Owing a home is a keystone of wealth – both financial affluence and emotional security
Suze Orman
Are you ready to own your first home?
Great! I am sharing some tips and first home buyer benefits which could be useful to you.
Investing in your first home is a dream come true for many – hence it is a very important decision. If you are ready for it, jump right in by getting yourself a RERA registered and licensed real estate broker/agent. It’s important to remember that residential real estate is an appreciating asset. Waiting for a correction in the real estate market might just end up with you paying much more after a few years.
I am sure you have thoughts on your finances, job security, growth, etc. Hence you are budgeted. I’m assuming you have the down payment worked out as well as the tenure of the home loan and looked into house interest rates. Most developers and realtors in India have a tie-up with lenders, and the institution which will provide you with the loan has done its due diligence.
Amongst other things, you must think about your personal and health insurance – since if any unfortunate incident occurs, the EMI liability should not fall upon your family. Your salary takes care of the EMI. I hope you have considered and taken care of this important aspect.
What are the tips for first time home buyers?
Looking for a 2/3 BHK? If you are considering a 3 BHK which is within budget, then:
There are various advertisements in newspapers and digital media with deals on real estate. Do connect with a licensed real estate broker/agent through referrals. Speak to the agent openly and find out if the agent has your best interest in mind. Check if he is not taking any brokerage from you for the new property.
The agent must have your best interests in mind. The agent should get you the best deal possible. The developer pays brokerage for any new property. Remember brokerage is the agent’s remuneration for their support and is the marketing cost of the developer. What you save on the deal is because of your agent. Due diligence is most important as is asking the right questions at the beginning before you sign off – especially regarding bank interest rates etc.
By:
Jyotesh Narang
Managing Partner
Life Inspiration Advisory LLP
Disclaimer: These are my opinion and views. My advice to you is to do your own due diligence.
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