It’s essential to know some home buying tips for first-time buyers before taking a big step to own your own dream home. Buying a home for the first time is not less than a milestone for millennial buyers. That’s why we are giving ten essential tips for first time home buyers in India to keep in mind before making the big decision. Interested to find out? Then let’s go.
The day when you think of buying your first home is the day when you need to realise the responsibilities that accompany this thought. For millennials, purchasing a home for the first time is a proud moment. It not only strengthens your financial credibility but also boosts confidence about taking planned and more significant investment decisions for the future.
While on a house hunt, you may come across several home buying tips for first time buyers that will make your work easier. These tips for first time home buyers in India are essential to know, especially when you buy your first home. Because they not only save time but also make you efficient enough to invest your time in managing your finances and other relevant formalities.
Consider these ten tips for first time home buyers in India before you take this big step:
1. Identify if the Locality is Convenient
This is one of the essential home buying tips for first-time buyers. The locality should be equipped with all facilities and amenities for professional and cultural lifestyle. Following are the factors that can help you determine the best suitable locality for you:
- Proximity to hospitals and medical services.
- Convenient transport facilities
- Proper necessary infrastructure like roads with no compromise.
- Accessibility to best lifestyle options like malls and multiplexes, theatres, cafes and restaurants, etc.
- Adequate necessary facilities like water supply, electricity supply, supermarkets for daily needs, etc.
2. Set a Budget Before Buying a Home
For first-time buyers, analysing the actual cost of purchasing and owning a home can be difficult. The budget doesn’t only include the cost of the property, but also the cost of acquisition and time value of money. A cushion amount of some 10% to 20% is essential to keep before buying a home, to cover the extra costs associated with buying a property. Also, awareness about tax obligations will help buyers save tax on property.
Pro Tip: There is a saying that your dream home will always cost 30% more than your estimated budget. Now you know this, so plan accordingly.
3. Check the Amenities in Your Preferred Building
This tip for first time home buyers in India is something most millennials ignore. Today, complexes are equipped with great lifestyle amenities. Consider buying a home which has good amenities like clubhouse, tracks for walks, etc. These amenities also increase the appreciation value of your home.
4. Hire a Professional for Paperwork
A professional will not only help you with more tips for first time home buyers in India but will also help you ease your work. Hiring a reliable, professional and experienced agent, for paperwork and all legal obligations, is a must for first-time homebuyers to avoid any chances of frauds.
5. Prefer Buying a Home During Festive Seasons
The festive season is when promoters come up with exclusive sale offers to attract home buyers to buy a home. Buying a home at such occasions will help you save money and also get you additional benefits.
6. Check the Size of Your House
1BHK, 2BHK or 3BHK, the size of the house will depend on the size of your family. Usually, a neutral millennial family will prefer a 1BHK or 2BHK home. But it is still advisable to consider a long-term requirement of the house.
7. Consider the Reputation of the Builder/Promoter
It is important to take into consideration the reputation and track record of the promoter/builder of the property (in which you plan to purchase your house). Find out if the builder has the reputation of completing projects within the stipulated time, quality of construction, delivering what has been promised, etc.
8. Check Your Financial Stability Before Buying a Home
To pay for your first home, you need a good credit score, a steady job, and a sizable chunk of cash for a down payment. Having financial stability and consistency is very important because if you are taking a liability, no matter how flexible is the repayment options or interest amount, the liability will still exist. So if at all you are planning to switch your job anytime soon, don’t go for buying a house.
9. A Ready-to-move-in Home Will be Preferable
A Ready-to-Move-In (RTMI) home will help save money and time, as these homes are fully furnished and equipped with latest amenities. So you don’t have to invest additional time in figuring out the interiors and furniture, because it is all ready.
10. Home Insurance is a Must
This is another important tip for first time home buyers in India. It is important to be insured for your safety before buying a home. Home insurance is sometimes taken by the builder, to protect his properties from any situations. In case if you are going for a house hunt, do consider investing in a home where the builder has ensured the building with home insurance. Simultaneously, an individual homeowner should also opt for home insurance to avoid any loss caused due to natural calamities, fire, theft, etc.
This is it. We hope these tips will help you decide wisely.