Buying home first time? Read these amazing home buying tips

Buying the home for the first time?  you need a lot of caution and due diligence before signing the home buyer’s agreement. According to the recent research, there are two  pre-established notions about the real estate buying

1.  Most of the time First time home buyers prefer ready to move in property over under construction properties:

This can be seen as a paradigm shift as far as first time home buyers psyche is concerned. Not so long ago, people opted to buy under construction properties as they were more affordable but now possession delay has pushed people to consider ready to move in properties.

More- Buy and rent 2-BHK flats in Jaipur

Ready to move in flats have an extra advantage in the form of rental saving and income tax deduction up to 2.0 Lac p.a. Interest paid on a house loan. The sole concern with Ready to move in accommodations is that they are pitched at higher prices in comparison to under construction properties.

2. Price and Prime Location are two most important purchase considerations for first-time property buyers:

Budget and prime location and bare the two most important points that are considered by first time home buyers. “Price” stands the top purchase consideration. Location comes second as an important point for buying any property. Other considerations were Connectivity to public transport, Proximity to work and other amenities, Builder Reputation, and Size.

There are certain tips that will guide you as you finalize the most important investment.

1)    Financial Planning

it is very important to have proper financial planning before you make the decision to invest in real estate. The foremost stair is to brush up all the current financial obligations like life insurance, student loans, or whatever other allegiances to obtain an idea of your monthly income. Your budget for buying your home should be based on how much money you can yield to set away for the EMI of a home loan.

Besides the EMI you should bear a sizable savings account that can compensate for the additional incidentals such as stamp duty, registration, car parking, clubhouse charges and other sundry charges by the constructor.

2) Assess Your Future Needs and Goals

When deciding to invest in a property, it's important to not only have a clear picture of your present needs but also take into account your future needs and goals. What exactly you are looking for in the property? some just look for a home for there family, some capital appreciation through a long-term investment. When one invests they should be clear about our goals to ensure the informed choice.

3) Learn About Different Interest Rate Options

   First-time property investor has A common dilemma between a fixed rate of interest and a floating rate of interest. A consumer has to choose between peace of mind by opting for a secured home loan where the interest rate stays constant during the entire loan tenure and does not change with market fluctuation or should they hire a risk by going for floating loans.

In this scenario, the interest rate is dependent on the market and fluctuates according to the economic state of affairs in the state.A new selection that is rising in popularity is the fixed-floating home loans that occur with a defined interest rate in the initial years and floating rates thereafter. This selection gives customers stability on their EMIs outflows for the first few years, therefore helping them plan finances better and offers security against future fluctuations in interest rates.

4) Improve Your CIBIL Score

CIBIL TransUnion Score plays a decisive part in the loan application procedure. Later on, an applicant fills out the home loan application form and hands it over to the lender, the credit score and credit report of the applicant is immediately arrested. If the recognition score is low, the lender may not even see the application further and eliminate it. Nevertheless, if the applicant possesses a good credit score, he is considered credit-worthy and this betters the chances of the loan being approved. A high CIBIL score also can clear the loan available at a cheaper interest rate.

5) Go Loan Shopping

Shopping around for a home loan will afford you a great market insight and aid you choose the best-suited financing option. Comparing loans and negotiating with banks can deliver you a great deal of money.

6) Research Locations

Location is another key factor to consider before making an investment. It is always prudent to buy in a high-growth region where there is potential for growth and subsequent capital additions. Keep things like connecting to business areas, proximity to educational establishments, malls and hospitals in mind.

7) Property Search Route

Today’s busy schedules, sieving through the market and gathering information can be an intimidating undertaking.

Understanding this challenge, Highprofileindia.com has designed a tool to lead you as you navigate the property markets. You can contact their agents on (+91) 9829010144 to get the desired property.

8) The credibility of the Builder

Before purchasing a property one should count into the credibility of the constructor. This essentially means checking on the developer's past projects, their previous projects, quality of construction, the rate of appreciation in value, current demand in the securities industry and a number of future projects that are being undertaken.

9)  Learn the difference between sq. feet, built up and super built up

During the purchase of a flat/property, there should be no ambiguity related to carpet area, super built-up area and super built-up area. The carpet area is the space available for flooring a carpet, the super built-up area is the carpet area, including the wall, balcony space, and other areas. The super built-up area is the super built area plus the corridor space. It also admits the area for common use like lobby, lifts, staircase, etc., Garage and back street. When you are buying it is important to ensure that you are paying for the carpet area and not for the super built-up area that sometimes has a loading of nearly 30-40 percent.

10) Allotment Letter    

At one time you have chosen a property and made the initial payment, you will get an allocation letter from the constructor. This allotment letter includes the details of the property that has been allotted to you such as the like flat number, area, price the payment details, any extra charges levied to you amenities such as car parking, club membership, and maintenance charges to be levied at the time of occupancy.

11) The Sale Deed

A sale deed is one of the most valuable legal documents in a purchase or sale of a property. It is governed by the Registration Act and is an important document for both the purchaser and the vendor. The purchase or sale of the property is not legally complete until a sale deed is signed between the purchaser and the vendor. Usually, a sale deed is signed but after both, the parties are satisfied and comply with the terms and conditions as stated in the correspondence.

12) Verify All Legal Documents

There are many important legal documents without which the sale of a property is not complete. It is the responsibility of the buyers to verify all these documents and assure that they are duly signed. Some of these legal documents include- share certificate, sale agreement, sanction plans, encumbrance certificate, and so forth

13) Possession And Registration

The concluding step in that will complete the purchasing process is the Possession And Registration

Possession is the physical transfer of the property but is not sufficient to establish a legal transfer of ownership. Buyer needs property registered in their name with the local authority, with the seller documenting that the property is being transferred to you. At the time of registration, you will also have to pay a stamp duty which is a government tax levied on property transactions.