Buying a home is a significant milestone, and a little guidance and help in accomplishing it, is absolutely necessary for us all, especially for the Millennials who happen to be first-time homebuyers. Here is a comprehensive guide to help these aspiring millennials make an informed decision on home buying.
Fix your budget
The first step in the home buying process is to Fix your budget. This includes not just the cost of the home itself, but also other expenses such as stamp duty, registration fees, and other charges that are applicable. It’s important to have a clear understanding of what you can afford before you start the home buying process. You can use online tools or consult with a financial advisor to help you fix a figure on your budget.
Get Pre-approved for Home Loan
Once you have determined your budget, it’s time to get pre-approved for a home loan. This will give you an idea of how much you can borrow and help you to make informed decisions when you start looking at homes. To get pre-approved, you’ll need to provide financial information, such as your income, credit score, and employment history. The Bank/financial institution evaluates your financial status, credit history and offers you an estimate of the home loan you are eligible for. This will help you fix your budget for home buying.
Choose a location
The location of your home is one of the most important factors to consider when buying a home. You’ll want to choose a location that is convenient for your work, transportation, and other daily activities. Consider factors such as proximity to schools, shops, and other amenities, as well as the overall safety and security of the area.
Research the market
Before you start looking at homes, it’s important to research the real estate market in the selected area. This will give you an understanding of current market trends and help you to make informed decisions. Look at factors such as average home prices, market conditions, and the availability of homes in your desired area.
Identify the best real estate developer
Identifying a real estate developer is very important in the home buying process. An established reputed builder with a decade of experience or more in the industry and at least a few successful projects to their name is definitely preferred. A RERA approved builder is a wise choice for there is more security and guarantee of investment, adherence to approved plan, reliable quality of construction, and the delivery of apartment as per the agreement. These are very important in home buying and best guaranteed in case of a reputed builder with a few completed projects to their portfolio.
Define Your requirements
Before you start looking at homes, make a list of your must-haves. This would include things like the number of bedrooms in the house – 2 BHK or 3 BHK or more, the area of the house, Vaastu requirements if any, orientation of the balcony, requirements with respect to the amenities in the community and other similar ones. Involve all the family members in this process and this would make the home buying process more efficient.
Visit the project site directly
Once you decide the locality, the developer and the specific project that satisfies all your requirements, do schedule a site visit to directly inspect the project site and have a look at the model apartments. This will give you a chance to see the house in person and get a feel of the layout, size, and overall condition. Take note of any issues or concerns, and don’t hesitate to ask questions with the site in-charge people. Remember to have all your concerns addressed before you make the final decision.
Home buying is a smart decision that not just makes you a proud owner of your living space but also earns you an asset for lifetime. Many aspiring Millennials are making this smart move to ensure the streamlining of their expenses and achieve financial stability at a young age, and the home buying guidelines offered here would be handy to these prudent property enthusiasts.