If you’re wondering whether you should buy a home or rent it, that’s totally fair. Everyone these days is thinking and acting around the same situation. While youngsters are actively involved in earning by selling NFT’s, the adults are planning to invest in real estate and let loose their pockets. If you are one of the new adults looking to buy a fully furnished home, we’re here to help you out!
Here’s presenting some first-time homebuyer tips that you should look up to. Tell us, if you’re planning to move out/shift what is the first thing that comes to your mind? Research? That’s absolutely right! The first question that arises always is what to buy?
Let’s give you a complete home buying guide right away!
What to Buy?
You’d be thinking what type of a property should I invest in? Well, for that the first thing required is the market research. Take out a book and a pen, open the laptop and start researching about the locality and the market you’re planning to buy your home in. It is also beneficial if you get to talk to some property consultants and read as much as you can about the market condition currently, average prices of the properties, schemes and offers if any.
Then comes the main step- whether to buy an apartment, a villa, or a plot? Well, apartments are the most supplied properties in India. If you’re buying a property for end use, apartments are great. If you need freedom in terms of construction, plots are a great option for you. If you need privacy or an independent lifestyle, then maybe a villa is the best option for you.
When is the right time to buy?
Done with the selection? Let’s move on to what is the right time to buy. Since its a big decision, it cannot be taken overnight. Although, nobody can ever be sure of what is exactly the correct time to buy a property due to the complications that come with it. But if you are thorough about the market, it can prove to be really helpful.
Apart from that, there are multiple things that affect your decision of buying a property viz. Career, history of credit, what life stage you are in, current liabilities, current assets in hand, responsibilities (current and future), etc. Only advise is to look out that you don’t end up over burdening yourself financially.
Where to buy?
Location is the main aspect while buying any property. You ask why? It is because the land value always appreciates and never depreciates. The price depends on the location and thus, it is of utmost importance to consider the location. A lot of other thins matter when you’re selecting a region viz. social and physical infrastructure, connectivity, neighbourhood, and civic amenities.
How to Buy a home?
Here comes the next step after you’ve decided when and where to buy a house. Only suggestion, find a good broker or take help of family and friends. Inspect each and every property on your own if you can. There are multiple options you can look at.
Once you figure out how to buy a house, move on to the payment plans and the EMI part. Make sure that you keep an arrangement in a way that you don’t end up overburdening yourself for the sake of it.
There are a lot of other things that don’t need a detailed introspection and are better explained by a consultant or a broker. Those include- home loans, legalities, taxes, negotiation, moving in, knowing about RERA, and a lot more.
Hope these home buying tips were helpful to you in every way! Happy Buying!