The housing demand in Indian real estate has constantly evolved over the past few decades. So, the first home buyers need to conduct thorough research and monetary planning to buy their dream residence. This home buying guide consists of simple but effective strategies to manage your first home purchase.
Here are some home-buying tips every first home buyer should know:
- Understand Your Needs: Understanding your needs and expectations from your new home should be the first while planning to buy a property. Many townships and apartments come with basic amenities such as a pool, gym, and park. The pricing of the bigger township with amenities and ordinary apartments without amenities can slightly differ compared to other projects without much amenities & facilities. It is crucial to decide if you are purchasing a house for self-use or investment. Understanding your needs also brings great clarity on your financial front.
- Thorough Research: If you are a first-time home buyer, it is critical to undergo thorough research about projects, locations, developments, infrastructure, and pricing. Most under-construction projects take at least two to five years to complete. It is essential to short-list ready-to-move projects, especially if you are looking for a self-use house immediately. Real estate rates change every year, hence, you need to keep an eye on the emerging trends in real-time. Know the rates of your short-listed areas and properties from various sources. You can take the help of the local real estate agents to check the suitable properties listed in the housing market.
- Financial Plan: House purchase requires a big capital. Planning is one of the essential home buying tips everyone should follow. Financial planning is the most critical aspect of purchasing a house. Being a new home buyer, you need to define your budgets and carefully plan your capital. Understand your financial health before you decide to purchase a property. Most house purchases require at least 10 – 20 percent of down payment. To reduce the loan amount by a considerable amount, you can invest more money in the down payment.
- Home Loans: Before applying for a home loan, a new home buyer should know certain things that can affect home loan availability. Check your credit score to understand how much loan you can avail of from the bank or any other financial institution. Pick the perfect loan tenure and interest rates that suit your needs. The government of India offers a great benefit to the new home buyers with the Pradhan Mantri Aawas Yojna (PMAY). Under this scheme, every first home buyer gets a subsidy of Rs. 2.6 Lakh. You can use the online home loan calculator to get a fair idea of the interest rates and capital investment needed to buy your first home.
Wrapping up:
A home purchase may seem a complex task, but you can seamlessly get through this process by using the above strategies. If you are planning to purchase your dream first home with state-of-the-art amenities and well-planned architecture, then we recommend 2 BHK flat in Moshi Pune or 2.5 BHK flats in Moshi Pune at Vaanya, a luxury project by Pharande Spaces. With over 26 years of expertise in West Pune & PCMC, Pharande Spaces makes home buying a seamless experience, especially for first-time home buyers.
