first time home buyers. Superficially, it seems that if you have a good amount of money, it’s just about finding a home and investing, but there’s a lot more to it. Of course, money is the main reason for property investment & without this, one cannot think of buying a home. Yet, with the money in hand, one must also be well-informed about the market. Stay updated about the entire procedure, present rates, including finding the right home, location, neighbourhood, amenities etc. Buying a home is the right financial investment. However, when you decide upon purchasing, you may need to be more flexible, have a stable career and consider family ideas & values.

Before we dive further into steps, I would like to point out the benefits of owning a home that includes;

• Tax benefits
• Making wealth
• Financial stability
• Variable property

As the house owner, you can deduct your once-a-month mortgage interest and get rid of the property taxes. It’s learnt that other costs involved in home buying are also tax-deductible. Advisable to contact the tax professional to understand & get more details on what tax benefits you can avail.

strategizing is key in the home buying process.

Growth equity – it occurs as and when you make payments on your mortgage. So, as time goes by, your outstanding loan amount will get cleared as you make payments(monthly-wise) and your equity in your property rises. 

Appreciation – It is the value of the home (property) in the future &, at present, an entity to live without having to pay rents. Factually, there is always a hike in the real estate market with time. It is never a downtrodden investment. Additionally, if you remerge the appearance of the same home with some upgradation/remodelling, the value of your home multiplies.

As mentioned, homeowners earn financial stability over time. Even if you apply for a home loan, you can make monthly payments, and interest rates will be fixed.. As the salaries increase yearly, you can fill the gaps (loan implications), plan and increase your wealth.

After the discussion on possible perks, let’s delve into an easy guide for first time home buyer. 

• Housing Market & General Research: Research is a prerequisite to unfold the process and begin your home search being prepared & handy with solid information. When you know most of the things, then you get confidence in managing the task ahead. Firstly, you need to assess your qualifying criteria. Set an appointment with a lender (availing loan) and analyze your financial papers to get an idea. Once this is in place, home searching becomes easy & you get a fair idea about things you next plan.  Also, the purchasing price is just one part of buying a home; other costs are also involved in closing the deal. However, initially doing a good amount of down payment can help you lock the deal if you’ve cash. Then, later on, you can pay the rest within a set time limit (3 or 6 months, preferably). So, this is the scenario where you can pay the entire amount for home with your savings (if any) and not require any loans.
• Financial record summations: The lender will ask you for the supporting documents to approve or process your loan. The assessment includes your job history, salary, and possessions.
• Your creditworthiness is done as an evaluation process; the better the credit score, the better the loan rates. This score is built on past credits, open accounts, debts (if any), repayment history, and other aspects. The lenders/mortgage lenders accordingly, after evaluating all your supporting papers sanction a loan for you.
• Assess your home loan possibilities: A licensed professional would help you make understand the process & concern obligations thoroughly. Then fix one plan accordingly proceed to apply for a loan.
• Finalizing your home [Home hunting]: With so many options out there, it’s tempting, and at the same time, you try to restrict yourself due to limitations. It’s overwhelming to see beautiful homes and owning one from those is the dream of many. Purchasing a home comprises many aspects like the beauty of a home, locality, amenities & much more. 

A decent house with remarkable schools nearby could be a right fit for some. For others, spacious homes may be an option, but schools might not be that great. Not just schools, you also have to select a home situated in the hub of the city to enjoy all the facilities.  

Initially, it feels like buying a home is the only priority, but as you settle down, you realize commuting is the main thing too. So, pondering into all these aspects before makes your life better. A real Estate Agent can help sort out things for you. The features, aspects, and other things depend on your personal obligations, needs, desires, lifestyles, etc. Calculating the budget after having selected the home, measuring your capacity to invest can help you lock the deal.

Appointing a reputable real estate agent – One can close the deal without any agents in most cases. However, appointing a real estate agent makes the process smoother, like checking out homes, finalizing, and deal closing.. You’re required to pay a certain commission, and that’s fine considering the ease. Real estate agents can help you finalize a dream home, as they have access to the property sale listings. Or, if you’ve finalized a home, then continuing and making an offer would require a real estate agent’s assistance for the first time home buyer. A reputable real estate agent helps you right from finding a home, bidding process (negotiating), buying, to finally closing the deal.

Legal papers – Buying a home requires documentation formalities. Contract/agreement papers after all the negotiation is done are to be signed. After that, any details that need to be added or altered can be done, for example, waiving a certain fee or time limits, or if you want to make a purchase subject to a loan sanction. These can be accommodated as special proposals & the real estate agent can set this up. Towards the end, when you’re signing the property papers, firstly, you need to check if the papers are real and all the necessary clauses are included. A lawyer would help sort the legalities involved; approaching a lawyer is the right decision.

As discussed, apart from just the rate of home, you have to count the associated costs. Real estate agent commission, registration processing fee, monthly payments (if applied for a mortgage) and other costs. So, it would be best if you understand the process & be well prepared. Also, analyze your personal capacities, salary, projected pays, interest rates etc.

In our write-up, an easy guide for first time home buyer, we tried to bring forth prominent areas & mainly focus on managing your money. Choose wisely, fully understand the market & plan it for the present comfort and future liability.

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