People spend days on doing the research before buying a mobile phone and often rush in making important decisions such as purchasing a house.Hence it’s only sensible to make strategies before you begin the house hunting, as buying a house is perhaps the biggest investment you would do in your life time.The fact that you are reading this is probably because you are a first time real estate buyer and have no idea that how tiring and distressing this whole process is going to be. Don’t panic! You can be a smart buyer by just following these 5 steps.
Set the budget
Making a budget is the most practical thing to do after you decide to buy your dream house. It aids in obtaining a better understanding of your lifestyles and expenditure habits. To do so you need to know your income, keep a track of your saving and finally, analyse your expenses. Remember to include all the sources of your income, it is important to add even the smallest fund coming into the household.
Know your preferences
It is essential to set apart your needs and wants. Moreover, this is no hidden fact that when it comes to real estate, no unique type fits for all. There are studio apartments, 2 BHK apartments, even 3 BHK spacious apartments to choose from. Similarly, there are couples with babies, people who live in a joint family, bachelors, also the canine parents who are looking for their perfect abode, and hence the preferences change accordingly. To start with, you need to finalize the area you want to reside in; near your office, away from the city or in the center of it. If you are looking for affordable homes, then make choices according to your budget.
Do proper research
As mentioned above, buying a home is going to be one of the biggest investment you will ever make, and in order to not end up with a lemon, you need to do a thorough research for both the market and the builder’s previous projects. Do not think that online research is enough, you need to physically visit the area, do the inspection and make sure you opt for the best builder in the city who are known for delivering quality. Always make sure that the area is not prone to natural calamities like earthquake.
Befriend the local realtor
It is not required to be the best friend with the agent but developing a good relationship is always beneficial. The agents will let you know about the upcoming properties that meet your benchmarks. They can be a great source of information and can give you better advice regarding the purchase. But remember to never blindly trust the agent, and always do your homework accordingly.
Start saving right away
It’s never too soon to maintain savings when planning to buy a house. As soon as you set a budget, start saving in order to have enough money by the time you are ready to do the first deposit. Also, calculate the EMI in advance, this will help you plan better and let you know where you need to cut down the expenses.
In a nutshell, the key factors that you need to focus on before finalizing your home are — Budget, Planning, Research, Building Relationship and Savings. In the process, you might come across many other issues that will test your patience,at the same time the striking advertisements and misleading promises might steal your attraction. Now that you are a smart buyer, it can be assured that you are ready to deal with both mighty and puny issues that will stand in between you and your aspirational home.DEL2