Given here are some of the steps that can assist first-time homebuyers and simplify their home search journey.
Buying a home for the first time is a long-term commitment. It requires an immense involvement, both at emotional and financial levels. After all, it will determine your daily life, shape your social standing, and will influence your future.
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One has to find a home that fulfills all the fundamental requirements of yours (and of course other family members). Similarly, at a time, when leverage is available easily, one still has to dig into one’s savings and pay generous down payments. Even finding the right lending partner in a rising interest rate scenario might be a challenging task. One has to ensure one isn’t paying too much on the EMI.
All this requires meticulous planning, research, and home work. Enlisted below are some of the steps that can assist first-time homebuyers and simplify their home search journey.
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Evaluate your requirements: One of the initial jobs for a first-time homebuyer is to carefully illustrate their requirements. Evaluate the desired size, rooms, budget, guest needs, amenities, etc. Zero down on what kind of house you really need. There are multiple options available in the market – from studios to apartments to plotted development, with each having its own pros and cons. One has to find out what best suits them (and their budget).
Identify the most suitable location: A precursor to find the right home is to identify the most suitable location. The project location is not just an address but also the foundation to the lifestyle you desire. One should carefully evaluate multiple locations and then chose the most apt one.
While finding the right location, one needs to delve into numerous key aspects such as accessibility, facilities, safety, and potential for growth. Accessibility will determine proximity to essential services such as public transport, retail, schools, healthcare services, etc. Facilities connote to key amenities such as malls, cinema theaters, entertainment zones, cultural centers, etc. that will determine your lifestyle.
Safety is the most important criteria. It is essential to do a thorough research about the surroundings, nearby neighborhoods, crime rates, etc. and then only proceed.
Likewise, future potential of the location is also paramount. An upcoming location can give high appreciation. On the contrary a locality which is nearing saturation, won’t just cost high but also grow sluggishly in price.
Data-backed decision making: Buying your first home is a high involvement decision, wherein an average individual pours in a large amount of monies. Hence to make a smart & informed decision with limited risk involved, it is essential to analyze the key data involved. Well this might not entail a complex quantitative model but to scrutinize important data points. This encompasses demand and supply, growth drivers’ assessment, infrastructure development projects, other reputed projects in the vicinity, etc. Doing a basic yet impact data study can give rough estimation about future appreciation and get a better picture on the future risks and opportunities involved.
Find the right lending partner: Before selecting the home loan option, it is a wise idea to talk to as much lenders as possible. This will help in finding the best deal. Apart from the interest rate also consider other factors such as eligibility criteria, paper work involved, processing fees, terms & condition, hidden cost (if any) etc. It is also a prudent idea to talk to other home loan borrowers, as it can refurbish a lot of practical advice.
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