Buying a new home is ever seen as a sign of adulthood and elevated financial responsibility. But, it is not a scary tale as portrayed. Of course, it is a big deal because it calls for a bigger investment and once you’re in, it will be your biggest commitment. With thorough research, time, care and a little knowledge about the real estate happenings, you can actually ease the home-buying process. This blog will introduce you to some useful tips if you’re a beginner in the process of home-buying.
1. Let’s go shopping!
Yes, you heard me right. Don’t break your heads with all that financial planning even before you get into the field. You got this feeling of buying a new home, may be, only after you saw your dream home somewhere. So, shop for your dream home first. You might end up seeing a lot more homes and you tend to forget them. Take pictures to help you remember while you consolidate. Don’t worry! Home-hunting is not a hectic process. Find out how
2. Let’s walk back now
Jot down your needs and wants with respect to your dream home now. Be it the proximity, atmosphere, looks, amenities or even anything less familiar. But, clearly distinguish between what you want initially, when you buy a home and what can be added later to it. This way, you will be easily able to arrive at a conclusion for your financial needs.
3. Let’s add some value
Put the spotlight on things or facilities whose value will increase exponentially over the future. Like we say, proximity to hospitals or schools is a factor that will always be evergreen. And not to forget, evaluating your wants and needs based on their future values will eventually add up to the resale value. So, look in for valuable features over your first buy irrespective of its tangibility.
4. Let’s compromise
No one is perfect and no home is more than just perfect. Whether you’ve decided to buy a home for your stay or to rent it, you’ll have to compromise with certain features. Sit with your family members and decide on – what you need the most, what can be forgiven, what you can’t afford to let go and what will be of more value to the home in the future.
5. Let’s get pre-approved
This is just to let you know the price range of the homes you should be looking at based on the financial information you submit to your mortgage banker. Once pre-approved of your loan, you’ll be clear with your budget and EMIs that need to be paid. But, you’ll have to finalize your home within a limited time frame as suggested by the banker failing which your pre-approval will be cancelled.
Research your market options, market value and then jump into searching for trusted realtors. Take as much as time you need to find the right seller and the right property, as this is going to be a big step in your life. Before you make any final decision, don’t miss out on a thorough inspection of the home. Try visiting the place during different times of the day and night, just to ensure it is worth your savings.
These are some handy ground-tips to make your first buy, an easier one. Having done all the above mentioned steps, you’re good to begin your home-buying. You’re no more a toddler.
But, regardless of you being a first-time buyer or a repeat buyer, you’ll have to take several more steps from now. This is just a beginner’s guide, you see! Keep following Urban Tree for an intense knowledge on everything related to HOMES & PROPERTIES.