Buying a property is not a day’s job. People work the entire lifetime for saving money for buying their first property. For first time home buyers, checking every minute detail is difficult as there is no prior experience of buying property. So, it is important to test the waters before jumping into it. Well, for that you have to create a proper checklist in order to save yourself from the last minute daunting expenses.
Some tips for first time home buyers:
- Do not pick the developer brand, which is considered best in the field but the one which has a good track record of handing over the homes on time. Some brands that will not disappoint you by making fake promises like most of the developers do these days. Consult people and take reviews before choosing the developer.
- Choose according to your family size Do not go with the mouth of word when it comes to buying home. If certain property is good for you doesn’t really mean that it may suit you as well. Look deep into your pocket, your family requirements, your own needs and other essentialities before zeroing it down to a particular property. One, two, three BHK, which is required for you and your family? If schools, hospitals, malls are in the vicinity? So, choose accordingly.
- When it comes to talking to the property advisor, the developer, or bank representative, it is difficult to get things in your favour all the time. There comes your talent of good communication skills which is of great help during all stages of the entire process. If you know how to keep your point on the table efficiently, you are sure to get benefits from it.
- Seek the help from experts, namely real estate advisors or maybe the ones who have better experience in the field. An advisor knows the ‘ifs and buts’ of this business and if you spend on a good advisor then maybe you can save when buying a home. Expert is always helpful while diving into the business of buying and selling property.
Well, these are some of the tips before you decide on buying a property once you have decided on developer, budget, experts and everything, it’s time to decide whether what kind of property you would like to buy:
- So, where do you want the house? Right locality and right area for your house is the first thing to decide upon. This one’s now easy though, so need to spend some time and effort for the first step. ‘Good Locality’ will apparently lead you to spend a little extra, but if you move smartly, you may save yourself from it. Experts are of the opinion that even if a property in a good locality is comparatively not as good as a property in a comparatively less good neighbourhood, you should go for the former.
- Education and health facilities near the locality are another major consideration. If you are going to be living with a family, you would definitely want to have good schools around. Spending initially on good locality is better than later regretting the lack of facilities around. So spend wisely at the initial stage only.
- Your monthly expense limit certainly determines your Monthly Installments towards the home you bought. Life certainly changes when you do a major spending like buying a house. So, it is expected that you evaluate your monthly expenses in a way that it does not increase manifolds. Your money management skills put to test at this stage.
After evaluating everything, do not hurry in buying any random property that is available readily but at low prices. Those who gain the most from their property purchases are not the buyers who rushed into the market; they are those who did their due diligence before making a decision.