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What To Know When Buying A House For The First Time

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Know buying house first time

Ready to buy a home? know buying house first time is really exciting one. But will it be easy? Sure. This article will make it easier and effortless. It will give you the glimpse of things to know before buying a new home for the first time. Let’s list out the things comes to your mind when you are considering to buy a home.

 

know buying house first time

Location! Location! Location!

locationThe location is everything. Where you want to buy your home. A location is the most important factor and it plays a big role in buying a home for the first time. Most of the people prefer to buy a home nearby their workplace/School. When it comes to buying, people search for the properties nearby their workplace/School at first. Then they expand their radius. So when you are know buying house first time give importance to the location or else you will end up in spending for more bucks for transportation facility in your day to day life.

 

Price/Budget

budgetLet’s say it has equal importance as Location. Sometimes, it gets slightly higher importance. So first time home buyers stick with your Price/Budget. Don’t get yourself fooled by the fancy terms. Decide whether you are going into “Ready to move-in” property or “Under construction” property. Ready to move in properties are slightly higher price range than under construction property. But the “under construction” property might get a delay from the proposed move in date. So better work with your builder for your need.

And also Sometimes people gets confused between buying a newly constructed one or a renovated/old one. Again do your homework. Ask for the price from the neighborhood. you will get a good understanding of what it was and what it has been.

 

Neighborhood facilities

Neighborhood facilitiesGenerally, people look for water, school, College, Medical shop, Hospital, and temple. Apart from that always look for the day to day need such as department store/ Grocery shop. And also most importantly look for transportation facilities also. Calculate how much time it takes from the bus station/train station to reach home.

 

Home Loan/Loan against property

Home Loan/Loan against propertyNowadays more than 90% people buy home by taking Loan. If you decided to take a loan, keep an eye on interest rate terms. It varies from Bank to the bank. And also discuss with a bank representative about the repayment options with interest. Sometimes having a fixed deposit with the bank can save you some money. Always keep in mind that needs get changed and priority may vary over a period. So you will be needing money for other kinds of stuff as well as the time goes by. So try not to commit almost all the money you get for loan payment.

Calculate the amount you will be paying to the bank till the closure and compare with the original loan amount you will be taking. Let’s say you are paying each month some standard amount like 25000 for the period of 20 years. So it will be 500000.But there might be a chance that you have taken the loan for only 350000. Discuss the pre-closure terms with the bank. It will be always better to get the second opinion. Sometimes you find the builders saying that they take care of all the hurdles and you just have to pay the down payment. You may find it easier and sign up can be tempting, but consider the fact that nothing comes for free. There must be something called hidden charges.

Happy buying! All the best 🙂