Tips for first time home buyers
Buying a home for the first time can be a daunting task. We often hear horror stories of home deals going wrong. To simplify the process and get most of the purchase, you need to examine several factors and revisit your expectations from the purchase.
Here is a list of things you must know before buying your first home:
Think Long-term
You need to answer the following questions and many more before buying a home:
- Are you planning to live in your new home for a few years?
- Are you planning to have kids?
- Are you planning to live with elderly members in your new home?
- Are you planning to renovate a feature you don’t like?
You also need to look into the resale aspect and check whether the home will attract potential buyers in the future or not. Do not fall in love with a house that has low resale value or doesn't satisfy your ownership goals.
Budgeting the House
While budgeting the house, don't stop with major expenses like principal, taxes, insurance, etc. Look at all the expenses like utilities, cost of commuting, upgradation costs, etc.
Ask the housing society for additional maintenance and parking charges. Make an estimate of the petrol budget from your home to the office depending on your frequency. If you still can easily afford them, make the move.
Neighbouring Demographics
Check your neighbourhood before buying a house. A peaceful neighbourhood with young families will make you happy if you have young kids too.
A bad neighbourhood, on the other hand, will take away the peace from your life. Besides, if you buy a house with noisy surroundings, disreputable neighbourhood, bad schools or near busy streets, you are losing out on your future buyers.
Property Inspection
Inspection of your property is a worthwhile investment for a number of reasons. It highlights potential problems like lights, paint job, pest inspection etc., which can be used to negotiate the purchase price.
Buyers often find structural faults, pest damage and water leakage after spending their entire budget on a single property. Therefore, it is better to go for a third party property inspection prior acquisition.
Buy Home Insurance
All those months of planning, budgeting and lakhs of rupees can go in vain in the case of a natural calamity. A disaster can cause irreparable damage to your home and finances.
A comprehensive home insurance will secure your home and its contents against all natural calamities. In case you take a home loan in the future, an insured home will be given preference.
These tips will help you in filling the gaps in your home buying knowledge. It is important to educate yourself beforehand to ensure that you get the desired home at the desired price in a less stressful manner.
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