Planning to buy a house for the first time? Do
you have the basic knowledge needed? Do you know what all you need to check on
before taking a final decision? We have the answers to these questions. Learn
about what considerations are required by a first-time property buyer.
What kind
of home do you need?
You have a number of options to choose from -
apartments, villas, townships, condos, etc. Every kind of house has its own
advantages and disadvantages. Analyze which type of property is the best
suitable for you. Are you single or a couple? Are you young or are you a senior
citizen? Is there a possibility for family growth? Do you have any pets? Answer
all these questions and you will be able to find the correct answer.
What
features are you looking for?
This is your first dream project and you might be
wanting a lot out of it. Make a list of what all you wish to have in your home.
Check out what all is available and what you will need to install. Is there a
possibility of installing further features into your home? It is always better
to be flexible and make adjustments and compromises but, there are certain
things you will really want to have in your house. These include a good
location, a helpful neighborhood, size of your house, kitchen facilities,
bathroom facilities, etc.
How
affordable is the house?
Always analyze your financial condition before
buying a house. Don't blindly believe that you have the amount for down payment
and the rest will be taken as a loan
from the bank, which you would pay back through EMI every month. You don't want
to put in all the savings you have in the house at one go. You need to analyze
how much down payment you can afford and how much installment you can pay per
month, by having sufficient money left for your monthly expenses and even more
left for extra repairs to be made to the house or required in case of
emergency. Only after preparing an analysis on this aspect, you can decide if
the house you have chosen is affordable or not. Also consider your current job,
current salary, any future increments and the permanency of your job. Apart
form this, make sure you have all your other debts clear before taking a home
loan so that you don't have to face problems once you have taken it up.
Do you need
an expert's help?
It is always better to take some professional
help if you are a first-timer. You must hire a real estate agent to help you
with the purchase. He will help you find the best house in the best locality
for you that will best suit your needs. He knows the market in and out, and
thus will be able to help you strike the best deal for a property by
negotiating well with the sellers. He will also help in the necessary paperwork
and home loan formalities, and let you know if he finds a suspicious deal -
something which you may not realize on your own.
Buying your first house can be a difficult
process but, if you have proper planning and follow the above set of rules, it
can be less troublesome for the future. If you are looking to buy a property in
and around Bangalore, you can get in touch with MJR Builders a reputed name in the market, providing amazing
varieties in studio suites, 2 BHK and 3 BHK apartments in Hosur, Whitefield and
Electronics City Phase-1 areas of Bangalore.
