Navigate home buying
It is not always an easy process to buy a home. Buying your first home can be nerve-racking. As a first time homebuyer, you will navigate a process that might include uncertainty, excitement, confusion as well as frustration. But preparation and knowledge can help stay on the right track.
Buy your first home with confidence using the clear, detailed and actionable course. While you may be a bit confused, do not be afraid, as there are choices for the first time homebuyer assistance available to help you purchase your first home.
Here are 5 steps that can improve your chances of having a good home buying experience
Should you buy or rent?
The first question that comes to the mind is should you buy your first home or still live on rent? Check your financial standing before you make this decision. If you have calculated that you have enough finance to pay monthly EMIs for the home loan, then you can go ahead with the plan to buy a home.
Know your credit, and how to finance it?
If you think you may want to buy a home in the near future, the first most important step is to watch your credit. Familiarize yourself with your credit history and make sure your credit score is good with your credit report being accurate. This will give you enough time to deal with reporting errors in the report or improve your credit score before you are ready to buy it.
Now it is the time to answer, how to finance it? The first thing is to calculate the loan amount you are eligible for and the EMI you will have to pay. Then, you are required to select between a fixed loan or a floating loan. Do check if there is any hidden cost that may cause uncertainty. Go through all the documents to check, if there is an add on charges or any penalties.
Hire a good team; know your developer’s originality
Buying a home for the first time is a hard work. Get some professionals to guide you, and provide answers to your questions. Create a good team to help you, search for an experienced real estate agent, a reputable mortgage professional if you can.
A credible developer is necessary. At the time of inspection, do check the authenticity of the developer and even the agent. Check the reviews of the customers, and go through the testimonials that the customers have written for the developer. You can even check the credibility of the developer with the local police station, or the bank for the financial stability. If the developer is a company, go and visit the Ministry of Corporate Affairs website, and clarify all your doubts.
Legally secure documents
In order to protect yourself from the fraudulent practices, as well as to have proof of ownership, you must go through all the documents such as sales deed, approval plan of the building, conversion certificate, Power of attorney, Tax receipts, as well as Completion certificate and Occupancy certificate. If you are opting for ready-to-move in construction, then you should have the Occupancy certificate.
Inspect the home before and right before
You are making a huge investment, have it inspected by a reputable home inspector, to check how is the roof, the plumbing, the electrical and much more. Do not forget to go for a final inspection on the day of closing.
“That house you looked at today, and wanted to think about until tomorrow, maybe the same house someone looked at yesterday and will buy today”.