InvestorQ : I am a first-time home buyer. Are there any tips for a hassle-free home buying process?
Suresh Patil made post

I am a first-time home buyer. Are there any tips for a hassle-free home buying process?

Suresh Patil answered.
3 years ago

Congrats on your decision to buy a new home. May the house bring you a lot of happiness and contentment. As buying a house is one of the most important decision we take in our lives, first-time home buyers often face difficulties while choosing the perfect home.

Every step of house hunting requires you to be cautious and extremely calculative. Here are a few important steps that will help you in your process of buying a home:

Define your budget:

As a home buyer, you should decide on a home based on your existing liabilities and existing income. Experts advise avoiding a home which costs thrice the annual income of a family. Further, you should keep in mind the extra costs such as down payment, brokerage and stamp duty costs.

Do your research:

This cannot be emphasised enough. You have to conduct a thorough research of the market. You must keep a track of property prices, interest rates and latest government schemes with regards to housing and loans, etc. All this research will prove to be beneficial in understanding the market and help you take a well-informed decision.

Invest early in realty projects:

You stand to gain tremendously if you invest in realty projects in the early stages of development as many real estate developers offer exclusive discounts and various other offers for early customers.

Check your home loan eligibility:

Before you apply for a loan, you must check your home loan eligibility. You can get an idea of how much loan you can be eligible for by using your credit score and income.

Get pre-approval from lender:

In order to save your time and effort, it is advised that you get pre-approval from lenders before looking for a home to buy. You can also take help from various financial institutions on their loan eligibility and sanction amount based on your income.

These tips are sure to help you in your journey towards finding and getting your perfect home!