Tips For First Time Home Buyers

Tips For First Time Home Buyers

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Buying your first home is a big decision.  Mere thought of becoming the owner of a house  fills you with proud and ecstasy. But, at the same time many questions about finding a mortgage, monthly installments, interest rate, balance between your income & monthly payments etc. raise in your mind.

Let’s clear all your doubts to make your home buying experience  special!!!

1 Check your Savings  -  Before you start your search for a new home, just check your savings.  Usually it is considered that saving 5 to 20 percent of the total cost of the home will prove of great help to you.

2 The Neighborhood –  You should have an idea about the kind of neighborhood you want.  Once you shift to your new home your can’t change it. It matters a lot for your family.

3 Monthly Installments –  Most important thing to keep in mind is – will you be able to afford your monthly installments? Will it be possible for you to maintain a balance between your income , day to day expenses & monthly installments? Think twice & wise. An off offhandedly taken decision may create big problems for you. 

4 Go inside & take the feel  – Judging a home from its outer look will be a blunder mistake.  Go inside , look properly & inquire till you get satisfied. Ceiling, vastu, floor, room space, balcony ,kitchen etc. You should check each & every corner. After purchasing a property, if you face any problem  you can do nothing but regret on your mistake.

5  Search Best Mortgage Deals - Finding a mortgage is another field of research. The best mortgage option is the one which can match your ability to pay your monthly installments. You need to prepare yourself, as there will be strict checks to know your ability to afford the payments.  Lenders will also try to know , how capable you will be to pay your monthly installments  in case of a rise in interest rates or any change in your financial condition.

6 Choose your floor – You may have your own choice for any particular floor. Different people may have different choices. Some may want to buy a home on ground floor while some may like to live on  top floor, so that they can have a complete view of the area/proximity.

7 Transportation - Always make sure about the transport services near your new place. City transport, auto stand, metro station etc. are of great importance.As while going to your office,college,school,etc you will never like to get annoyed everyday because of poor transport facility. 

8 Location is most important factor - Always make sure that your new home should not be too far from the city. Sometimes, when we find a good deal or residential project we become impatient & take decisions without thinking that how problematic it would be to manage day to day activities from a home , too far from the city. Although in well planned residential projects you will get all the facilities from health center to club house.

Conclusion 

 Above points will help you to get rid of uncertainty about first time home buying. The biggest & simple rule of home buying is more you research the less will be the chances to get misguided.