What First Time Home Buyers Should Know Before Getting Into a Property Purchase

As the French philosopher Jean-Jacques Rousseau says -

"Watch a cat when it enters a room for the first time. It searches and smells about, it is not quiet for a moment, it trusts nothing until it has examined and made acquaintance with everything."

As a first-time home buyer, be the cat! Before jumping on the bandwagon, ensure you have made the ideal choice. Here is a look at what you 'Should Know' before venturing into a property purchase for the first time.

Should Know Purpose - Taking the decision to buy a home itself is a big one. You should take it when you are ready to own a home. Being ready among others, indicates a mental preparation, being aware of the monetary issues and having the ability to meet them. Talk to friends and family about your decision and pay heed to any suggestions they have to make on it. Brokers and housing counselling agencies can help you evaluate your ability of paying a housing loan and also according to it, suggest the lender perfect for you.

Should Know How To Search - To create a list of homes that you like, you need to conduct a thorough search. Before the search, fix parameters such as:

The area/locality you want to buy a home in
The type of home you want to buy - an independent house, an apartment or a condominium, a new house or an old home
The budget you can afford for buying the home

Should Know Which Loan Is Best Suited - Different banks or housing agencies offer a varied range of housing loans. Go through each of them very carefully. Compare them on factors like - loan fees, interest rates etc. You can do this by yourself or take the help of a real estate agent or housing counselling agency. Make sure you have all the documents that you need to avail the loan you finally settle for.

Should Know Where To Search For Property - Newspapers, local cable television channels, friends and family, the internet, the Yellow Pages and so on are the different sources for property listings that you can check out as a first-time home buyer for your perfect home. Simply gathering the information is not going to help. Many a times, a home doesn't turn out to be the way it was advertised for sale. Hence, verify the information by physically seeing the house. When you actually see the property, be sure to carry a camera, so that you can take snaps of the rooms, the area, the neighbourhood and the like. Also, you can take small notes on other things that need to be kept in mind on a particular house

Should know details about the Home Owner - As a first time home buyer, you should also learn as much as you can about the person who is selling the home. This can be a good lead into what kind of a deal you can expect.

Should Know All The Expenses To Be Incurred - Buying a house is not only about taking a home and paying the EMI. It is about the down payment to be made, the closing costs, the registration fees etc. As a first time buyer you should have a clear idea about this, so that you can be sure amount the amount of expenses that you have to deal with.

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