Are you planning to buy a house?
Are you a first-home buyer?
Bravo! It is a great decision to have a house for yourself. Having my own house for my family is always a dream come true. This is one of the best things we can do for a great future, as it is the most valuable asset and a good investment choice.
Even though buying a home sounds exciting, it is not an easy task as there are various things involved in the overall process, and for first-time home buyers, it would be a more daunting process compared to the rest.
Therefore, one must take utmost care to have a dream house and a smooth buying process in the entire process. Here we discuss 12 points that first-time buyers should consider before kick-starting the buying process:
- Check your financial status. Evaluate whether you are willing to bear purchasing costs and ongoing home expenditures.
- Evaluate funding opportunities and safeguard funding options. Remember to save for a down payment and closing costs.
- If you are going for a bank loan or mortgage, check your eligibility to get the loan and What is the eligible amount you can get as a loan.
- The average loan duration is somewhere between 15 – 30 years. So, prepare yourself to keep your financial position stable.
- Fix the budget you prefer for the house based on your financial planning.
- Answer the question why do you want to purchase a house? Is it for living or investment purposes?
- Choose the type of house based on your family. There are various types of houses like apartments, single-family houses, duplexes, and condominiums. Multifamily residential, and so on.
- This is one of the vast investments in an asset you are making in your life. So closely list out highlights you wish to have for your ideal house.
- Check the amenities like parking, swimming pools, gyms, spas, clubs, play areas, and gardens. Be very careful in choosing the amenities as it reflects on your costs.
- The location of purchasing a house is also crucial. If you are purchasing in a city, you can consider factors like distance and commute time to the office or school, availability of public transport, and so on.
- Do you want to find a house or approach a realtor? If you are buying a home from individual sellers who advertise on their own, do proper research about the property and legalities of the house to know if any legal complications are hidden. Also, look for the number of repairs to do, as repairs alone should not exceed the amount of your overall budget.
- The home-buying process is a little hectic, so choosing a realtor is better. Choosing the right realtor, seller, or builder is crucial to get the best house on your budget and having a smooth purchase process. Analyze previous projects, testimonials, service quality, customer feedback, etc.