Saturday, 20 June 2015

Top 5 tips for first time home buyers

Thinking about buying a house? For some it may be a daunting task whereas for others it will be the major decision of life.

If you are feeling confused about the entire process, here are some tips to follow before signing the buyer’s agreement.

1. Assess your exact needs
For the first time homes buyers, it is extremely important to be sure of the reason behind purchasing the house. Knowing whether the house is for end-use or for investment point of view helps you in making a good choice.

2. Narrow down your requirement

  • While buying a house, filter your multi-dimensional needs such as deciding the property type, location, budget and facilities/amenities that come along with the house.
  • Choosing the right location is an important step for the first time home buyers. It helps in calculating the distance of home from work spaces, grocery store, schools, hospitals and other social infrastructures.

3. Get your finances right
A first time home buyer needs to first understand the fact as to how much they can afford. Just finding a home is not enough unless the deal suits your pocket or you are ready with the finance options. If you have opted for a home loan, understand that for the processing of loan, one needs to file an application and get it approved by a bank.

4. Consult a legal expert
To avoid getting confused with complicated legal details, take the assistance of a legal expert. The expert will examine the agreement, title deed, help you understand tax computation, assist with the registry of the home, among others to ensure you a trouble-free purchase.

5. Read the market well
Be aware of the developments taking place in the real estate market of the city prior to making an investment. With the help of a legal expert and real estate agent, one can find all things in place and avoid beginner’s mistake.

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