Buying Your First Home is a milestone achievement, a dream come true. While being jubilant and basking in the sense of accomplishment, one should be prudent and plan thoroughly to ensure that the task is completed with no bumps and stress. Here are some pointers for it –
Fix the budget
This should be the first step. While doing this you should consider the cash at hand, your deposits and savings that can be immediately liquidated and made available towards payment for the house. While fixing the budget the amount that you can pay as the down-payment and the rest of the amount you can arrange through home loan or other source should be clearly established. The budget is the crucial factor which would help streamline the entire process.
Arrange the Finances
Once you arrange the amount to be paid towards the down payment (usually about 20% of the entire price of the property, in other words 20% of the entire budget you have decided), you will have to arrange finances towards the rest of the payment. Most of the leading nationalised and private banks have easy and quick home loan approval processes in place, which come as a boon to aspiring home buyers. Your CIBIL score, pre-existing loans, current EMIs paid are different factors that banks consider while offering you loans. Pre-approved loans offer you an idea of the loan amount you are eligible for and this way helps you fix the budget too.
Choose the location
This should be based on the convenience of the residents of the house. Living in a house near to workplace, with easy connectivity to school, college, supermarkets, and equipped with good social infrastructure, makes life easy and joyful. List down areas which satisfy these criteria. With improving connectivity through roadways and metro expansion happening in leaps and bounds, there are many emerging micro markets in the city which offer residents excellent connectivity and also properties at a very reasonable price. These localities also offer good scope for property appreciation owing to the infrastructure development and job opportunities.
Once you have decided the budget, have a plan in place to arrange for the finances, and also narrowed down a few localities, then comes the talks about your requirements from your dream house. A discussion with the family members will help decide on the factors like – Should your dream home be an apartment or a gated community Villa, the size and number of bedrooms in the house, the amenities required in the community like Children’s play park, gym, walking/jogging track, supermarket, and so on. Many leading real estate developers offer Gated community apartments with all these features and more, located in emerging markets in the city, offered at astonishing rates.
Look, Enquire, Decide
Once you have narrowed down on a locality based on the availability of property for your budget and requirements, scout for properties there. Always prefer RERA approved properties and builders, for there is safety of investment and completion of projects on the approved timeline with adherence to the specifications. Talk to the CRM personnel, visit the project site, see the design specifications and RERA approval of the plan. Once all the required plans are in place, select your dream home considering the other factors like Vaasthu compliance, ventilation, privacy of the house, etc.
Streamline your home-buying process with these guidelines and become a proud homeowner. Home buying is an achievement, one which offers you not just financial stability for the future but also a sense of accomplishment and emotional balance, planning the process carefully and earning an asset for lifetime.