First Time Home Buying

Purchasing a House is unlike any other Purchase, because of the social, economical and emotional impact that the purchase has, on the life of the home Buyer. It is arguably the biggest investment anyone makes in his or her lifetime, and so has to be taken in all seriousness. If you are first home buyer you need to be more cautious and take at most care to ensure that your investment is profitable and you enjoy happy living with your family at your Dream House.

4 Tips for first time home buyers

Here is a list of pointers that can help, if you’re a first time home buyer and if you don’t already know

•  The big ‘Buy versus Rent’ argument

The widespread notion of “ might as well buy a house when paying a fat sum as rent” often comes up as the primary reason for impulsive purchases. It is advisable not to give in to the temptation to buy, when you don’t necessarily need the Property. A rental property has its own merits,   and factors like distance from the city, commuting time from office to home, availability of amenities etc are a few things that one needs to take into account while comparing a rental property with a  purchase.  A transferable job or a profession that has the potential to take one elsewhere, in keeping with market dynamics, makes renting the better option.

• There is a house for everyone

No matter how expensive the real estate market gets, home buyers will always find something up to their budget and their liking. The trick is to Search and find the perfect match. Young professionals, with greater disposable incomes, particularly don’t spend enough time to explore available options, and in most cases are influenced by local prevailing conditions. It is advisable to look beyond your immediate circle. Buying a home in a non saturated market can make more sense, in terms of investment. Don’t look only at Metros or be influenced by peers.

• The Clean Chit

A serious home purchase project should always include extensive financial planing, that ideally should begin even before the search. Keeping a clean credit record helps in securing a home Loan easily. Paying bills on time and loans consistently, betters the chance at  getting a quick home loan. Remember CIBIL takes note of everything.

• The front loading approach

If you have managed to ‘zero in’ on a particular property after diligent search and scrutiny, try to clinch the deal as early as possible. It helps in two ways. One, you get the early bird advantage and get the unit that you have been eyeing, and  two, you get to buy something before it appreciates. There are many instances of property rates going up even during the dialogue process. Pay upfront, tackle everything there is to pay for you to take possession, and be decisive.