All The Basics You Need To Know As A Real Estate Buyer

by Priya G. Real Estate Business Expert

Finding the right property isn’t a kid’s play. It requires proper knowledge of the market and a clear understanding about the ‘basics’ of buying a home.

Many studies have found that home buyers looking for affordable flats in Ghaziabad, often lack the knowledge of some basic things that form the foundation for choosing the right property.

Hence, here are some ‘basics’ that you, as a real estate buyer, should keep in mind -

1. Buy, Not Rent

First of all, you should understand that owning a property is much better than renting the same. While the former is a one time investment, the latter requires you to pay regular monthly payments. In a way, these monthly payments are no less than unwanted expenditure. So, as far as possible, you must ‘buy’ a home.

2. Down Payment Saving

While purchasing a home, you need not to give the entire amount at once. There is a down payment facility, wherein you can pay a small initial amount to purchase the property. Also, you should make sure that you save for the down payment. You will obviously not purchase a home year after year. Hence, it is ideal to look for affordable, yet luxury apartments in NH 24 (or other localities) and save the down payment amount accordingly.

3. Basic Terms

To make the right choice, you should also be aware of few basic terms that are generally used in the real estate world. Some of the common terms include - Amortization, Cash Reserves, Equity, Home Warranty, Private Mortgage Insurance, Real Estate Broker, Title Insurance and so on.

4. Maximize Your Credit Score

This is one of the most important factors that you should be concerned about. Your credit score is the most decisive factor that determines whether or not, you’ll be able to get a mortgage loan.

To increase the credit score, you can do the following -

Pay all the credit card balances
Contact creditors for late payments or collections
Do not apply for any new credit

5. Search For Reputed Developers In Ghaziabad

Do not look for real estate agents, as they will quote higher price for the flats, just to earn good commissions. Search for builders or real estate developers, who are known to offer high quality township projects at very nominal rates.

Apart from these, knowing what kind of home would suit your family needs, how much budget you can afford to buy a house etc., are also very important factors, especially for a first-time home buyer. So, if you are planning to buy a home, keep these things in mind.