Challenges and Tips For First-Time Home Buyers

Are you a buying a property for the first time? Are you confused what to buy and where to buy? Then, this article is just for you as in this we are going to share various tips that will help you to overcome the challenges. 

A big financial commitment and a lot of efforts are needed when you decide to buy a home for the first time. As a complete knowledge is required to take out beneficial deal. But if you follow the stepwise procedure and ways to simplify the property buying process.

Home is a symbol of social stability and sense of security bringing immense satisfaction. Either in a short run and long run it is a long-term move that can not only offer you huge returns on your investment. 

This article is probably for the people who wish to purchase a property and have some doubts. 

Though you are buying it for a first time or have done it earlier, you  may still have a few lingering doubts. 

Here we have put together a handy guide for first-time home buyers in India that talks about how to overcome various obstacles that come in the way to best buy a home.

Finding The Right Property

Real estate investments is the safest investment that requires both financial and emotion decisions. Every aspect needs to be cleared out and all the major points should be considered properly.

You need to look for a property for sale that not just fits your pocket but one that is also close to your heart. A home should reflect personality and where the heart feels secure. 

The entire process of searching for your dream home can go sour, if you are unable to find a project that you like or if you choose a particular project, only to be disappointed a few years down the line.

What to do?

Your dream home should look like one so start making a list of all factors. It should comprise both your needs, wants and desires without any compromise. 

The ‘needs’ are generally basic things that could include – a residential project must have an easily accessible location close to your child’s school or your workplace, high-quality building materials, minimum square feet, two bathrooms, utility areas, green spaces, 24 x 7 security, power backup, etc. 

Moreover, the gated community should include posh amenities like swimming pool, playground, walking tracks, sports courts, etc.

With the help of these factors, start short listing projects that fit your basic criteria. 

Once you have created a short-list for your dream abode, the next step is to evaluate the properties for sale on your list. 

Please make sure that don’t just look at project brochures or ads. Instead, make sure that you go on a site visit (look beyond the model flat showcased by the builder), connect with previous owners to get their genuine feedback on the amenities and features offered by the reputable builder.

Saving for Down Payment

Home buyers need to save for paying the token amount pr the down payment. If the buyer has taken a loan also for the property he wishes to buy, some money is required to be paid at the initial stage. 

The lender usually pays only up to 80 to 90% of the cost of the property; the rest has to come out of your pocket. 10-20% of a property is a huge value, and it can be difficult for first-time home buyers to pay for it. So, manage it beforehand and plan things accordingly to buy under-construction projects. 

To have a smooth home-buying without any pressure on your pocket, make sure that you have fully managed and organised flow of money to pay everything on time without holding any penalty.

Finding The Right Home Loan Lenders

Now, the next big step comes to find the right home loan lender for your perfect abode. Another big obstacle for purchasing your dream home is finding the right lender who is willing to lend you the desired amount. With property prices soaring, paying for it out of your own pocket is next to impossible.

Shop around. Compare home loan lenders; check their interest rates to find the best deal for you. Make use of government initiatives like the PMAY, women-buyer home loan discounts, to reduce the overall burden of your home loan.

Verifying Property Registration And Other Related Documents

Next step is important to make an investment into a fruitful one. Purchasing a property be it a home, a villa for sale or a plot for sale of residential land involves several checks like – title deeds, environmental clearances, RERA certificates, NOC (No Objection Certificate) by relevant local bodies, encumbrance certificates, building approval plan, completion certificate, possession certificate, allotment letter, buyer-builder agreement and more.

Thus, choosing a reputed builder is a huge benefit with a good history gives a huge relief for the buyer.

Ease Your Dream Home Purchase

First-time home buying is a special and overwhelming moment. There might come major complications and hurdles while you invest in real estate. 

You can use the above guide to overcome the major obstacles and ensure that the process goes smoothly so that you can step into your dream home without any major hassles. 

Also, you can use hire a real estate agent that can help you buy your right home. They will give you customised options and then you can choose the best property. 

Additional Tip: Whether buy a residential property or a commercial property always make sure that you book your unit under the name of prestigious developer. As they will ensure the best quality and great maintenance all the time. 

Along with that, it will bring peace of mind for you and your property price will also appreciate with time. So, in the end, rea,l estate is the best investment one can choose which will give them good returns over a time time