7 Important Property Tips For First Time Buyers

Important Tips, before you buy that house

As you decide to buy your own home, it is very important today that you must a clear idea about how you are going to execute the buying process for your home. It is true that India’s real estate market is growing at a phenomenal rate. There are a lot of opportunities towards buying, selling or even renting properties in India. However, one must work in a profound manner in order to achieve the best results towards acquiring the best real estate options for oneself and create wealth for the long term. We are presenting some of the most important tips that you must consider before you buy your dream home.

The Right Budget:

It is quite important for you to understand the budget which is exactly right for you and your household. You must understand, how much money you will have each month to meet your expenses and based on this, you can create room for your monthly EMI. As you drive towards your home deal, understanding your family’s current and necessary needs will surely guide you to make the right call at the right time.

Perfect Location:

Locations are always important for you and your family. It is always a big factor which will decide even the resale value for your house. Hence, you must take time and take a good look at the location and the locality where you are looking forward to buying your property.

Great Resale Value:

As you are making that most important decision of your file, it becomes very important to consider the impact of good resale value. It is important to consider before you plan to buy a property. A quick understanding of city scape planning can give you a great deal of confidence and also make you understand the real estate planning and how it is going to affect your property in a positive or negative manner. Is there any metro station likely to be built? Or is there any big industry which is set to have its base close to where you are purchasing your property? There are some of the questions that can deliver the answers that you are looking at.

Stamp Duty & Registration Fee:

You must have a clear understanding of stamp duty and registration fees. When planning your budget for property buying and deciding to buy a property, you should understand the rate and charges applicable in your city and location. You also need to find out the stamp duty amount applicable to your home purchase as per the market rates applicable in your city and location.

Eligibility for Loan:

One must understand that home loan eligibility depends upon the repayment capacity, income, exiting loans or debts and yes, the age of the loan applicant. In today’s tech savvy environment, leading Banks provide online services such as Home loan eligibility calculator to calculate loan eligibility of the home loan borrower. RBI has given its guidelines on how to sanction the loan and all these guidelines, govern how you get your loan. However, as home loan rates increase, the loan eligibility for a borrower becomes difficult.

Research about real estate developer:

Today, it is always advisable that you do your own research on the real estate developer that you are going to purchase from. And this is also true that today most of the builders are quite transparent in terms of answering the queries to the best of their knowledge. Hence, the more you understand or communicate to your builder, happier you will be at the end of the project. And one of the most important aspects for making an understand about the builder or real estate develop – is its reputation in the market.

Legal Advice:

Whether it is purchase or sale, construction or lease of property-Legal Advice is always advisable. S real estate is considered to be a long term investment; you must be clear about the laws that govern the location of the property. Hence, in order to make things easier on the legal turf, you must take proper legal advice.

5 Critical Mistakes people make when Buying a Home, How You Can Avoid Them?

Critical Homebuyer Mistakes and How You Can Avoid Them?

Buying a home is a great dream that many of us have. However, it is always advisable to move cautiously and do not make mistakes while you go for buying your dream house. Here are a few tips from our side.

Buying a Bigger House than you need and afford!

It is good that you want to have that extra space for your home, but one should always keep in mind the affordability factor while looking for such long time investments. Hence it is always advisable that you settle for something which you and your family can easily afford for a loner time period. Remember that it is you have has to pay the EMIs to the bank, so it is always better that you fully understand your financial boundaries and freedom as well as limitations.

There is no need for you to unknowingly “open the door” to dark future and embarrassment by getting a home loan that you cannot afford on a long term. We recommend that you settle for a nice and comfortable property that is just ideal for you, financially as well.

Thinking “short-term”!

As most of the experts in the trade believe, investment in property is always a long term plan, hence there is no need for you to look for short term gains.

You should never think on a short term basis. Life should be taken seriously and always given a long shot, towards your big goals. Hence, look for long term prospects while settling in for real estate investment.

Are you waiting for the “bubble”?

This is unfortunate and another wrong thought. There are people who wrongly prefer to wait and see the bubble burst. This is surely not advisable. Hot markets come and go, similarly, cold markets come and go. Markets become over-priced, then over-time become under-valued. If you are waiting for a severe correction in real estate prices, then it is not a good idea, because you might be waiting a long time.

The best time to buy a good real estate is always when you are in good shape, both physiologically as well as financially. This means that you need to seriously look at making such investment ideally while you have a stable job and when you do not have any major liabilities on your pocket.

Selection of a real estate agent

This is a very important and an integral part of your real estate investment deal. It is always better that you go with an agent as it a safe way to make sure that you go get a transparent and completely organised way to complete the real estate acquisition process. However, you surely need to check the credentials of the investment agent before signing him on assignment.

You must contact different agents in order to make sure that you are getting the best. Ask questions and then trust your instincts as to which agent is the best one for you.

Overlooking Location

This is another important mistake that people do. One has to always remember that location of a property is one of the most important criterion for selection. Hence it is always advisable for you to clearly look at the location factor and ask some of the below questions to yourself.

How far is the property from schools, shopping complexes? Is there a medical center or hospital nearby? Is there any metro station close to the property? Answering these, would surely give you a clear idea about the positivity about the location of such properties.