Friday, 27.10.17 (752 views)

Guide for First Time Buyers

Are you thinking of buying a new home? But a bit confused whether you should go with the decision or not? Well, buying a property for the newbies is no less than a big challenge where they need a lot of knowledge on the property you are buying as well as patience. To simplify this process and to make sure you get the most out of it, we will suggest you here a few tips which you must consider before buying a new property.

In these days, first-time buyers need a lot of knowledge and caution before signing on any home agreement paper. The property buying guide will not only make your life easier but also enrich your knowledge in real estate investment.

If you have made up your mind for the most vital investment, then check out the following tips which are specifically framed for the first time buyers. So, without wasting much time, let’s have a look at the tips below.

1.    Proper Financial Planning
It is the first and the most crucial step towards realizing your dream. You need a full proof financial plan before you decide to make an investment. You first check out your present financial hindrances such as life insurance, education loan and other family commitments that you cover from your monthly income. Your new home buying budget will be made based on this. Not only this, it will also decide how much you money you can keep aside for meeting any unforeseen situation after paying the EMI. This is because paying EMI is not the only thing you have to make from your income. You must have sufficient savings to meet any emergency such as medical expenses and various other household requirements. Therefore, it is an important suggestion for the first time buyers that they must prepare a proper financial plan before making any hefty investment like buying a new home.

2.    Consider Your Future Goals and Plans
When you have decided to make an investment in a property, having a clear thought about your present requirements is not the only thing you have to consider but also you have to take into account your future goals. Some people just need a home for their family, while others look for a sophisticated living space with modern amenities. Different people have different choices. You must be clear about your requirement for making a sound decision. For example, if you have a family and children, invest in a house that has nearby reputed schools and children’s park.

3.    Learn About Different Interest Rates
Most of the new home buyers face this dilemma of choosing between the variable rate of interest and fixed interest. Some customers prefer to choose the fixed rate of interest where the interest rate remains fixed during the tenure of the loan. It does not get affected by market fluctuation. On the other hand, variable rate of interest changes with market ups and downs and thus, it is entirely dependent on the market fluctuation and changes accordingly. If someone chooses the variable rate of interest, he has to take a risk for changing economic scenario.
Off let, a new option is getting much popularity and it is the fixed variable home loan where the rate of interest remains fixed in the beginning and becomes variable thereafter. This new option has given customers a stability so they can better manage their financial plans and provides security against fluctuation in future interest rates.

4.    Prefer To Do a Loan Shopping
When you will start shopping for a home loan, it will offer you better insight into the market and help you 
selecting the best home loan option. Loan comparison and negotiation with banks can give you a better result in return. Once you figure out which bank offers what type of home loan and their rate of interest, you can better crack a deal. In recent days, banks offer home insurance along with a home loan which protects you and your family from unforeseen financial emergencies.

5.    Do a Research On Location
Location is another considerable factor you cannot ignore. It is always a smart decision to buy a house in a high growth place as there will be chances for potential future growth and capital gains. Keep certain things in consideration such as proper connectivity to business areas, close proximity to schools and colleges, supermarkets and hospitals. While selection location for your home, you should also keep future plans in your mind. This may help in increasing the future value of your property. In short, the location you choose should perfectly fit your requirements and budget. A proper combination of these two factors will help you 
selecting the right place.

Therefore, if you are a new home buyer then consider these above-mentioned factors and you will surely end up buying a home of your choice. If you find this article helpful, feel free to share your comments with us. We will happy to hear from you.
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