Guide For First Time Home Buyers In India

A home is a big investment that you don’t want to go wrong with.

Here are some home buying tips for first time home buyers.

1. Set a budget:

The foremost step of buying a house is to set a budget. When you approach a broker, they will show you many different options and their prices. Looking at that, you can get a rough estimate of what your ideal house would cost. Now, you can take your savings into consideration and decide on a budget. While exploring house options, it is advisable to never go over your budget.

2. Decide the type of home you want:

You can find different types of accommodations in India. From bungalows and apartments to farmhouses and penthouses — there are many different options. Each one has its pros and cons that you must consider. Apartments or flats are the most preferred ones today. They are compact, come with amenities and security. Bungalows, on the other hand, are spacious and found in semi-urban spaces in India. Penthouses and farmhouses are the more luxurious options.

3. Buy the right property at the right location:

Selecting the location for your property is an essential aspect. You can either choose your home in a suburb or a city. Suburbs are quieter, with less costly homes. However, cities give you access to better healthcare centres, transport systems, schools etc.
While selecting the property, make sure to select a good neighbourhood. A quiet, family-friendly neighbourhood with nearby schools and hospitals is usually ideal.

4. Have a rough estimate of the size of your home:

The perfect home is one that’s not too big or too small. Therefore, choose a home keeping in mind the number of members in your family. If you’re looking for apartments, you can set a preference for 2 BHKs, 3 BHKs or 4 BHKs. Similarly, your broker will show you similar apartments. The same goes for bungalows, farmhouses etc.

5. Select the amenities you need:

Most first-time buyers are not aware of the different features and amenities that they want in their house. Lifts, balconies, parking space, gardens, power backup – these are some amenities that are usually present in most houses. You should inform your broker about the amenities that you wish to have.

6. Do a proper home inspection before buying:

A lot of people make the mistake of directing moving in without physically inspecting the property. Do not repeat the same mistake. Make sure to inspect the property for mold, pests and other such things.

7. Work with a reputed builder:

If you’re investing in an ongoing project, make sure to work with reputed builders. Reputed promoters finish their projects within the stipulated time. Additionally, they also deliver the product as promised.

8. Explore home loans:

While buying your first home, it is essential to think about your long-term life ahead. Sometimes you might not manage to save enough funds for the home of your dreams. In that case, you can always rely on home loans. Here are some things about home loans.

• In order to avail a home loan, check your eligibility. It depends on a number of factors.
• The amount of loan granted is usually dependent on your income and is around 90% of the total valuation of the house.
• While opting for a loan, you must also decide on whether you want a fixed rate of interest or a floating rate of interest.
• A fixed rate of interest is ideal for people who love financial stability. Fixed rate of interest doesn’t get affected by market fluctuations, so you end up paying the same EMI till the end of the tenure.
• Floating interest rates are usually a little lesser than fixed interest rates. If the interest rates in the market decrease, you can take advantage of that with floating interest rates.
• Lastly, you should also consider the loan’s repayment tenure and choose the one most convenient for you.