Tips for First-Time Home Buyers
Buying a home can be overwhelming as well as nerve-racking, especially if you are a first-time home buyer. But don’t worry, we’ve got your back!
When you’re planning to buy a house, listed below are the most crucial aspects to be considered and common mistakes to avoid.
Evaluate Your Needs
Before you start looking for your dream home, consider the type of house that will serve your needs, what you can afford, how much of the financing you can secure, and who will help you with your search.
With the new normal, we’ve seen a lot of companies that have switched to work from home permanently. Modern day technology has helped revolutionize this trend of remote-work. So, considering a house that caters to your basic as well as professional needs is essential.
Finance & Budgeting
Now that you’ve narrowed down on your needs, let’s move on to planning and budgeting.
Auditing your finances is very important because you need to know what’s actually within your budget before locking your eyes on a property that might or might not be suitable for you.
Whether you’ll be opting for a home loan or otherwise, it is better to keep all calculations ready. Break down your monthly income for fixed and variable expenses while also keeping a safety net for uncertain occasions.
This way you have a better idea on how to proceed and even find out where you can cut down on unnecessary expenditure.
Loan Eligibility & Tenure
Loan eligibility is based on 3 components i.e. credit score, principle amount and interest rate.
Credit score is a number that depicts a consumer’s creditworthiness. The higher the credit score, the more attractive the borrower.The principal amount is the original loan amount given to you by the bank, on which the interest will be calculated.
Look for a home that is a little less than the amount you were approved of, even though you can technically afford the preapproval amount, it’s better to have a buffer from burning you out.
Location plays an important role in the decision-making process. An ideal location is one which is in close proximity to your office, schools, hospitals, recreational zones and top hotspots of the city while still away from the bustle.
Oxford 1Earth’s new residential projects in Keshav Nagar, Pune are strategically located in close proximity to excellent educational institutions like Amanora School,Magarpatta City Public School, The Orbis School, EON Gyanankur School, among others. In termsof healthcare, the locality is a short drive away from some of the best hospitals in the city namelyColumbia Asia Hospital, Sahyadri Hospital, and Ruby Hall Clinic. There is also a wide variety ofentertainment destinations around – residents may enjoy a day of eating, shopping or movieat Amanora Town Centre, Inorbit Mall, Seasons Mall, or Phoenix Market City.
Residents at Keshav Nagar have easy access to prime locations in the city as the locality is well-connected to the airport and railway station through major roads such as Nagar Road, KeshavNagar Bypass, and Mundhwa Road.
Reputation of the Builder
It is important to take into consideration the reputation and track record of the builder of the property.Learn if the builder has the reputation of completing projects within the stipulated time, provides good quality of construction, etc.
We’ve also shared article on why choosing a branded developer is an intelligent choice.
The Bottom Line
This overview should lead you on the right path to filling in any gaps in your home-buying knowledge. The more you prepare yourself beforehand, the less stressful it will be.
Dussehra – the perfect day to buy a home India is characterized by a diversity of religious beliefs and practices, nearly 80% of the population of India practices Hinduism. Dussehra being a Hindu festival, celebrates the God Rama’s victory over the demon king Ravana and the triumph of good over evil. Dussehra is considered as […]
Everything you need to know about maintenance cost Owning a property is a dream for every individual and so is the need to reside in a well-maintained society. Here is everything you need to know about maintenance cost. Maintenance cost and its relevanceIn addition to owning an apartment, a maintenance cost is charged to the […]
Relaxations given by government to boost real estate sector – September’ 2020 The Coronavirus outbreak has plunged the world into a crisis like no other and is the reason for one of the greatest economic slowdowns of all times, the real estate sector in particular got severely impacted.Though, Covid-19 has made people realise the significance […]
Most Valuable Features of a New Home Looking to buy a new home? Here are some aspects to help you in reducing the decision making time, based on the most valuable features that home-buyers and families look for today. In addition to external factors like accessibility, security, the neighbourhood and its culture. As people consider […]
Accessories Can Redefine Your Home Creating an elegant yet cosy atmosphere while designing your home goes beyond just choosing the right colours for your walls and placing the furniture ergonomically.Let’s start with the idea ‘less is more’. Too much variation of furniture is one of the biggest no-no while trying to achieve a sophisticated look.Here […]
Factors That Can Ruin Your CIBIL Score What is a CIBIL score?CIBIL score is a number that depicts a consumer’s creditworthiness, it is represented in a numerical value between 300-900. The higher the credit score, the more attractive the borrower is to the lender. Lenders like banks prefer to sanction a loan/ give a credit […]
Home Care Tips for Monsoon Monsoon is here and the rain has been pouring for quite some time now. During this season, we ensure to carry an umbrella with us to avoid getting drenched in the rain and to keep sickness at bay, the same way a home maintenance schedule is essential for every home’s […]
Leisure Options in Mundhwa Once solely an industrial zone, Keshav Nagar is now a prominent residential housing market for the smart home-buyers. The locality offers its residents a multitude of benefits that include cost, comfort, convenience and connectivity. Here we’ve listed some top places to eat, go shopping and best things to do in and […]
Tips for First-Time Home Buyers Buying a home can be overwhelming as well as nerve-racking, especially if you are a first-time home buyer. But don’t worry, we’ve got your back! When you’re planning to buy a house, listed below are the most crucial aspects to be considered and common mistakes to avoid. Evaluate Your Needs […]
Owning Vs. Renting a Property There is an emotional side to home ownership and it sure does feel great to boast about your own home. Here we’ve listed some points to help you understand how owning a home is a much better option than renting one. Security & Pride of Home Ownership Pride of home […]
Affordable Ideas to Redecorate Your Home Redecorating your home can be a tedious task and can come as a big expense. Though if you tackle it with the right attitude and a defined approach, you can effortlessly redecorate your home without taking a hit on your bank account. Here are some economic ideas to get […]
Keshav Nagar, Pune- The best place to Reside, Invest & Retire Pune is one of the fastest growing smart cities and it tops the list of most liveable cities in India. An Oxford of East, Pune has attracted several foreign students every year, owing to the quality of education that it offers. It has also […]
Social Environment And It’s Effect On Child’s Development Social environmental factors that influence a child’s development are derived from their cognitive and educational attainment, risk-taking behavior, emotional, psychological well-being, motivation and physical health in addition to parenting and family impact. What are social environments? A social environment refers to an individual’s physical surroundings, community resources […]
Why choosing a branded developer is an intelligent choice It’s every person’s dream to own a home and people invest lifetime savings in buying a house that they have always dreamed of. Akin to the way brands are preferred while buying utilities, developers who have established as a brand, are emerging as the backbone of […]
Kunaal Kyhaan Seolekar talks about his thoughts and reflection on designing during lockdown Credits: Archiproducts Another episode in our series about the thoughts and reflections of designers during the lockdown. This time it’s Kunaal Kyhaan, the Indian-born designer and trained in New York, with past experience as a Bollywood actor and the soul of a […]
We’re proud to announce that Kunaal Kyhaan Seolekar who has designed the show flats for Florida Watercolor and Florida Riverwalk won ‘Designer of the Year 2019’ title awarded by Elle Décor at the 18th edition of EDIDA India hosted on 6th Nov 2019. “I won the EDIDA 2017 ‘Young Talent Award’ before, that was an […]
In the present- day scenario of cut-throat competition and saturation of employment, it is not possible to rely on a single source of income. It is imperative to make smart investments; that not only cater to your present day needs but also secure your future. However, you need to be extra-thoughtful while making investments, particularly, […]
Of all the phases that we encounter in our lifetime, parenthood is one of the most responsible and crucial phases. Parents are understandably concerned about the upbringing, education and overall holistic development of their children. In such a scenario, there are a lot of people who have been relocating their residences in pursuit of getting […]