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.
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