The top 10 tips for buying your first house

New Home

If you are making the switch from being a tenant to a home owner, Hearty congratulations! However, have you done your homework well?

This is probably going to be the biggest transaction of your life, and you surely do not want to take half chances when all your savings are at stake. Here are some tips that will be of invaluable help in this tedious process.

Buying a new house is the biggest purchase of your life and even a small mistake can cause a lot of harm. Therefore you should be doubly sure about ever step that you take in this direction, whether it is choosing a location for the house or the size and specifications. There are numerous factors associated with buying a new property and unless you are a veteran real estate expert or enthusiast, it is advisable to prepare fully for the complications that might arise out of buying a new house. Here are the top 10 tips that will see you through a successful and profitable deal.

Make sure you are ready for home ownership

Most people get swayed by lucrative deals being offered by builders or are influenced by the pertinent market sentiment. However, home ownership is a huge responsibility which brings along with it a lot of other burdens such as paying property taxes, and maintenance amongst others, which can have a huge bearing on your finances and standard of living. Therefore, instead of being lured into buying a new home, you should weigh your options carefully and then only take any further step.

Work out the actual cost of buying a new home

Most first time buyers aren’t able to gauge the true cost of buying a new home. They are often trapped in the illusion that paying the listed price of an apartment or house is all that they will have to pay. However, there are a number of other costs such as legal fees, stamp duty, mortgage arrangement fees, valuation fees, furnishing amongst others that will swell the final figure.

Research the location

Location is the single most important factor that affects the buying decision of a majority of home buyers. You should conduct thorough research to ensure that the location is free of any communal or criminal disturbance so that you and your family can have a peaceful existence there.  While buying a home in a crime-infested area can cost you a little extra, but there will always be an inert fear of safety.

Take the help of a real estate agent

This applies specially to those who are actually just foraying into the business of real estate. With so many complex micro-processes constituting home buying, it can get a tad little too much to handle. This is where the expertise and experience of a real estate agent can help you out. Besides, there are many legalities also associated which can be best understood with the assistance of an expert who has experience in this field.

Research your builder

If you are planning to buy an apartment, then it is necessary to do a background check on the builder’s reputation. You can ask for advice from people who have been previous customers of that particular builder. Check the track record to find out whether he has been able to keep his promises or deliver the project within the set deadlines

Get Pre-approved for a home loan

Before you start dreaming about living in your home, it is essential that you get pre-approved for the home loan. This means that the financer would look into all your financial records and find out how much you can afford and how much it will lend you. This will save you a lot of time and energy that would have been spent into looking for homes which you cannot afford at first place.

Improve your credit score

A major eligibility for getting pre-approved for a loan is having a good credit score. Make sure you do not have any pending payments for any other loan that you might have taken, or pending dues of your credit card bill. These are important parameters on which the lender will judge your ability to deliver on the monthly EMIs.

Use multiple sources to find the property

Instead of relying only on word of mouth advice to make the final decision about buying a new property, you must use multiple sources before making the last choice. These sources can vary from a local property dealer to online real estate portals to new age mobile applications. This will provide you a broader sample of choices, where you can compare between different properties.

Conduct a physical inspection of the property

You wouldn’t buy your clothes without trying them so it actually become too obvious that your final home choice should be based on a comprehensive physical inspection of that place. This will help you to be sure about you actually get what was promised by the seller or the builder. A thorough home inspection would include things like checking the flooring, kitchen and bathrooms, walls and garden area if any that comes with the property.

Consider resale potential

Although you may not have any immediate plans for selling the property you just bought, but it still helps to think it as an investment for which you should consider its resale potential. A property’s resale potential is decided by its neighborhood, more than anything else. Other factors that will matter include the size, and its curb appeal.

Author’s bio: Saurabh Tyagi is an expert author, with an experience of over 4 years in writing content for articles and blogs. He loves to write on topics related to career, education, real estate and technology. A gadget freak and social media enthusiast, he also keenly follows the latest trends in digital marketing.

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  • kumar

    The very next time I read a blog, Hopefully it does not fail me as much as this one. After all, I know it was my choice to read, however I genuinely thought you’d have something interesting to talk about. All I hear is a bunch of complaining about something that you could fix if you were not too busy searching for attention.

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