

Amenities

One of the reasons that attract the buyers is the amenities and this is why the real estate properties are bundled with plenty of amenities today. You will also be attracted to a society having equipped with all the modern amenities and luxury. However, homes with additional amenities come with a higher cost. 

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Location

If you’re working or if you have a family, the location of the house is also a very important consideration that you must carefully look into. When you plan to buy a home, check that the house is located in a good neighborhood, or is it very far from the essential destinations like hospitals or schools. Even if the house is far from the city, some builders do provide transportations for the residents.

Possession time

Another important factor that you need to know is the possession time of the property. As a buyer, you have the option to go for a completed project or buy a home in the construction phase. The former is always in demand and will cost you higher, however, the latter also has its own set of benefits. If you are opting for an under-construction house, you should make sure that it is RERA registered and that the builders have all the approvals and certificates from the government.

How to Find a Real Estate Agent

If you are not sure how to go about house hunting, you can always hire a real estate agent. The agent will give you a better idea of the locality where you are preparing to purchase and also, give you an idea of the future prospects of the place. So, he will make your process of house hunting easy.

Where to Check and Compare Property Rates

Before you buy a property, you can compare the market rates of the several properties to get a clearer picture. You can check and compare the rates on real-estate websites like Magicbricks, 99acres, Makaan, and Housing.com as it contains locality-specific information.

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Get a Home Inspection Done

Having a home inspection done before finalizing the decision of purchasing a property gives you a much better idea of the house’s condition and also, check if any renovation is required or not. 

Don’t forget to look out for these issues when you decide to buy your dream home.

• Foundation, floors plans, tiles and concrete walls
• Proper drainage and waterproofing terrace.
• Provision for exhaust fans, water heater or any other electrical appliances.
• Check for Natural light provision

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Documents You’ll Need for a Home Loan

This step may not be important at the very beginning but once you decide and register your property, you will need to submit a lot of financial documents if you apply for a home loan. So sooner you get your documents ready, it will be easy for you.

Among the documents you’ll likely be asked to submit:

• The tax return papers
• Your income certificates like salary slip of the last months
• Bank statements of the registered account
• Your proof of address and identity documents
• Proof of funds for a down payment

However, you may need to submit more documents if your lender asks you but these are the basics and will get you started.

And finally, are you doing this for the right reasons?

This is a question that will keep coming to your mind more often between the times when planning to buy a property till the time you give your first check to the builder. So, get a clear picture in your mind of the reasons and necessities for buying or investing in a property.

Take the time to make sure that this is what you want to do, not what your family or relatives have asked you to do. Buying a home is a big decision with many financial implications. So, figure out what you exactly want and how you will manage the expenses, and finally, seal the perfect deal.

At NVT Quality Lifestyle, we are obsessed with the crafting of villas. We have been offering services in the form of quality home with on-time delivery and have successfully built a reputed base of customers over the years.