Friday, August 8, 2014

Buying a home? Keep these golden tips in mind

First time home buyers may find it extremely tedious and time consuming to shortlist a home. And those who are buying a home for the second time, it may be less onerous, having understood the nuances of purchasing a property.

These steps which will help you buy your dream home seamlessly.

Identify your requirements

Depending on which stage of life you decide to buy a home, prepare a wish-list of what you would like in your ideal home. This may include the number of rooms, basic amenities like access to schools, colleges, transport, medical facilities, market and playground.

Understand your financial position:

Along with the wish-list, you also need to understand your financial position and evaluate your savings and expenditure to arrive at a budget you can keep aside for buying a home.

Also, you should try and pay off other outstanding long-term debts before taking a home loan.

Save for the down payment:

One should also start saving prudently at an early stage to accumulate the maximum possible initial down payment, which will make it easier to buy the dream home.

An amount equivalent to the proposed EMI of Home Loan should be set aside every month much prior to actually availing the home loan.

Leverage on resource centers:

There are several aids available to bridge information gaps while taking a decision to buy a home.

In addition to the conventional methods of checking with friends or relatives, personally visiting new construction sites, going through advertisements, one can also visit several online sites that provide information on availability of homes.

These steps can help you to collect property information, evaluate the options and negotiate for the best deal by:
• Locating and assessing properties in line with your expectation and requirement
• Site-visit of short listed properties
• Understanding the approvals required and available for the project
• Post finalisation, assistance in negotiating the best terms and price
• Assistance in the selection of the right home loan
• Guidance in completing the registration formalities

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