In India, the average age for a first-time home buyer ranges from 32-35, a relatively young age for such a big decision. For that matter, buying a home for the first-time at any age can be a stressful, daunting and time-consuming experience. Luckily, there are some important tips that will make your home-buying journey a less bumpy ride. Here are some effective tips for the first-time home buyers:
Do your Research and Legwork
Check out as many apartments/condos as you can because the more you see them, the better will be your understanding of what’s available on the market under your price range. Most real estate transactions take place in the month of April, so if you are looking to buy a home this spring, consider spending some time house hunting to find your perfect abode. The key is to start the legwork as early as possible and once you see a strong deal coming, be ready to act fast.
Prepare a Must-Have Checklist
Buying a home can be an emotional process, but it’s best to set aside your emotions when evaluating a house. Sit down with your spouse to make a checklist of things and amenities you need in the new house. Renowned builders these days offer massive amenities such as Swimming pool, Gym, Play Area, Indoor Games, Coffee Shop, Multipurpose hall, and Conference room at affordable rates. Make sure to carry the checklist along every time you visit a house so it’s easier for you to segregate and give priority to your final choices.
Get Pre-approved Mortgage
Many buyers often make the catastrophic mistake of committing to a property before getting a pre-approved mortgage from a reliable source. In fact, many people in a hurry make the down-payment just by looking at the model homes, which can be dangerous. You first need to know what kind of mortgage you can be entitled to before signing a deal. A pre-approved mortgage is a facility offered by financial institutes and banks to grant a home loan to potential homebuyers on the basis of their credit score and profile. Getting a pre-approval mortgage will mark you as a serious buyer and let you finish the property buying process without losing time applying for a loan. The pre-approved mortgage also helps you narrow the house search as you already have an established price-range.
Search for Good Neighbourhood
Neighbourhood is the second most important factor to consider when buying a first home after price. After all, you would most likely select a house that is closer to your workplace, good schools, convenient public transport, and retail establishments. Simply put, an attractive neighbourhood denotes that the residents care about the place and love to live in peace. So, forget the old saying— “Real Estate is about Location, Location and Location”, because now Real Estate is all about the neighbourhood.
Hire a Property Inspector
When you consider a house for potential buying, make sure to hire a property inspector to pull out flaws that are generally invisible to us. A professional property inspector qualifies to evaluate buildings and their components. Every aspect of building such as heating system, interior plumbing, floors, ceilings, roofs, windows, air conditioning system, basement, foundation, water heaters and other elements are thoroughly checked during the inspection process. Information provided by the inspector will help you make a worthwhile investment decision.
Before you begin the hunt for a house, clean up your pending credit and save for a down payment so that you qualify for a better loan rate and eliminate steep fees. Another great tip would be to use social media for your research, and read articles regarding the real estate market to keep you up-to-date on the current happenings.