A Quick Guide For First Time Home Buyers - Homeonline

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    Blog posted on : 27-08-2020

    A Quick Guide For First Time Home Buyers - Homeonline

    A home is one out of three basic needs after food and cloth but it's also everyone's dream. A dream home which can fulfill all your requirements but the skyhigh price of the property makes it unaffordable for home dreamers. Sometimes people invest his or her entire money to purchase a dream house but she/he gets cheated or misled by builders or property owners and buyers feel lost all the investment

    As per the report it is projected that Indian real estate sector will reach 180 billion USD by2020 it was 126 Billion USD in 2015 and it is also expected that Indian real estate can add 13% of India's GDP by 2025.

     

    A property is always a safer side investment as compared to the other investment option. Most of the time you have to just purchase a property and leave as it is and when you sell it after 5- 10 years you earn a huge ROI. But Real estate investors are too smart they analyse all the aspects, like demand and supply, market situation and high return opportunities. Here property increasing pricing always brings you a winning side.

    So here we can see a huge opportunity in terms of investment. A property investment is always considered a safe investment until or unless you didn't get cheated. Here are some points which you should consider before buying the property.

    1. Which type of home will best suit your needs.

    There are different types of property options like Residential plot, apartments, single floors, independent houses, villas, undercontructed property, ready to move property but as per your requirement you have to identify which property is suitable for me.

    Suppose you have a small family with a low budget so you should go with 2 BHK apartments because it will save your extra money to invest.

    2. Who will help you find a home and guide you through the purchase?

    It's really important that somebody helps you while purchasing a house because its your hard earned money and you are going to invest so before investing it you have to take advice from an expert which can guide you which property would be perfect for you and why?

    Property is not something which you are going to purchase every year so before purchasing it investigate about the property which can meet your all requirements with the expert.

    3. Required size of the home.

    How big a house you require in your budget because there are no limits of the best property but simultaneously you have to consider your budget for the property also. Based on your budget, and requirement you have to decide your property but sometime other factor also effect it for example suppose as per your requirement you are looking for a 3 BHK apartment in Nagpur and its available in 50 lakh but same 3 BHK apartment in the chandigarh might be less expensive than Ahmedabad.

    So for the A type city you have to pay a little bit higher as compared to c grade city and it also affects your budgets.

    4. Higher rates on higher floors

    Apartment floor also matters during purchase of a house because while purchasing a property or house a builder will charge higher for the higher floor for example 1st floor price will be cheaper as compared to the 8th floor. Same as Corner flats or apartments  similarly are sold for a premium price.

    So you have to consider all these things during purchasing a property. Because here is the change to being cheated by the builders.

    5.  Consider your need for amenities

    What else you are getting offered which can be helpful to fulfill you basic requirement by the builders. Always consider all the required amenities like Water supply, power back, small park or ground, swimming pool, security and nearby schools, hospital & markets etc. All these are your basic requirements which should be fulfilled along with the property or house because you are going to pay lakhs of rupees for your dream house.

    Today builders also consider all required amenities before drawing a project map.

    6. Buy a property from a reputed builder.

    Buying a property or house is always your investment and you have to always focus on the return on investment and for the ROI we have to consider all the things which are associated with the property. A reputed builder always tries to fulfil customers from every aspect like property design, society, safy & security. A builder itself is a brand at any cost they don't want to hear any negative feedback from the customers.

    Here are some points which help you when you purchase property from a reputed builder .

    • Construction
    • Project completion
    • RERA and HIRA
    • Ease of loan approval
    • State of art facilities and amenities
    • A better state of mind and safety

    7. Avail a home loan to fund your dream home.

    Buying a house is not an easy task here. You have to invest your hard earned money and you are going for a bank loan so you have to maintain an extra tension about the month end EMI of your house. There are a couple of house loans in the market and you have to choose among one of them but you have to still make payment of the initial amount that is called down payment so for this down payment you have also arranged the money.

    Here are some points which you should consider before going for a home loan.

    • Research and Choose The Right option
    • Check Your Home Loan Eligibility
    • Make Sure You Have A Good Credit Score
    • Understand the Fees and Charges
    • Save Funds for Down Payment
    • Plan Repayment in Advance
    • Keep All Relevant Documents Handy

    Conclusion:-

    A Real estate investment or if you want to purchase your dream home, you should take smart decisions. You have to follow the above steps which will help you for your investment. You can also find all types of real estate property at www.homeonline.com. Its one of the growing Online properties platforms where you can find affordable  1BHK Apartments, 2BHK Flats, 3BHK Apartments etc.