Buying a house is a long term investment and a big transaction, so first time home buyer should first decide that they are going to stay or hold the house for at least few years. Because with the transaction cost involved in buying and selling you may end up losing money if you sell in next few years. So following are tips for first time home buyers and hope the steps will be definitely useful.
Define your requirements: Sit with your family and decide on what type of house you require, keeping in mind about your family size after few years. Types can be a flats 2BHK/3BHK or a simplex or duplex etc. Define the location as well as if you have young kids the near to a school will be ideal but if you have adult kids staying out of station near to Airport or Railway station will be ideal. So make a proffered locality list, this is important for tips for first time home buyers.
Estimate your budget: Check on your income and deposits to fund the down payment of the house as the average booking amount for buying a house is 20% of the basic cost. The check your eligibility for home loan if you require it. In laymen calculation the average eligibility is calculated like your monthly income less your EMI’s if any divided by 2 and multiplied by 100. But for better estimate it is advisable to talk to a banker.
Screening of Market: Now that you know your requirement and budget start searching suitable homes in the market. The first search many people preferred is on real-estate site like ready4move.in to buy ahouse in Bhubaneswar. By surfing on those sites you will get to know the average market range in your target area and you can re-adjust your budget if it is required or can change the preferred areas.
Appoint a professional: Gather information about good real estate agent in your area from your known or talk to real estate marketing companies. Like ready4move.in is working as a full time professional in real estate marketing at Bhubaneswar and also it do not charge the buyers for their services like any other good company or agent.
Inform your requirement: Make the agent clear about your requirements, preferred localities and the budget. But don’t tell the agent your exact budget tell them by adding some upper margin or tell them a range starting from your actual budget to a higher limit. Because often the price told by agents has a scope of negotiation.
Time for site Visits: Don’t rushkeep sufficient time in your hand while going to a site visit and give proper look to all nook and corner of the house. Make a note of things that needs fixing and also good things like modular kitchen or cub boards etc. so that you can relate it after multiple visits.
The number of properties you should see: There is no such thumb rule on what number of property you should see before deciding. As you are clear about your requirements and budget you can decide on property which suits you max. By seeing many properties you can’t remember or relate the features and will get puzzled.
Make the final talk: Always try to keep the final talk with the owner or builder as he is the person who can give you couple of thousand discount from the negotiated price or can smoother the teams of the contract as per your requirement. Also discuss about the time of handover of possession etc.
Do the legal works and possession: Take legal verification by some property lawyers and every thing is ok pay the booking and process for your loan. Once your loan is ready for disbursement go to the legal authority and do the registration.
I am a Certified Financial Planner and want to share the basic ideas about the real estate investment.I am vey passoinate about Comprehensive financial planning and a managing portfolio.Believes in roof under head/house should be for all.Currently I am based out of Bhubaneswar, Odisha, India. With my little endeavor i am hopeful that reader of my blogs will join with me in supporting my cause.The views expressed in the blog are mostly personal in nature.You need to consult with your Financial Planner before taking any investing in any real estate .Take your own time with throrough research about the project.You can contact me at firstname.lastname@example.org