Welcome, Guest. Please login or register.

Login with username, password and session length




May 15, 2024, 09:57:25 AM
Funfani.com - Spreading Fun All Over!INFORMATION CLUBInformative ZoneHome Sweet HomeTips for new home buyers
« previous next »
Pages: [1] 2   Go Down
Print
Author Topic: Tips for new home buyers  (Read 4797 times)
0 Members and 1 Guest are viewing this topic.
Ryan Martis
FF Hero
*****

Karma: 86
Offline Offline

Gender: Male
Posts: 38649
« on: July 13, 2009, 04:29:36 AM »

There is no substitute for the joy that one experiences in buying the first house.

Most Indians have never bought a home before; and are actually first-time buyers. Buying a home is going to be the biggest investment that you will make in your life. Here are some tips to give you a lasting experience.
Report to moderator   Logged
Ryan Martis
FF Hero
*****

Karma: 86
Offline Offline

Gender: Male
Posts: 38649
« Reply #1 on: July 13, 2009, 04:30:15 AM »
Don't budge from your budget


There is too much choice in the market; you must understand what your budget is so that you can narrow your search into a manageable process. Otherwise , your real estate broker will spin you around. Give the broker your budget and tell them that it's not movable. Don't believe them when they say your budget is too low. There are properties of all types available in India today.

The budget is not just the cost of the property — it must include numerous non-obvious costs such as broker fees, lawyers fees, stamp duty, registration fees and home insurance premium. If you are buying a new home, you will also need furniture, fittings and gadgets for the home. Alternatively , if you are getting an old home, there might be renovation or redecoration costs involved.
Report to moderator   Logged
Ryan Martis
FF Hero
*****

Karma: 86
Offline Offline

Gender: Male
Posts: 38649
« Reply #2 on: July 13, 2009, 04:30:49 AM »
Affordability


There is no point in searching for the house of your dreams if you cannot afford to live there, you must also think about whether you have enough cash flow to support your lifestyle, after you have paid for the property.

Do not stretch yourself and take a personal loan to fund the down payment towards the property. This will only increase your risk exposure. Ensure that you can naturally afford the down payment through your savings. Additionally, don't stretch your budget to get a more expensive home because that will mean stretching your EMI payments. Remember to keep your EMI manageable so that you can continue to afford the lifestyle you are accustomed.
Report to moderator   Logged
Ryan Martis
FF Hero
*****

Karma: 86
Offline Offline

Gender: Male
Posts: 38649
« Reply #3 on: July 13, 2009, 04:31:58 AM »
Location


This is the key that will affect the quality of life that you have in and around your home. Additionally, a better located property will get a much better resale value if you decide to sell.

Before you put in your life's saving into a property , you might want to consider renting in your desired location for a few months. It will give you a good flavour of what life could be like in the area. When thinking of a location, you must consider the following: proximity of schools, your commuting time to and from work, modes of transport around the property, local amenities and shopping convenience.

Finally, the traffic and noise situation might often be very different from weekdays, so do check the desirability of the location at different days and times of day.
Report to moderator   Logged
Ryan Martis
FF Hero
*****

Karma: 86
Offline Offline

Gender: Male
Posts: 38649
« Reply #4 on: July 13, 2009, 04:32:29 AM »
Define your specifications


Prioritise what is important to you. Otherwise, smooth-talking real estate salesmen will take advantage of you by showing you too many different properties on criteria that will not be important to you.

Is a large kitchen important to you? Do you need an attached bathroom for every room? Do you want lots of storage capacity? Do you need a study for your home office? Do you want to buy an old construction and aged plumbing, or will you only look at new modern homes that will come at a premium?
Report to moderator   Logged
Ryan Martis
FF Hero
*****

Karma: 86
Offline Offline

Gender: Male
Posts: 38649
« Reply #5 on: July 13, 2009, 04:33:16 AM »
Be patient


The home-buying process can be time-consuming and complicated. If something can go wrong, it will. But, if you are mentally prepared for it, then you will not be surprised when delays happen. Budget at least 3-6 months for the process, especially keeping in mind the timing of when you absolutely need to move into the new home.

Do not get frustrated if you do not feel fully in control of the process. Remember, that you are going to be at the mercy of real estate brokers, the developer, home loan lenders, lawyers and other intermediaries . Money, documents, contracts and agreements need to move around all these different players in the process. Things will not always move at your pace, but at the pace that these intermediaries choose.
Report to moderator   Logged
Pages: [1] 2   Go Up
Print
« previous next »

Jump to: