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 How to buy a home First for First Time

Are you planning for buying a house ? 

House  buying is a good achievement for every person, but some are capable of buying while some are not reaching their achievement.

But nowadays most of the people achieving first lifetime target to buy a house.

Actually, that is a common man dream.

As in India has more population, so real estate  has a huge demand in our country, especially in metro cities and state capital cities. Many multinational companies doing business in real estate sector. In this article, you will understand the important accepts to buy a home for the first time.

   Now let’s go through the aspects in buying a home

Budget: 

             A proper budget has to be decided to buy a home. You should  guarantee that the property you are buying should satisfy your needs and requirements within the budget. As a buyer, you should understand major needs to make a right decision.You have to keep on mind loan portion and cash portion also.

Locality:

            You have to decide the locality based on your requirements that makes easy for all family members to travel.

You have to observe the development of the location from last 5 years.

Likewise, you have to estimate the surroundings developments in next coming years.

You need to observe the key developments in that location.

Furthermore, you have to observe transport facilities and drainages

You need to talk with the neighbors to understand  the amenities in that area

Then you have to consult a good real estate agent, or you can search on listing websites to know the existing properties for sale

Selecting the property:

             According to your requirements you have to select the house, for this you have to check at least ten properties, then you can keep on filtering on your requirements and priority and finalize the property.

You have to know the standards of construction of a home before buying such as the quality of materials used for constructing house, quality of doors, pipes, taps and electrical materials etc…

You have to discuss the price and know the facilities they are providing, meanwhile you have to discuss the commissions also.

Collect the information about GST amount.

Legal documentation:

                      You need to collect the documents and take the legal opinion from concern advocate.

Take the building  plan approval copy also from concern corporation-municipality.

Collect the updated encumbrance certificate to know the property status whether it is under loan or mortgage.

If it is an apartment, check whether it is RERA approved or not.

Property Insurance:

              Property insurance safeguards your financial future if any damages occur to your property. The cost is relatively low and provides coverage in case of problems with the property tittle, certain damages or any legal issues. There are many different home insurance policies to choose from, with varying levels of protection. When taking a decision to protect your asserts, it is important to have a resource you can trust, to guide you along the way. Choosing the right house insurance protects your property  and makes the process of buying easy.

Loan facilities:

        Along with the legal opinion, you have to consult the bank and submit your financial documents, property documents, building plan copy, property photos and RERA approval copy. Discuss with the bank manager about the loan process and how much loan you are expecting from bank and take the further loan proceedings.

 Stamp and registration fee:

                           Consult document writer in sub registration office and discuss about the document value and percentage of government fee and stamp duty and other expenditure.

Tips for buying a house for First time:

       Before buying a house, we have to set certain budget that should include all the facilities should meet your requirements.

Things to consider when buying a home with Real estate agent:

Real estate agents have access to property listing, so they know which homes meet your budget and requirements in a selected location.

There’s a lot of paper work involved while buying a home. So the real estate agents can direct you to contractors and quality professionals that make the buying process easier.

Make an Offer:

Once you’re found a home and satisfied with the condition, then make an offer. Generally you want to offer lower than the amount before booking a home.

Ask for repairs:

You can ask for repairs for any problems with the home before booking.

Ask for Reimbursement:

You can ask for reimburse for the cost of repairs. Then you can get work from a quality contractor.

Ask for discount you can ask seller for reduction on sale price if there are more repairs.

Finalize home financing and closure

        As the loan process is slow, but we can follow up their meetings and speed up the loan approval. You can reach an agreement with seller, it’s time to close loan . As soon as the appraisal and underwriting are closed. Your lender will send you the closing disclosure.

   In this closing disclosure consists of terms of loan, your closing cost, interest rates and more. If everything is fine, contact your lender and schedule for closing. Once you signed your loan documents, you are a homeowner.

Summary of above topic:

                               First time home buyers should follow the necessary steps before buying a property. The steps include allocating the budget for the home with they meet the necessary facilities in the preferred location. They can contact with the real estate agent for bringing them the more options to selection of the property. Then check for all the surroundings for the developments and then contact the developer of the property for providing complete information .then ask for the papers and apply for the loan. After the loan process, you can complete the payment and own a new house after the registration.

                   In this article, I hope that you have understood the major aspects to buy a house for first time. It helps you to achieve your target of buying your home with necessary steps.

I would like to know your comments below.

Thankyou.

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