It is a dream of many to own a comfortable home, here are some things a buyer needs to know before purchasing a house. First time home buyers should carefully plan their home purchase.
Some tips for first time home buyers are :
Step 1: Budget:
A proper budget has to be planned to know how much
money will be left each month to meet your expenses. Remember that your first property
will seldom be your final property, so search after your present property
getting needs first, and let the long term take care of itself. You should
guarantee that the property you are getting will satisfy your present needs and
be within your budget. As a property buyer, understanding your family’s present
major needs will help you make the right decision.
Step 2: Location:
It is essential to choose Take a good look at the
location and the locality. It is better to try a place adjacent to the prime
location of your city so that the price is not that high. Location will also
have a large impact on the resale value of your home. Choose wisely and your
home may be your best investment.
Step 3: Rental
rates in the area:
If you are are planning about investing in a rental
property, homes in high-rent or highly populated areas are ideal. Knowing the
rental rate in the area helps you to choose the right property and location.
Step 4: Good Resale
Resale sale Value is an important thing to consider
before you plan to invest or buy a property. Property buyers never consider resale value when they buy. They make the mistake of
focusing solely on a prime locality or the budget of the property. If you
choose the wrong property or location, it is possible that your future sales
price will always be less than the other homes around it.
Home loan eligibility depends upon the repayment
capacity, income, existing loans or debts and age of the loan applicant. The
lending company or banks provide online services such as home loan eligibility calculator to
calculate loan eligibility of the home loan borrower. The maximum loan that can
be sanctioned varies with the banks and the eligibility criteria may vary
according to the bank or RBI regulations. As home loan rates increase, the loan
eligibility for a borrower becomes stiffer.
Step 6:Stamp Duty
& Registration Fee:
This is an important expense or tax, much like the
sales tax and income tax that are collected by the Government. When planning
your budget for property buying and deciding to buy a property, you need to
know the rate and charges applicable in your city. If you want to know the
market value of your property and the stamp duty amount on it, you need to
contact the Ready Reckoner to locate your valuation zone and sub-zone. Find out
the stamp duty amount applicable to you as per the market value.
Even if this isn’t your first home buying experience,
you will want to get help from a team of professionals. Fees or service charge
by real estate agents, lenders or mortgage brokers,home inspector, land
surveyor, lawyer or notary etc should be considered. Find out how much is the
maintenance charge. Will car parking be provided and do you have to pay extra
for it. If your previous owner did not have a vehicle, speak to the secretary
of the society and ask for a parking lot.
Property insurance safeguards your financial future
if certain damages occur to your property. The cost is relatively low and
provides coverage in case of problems with the property title, certain damages
or any legal issue. There are many different home insurance policies to choose
from, with varying levels of protection. When taking a decision to protect your
major assets, it is important to have a resource you can trust, to guide you
along the way. Choosing the right
house insurance protects
your property and makes the process of buying easy.