Home Buying Tips for “First-timers”

Home Buying Tips for “First-timers”

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Buying a home can be nerve-wracking and thrilling at the same time, especially if you are first time home buyers. It is actually difficult to know what you expect. The learning curve here can be steep, but many of the issues can be resolved by doing little homework. When you are buying an apartment for the first time there are a lot of factors to be thought over, but there is nothing to be stressed about. Thoughts of having those ultra-luxurious homes might be dancing in your head, but you don’t want to be carried off by a dream and left with some serious bills. Buying an apartment will probably be one of your biggest investment, so instead of making an impulse buy, arm yourself with thorough research and a few quality advisers.

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These are the points you should consider while purchasing a property for the first time:

Selecting the right Location

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Selecting the right location plays a very important role when buying a property. Also, it has to be made sure that the location you are investing has the potential to grow in the years to come. The property prices in the areas which are pre-established tend to come to a standstill after a particular period, especially when the scope of development is minimum. Understanding the potential growth at an early stage will help you crack a good deal. If you are planning to rent out your apartment then choose a location where you can get maximum tenants. One of the best tips is to make sure that the area of investment is in great demand so that the rental returns are high. Areas nearby to the airport, railway stations, and commercial park centers command higher rents as they possess a greater scope of development.

Amenities

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If schools, colleges, hospitals, entertainment hubs, fitness centers are within the proximity of your property than the value of the same increases. And if such general conveniences do not exist then make sure that at least there is a scope for expansion in the property that you are planning to buy. The builders today are developing complexes that offer swimming pools, parks, clubhouses, and gym, they also make sure that hospitals, post offices, office spaces and restaurants are in the vicinity, keeping in mind the needs of the modern consumers.

Public Transport Facilities

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While purchasing a property, the one factor to be kept in mind is that the property should be well connected to all the public transports available here. This will also fetch you higher rentals, ensuring you a great return on investment. Also, keep this in mind that you don’t buy a property right next to the public transport as the noise may create disturbance.

Choose a Reputed Builder

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While buying an apartment make sure that you choose a reputed builder, as the success of buying the property rests in hand of the builder you deal with. Choosing a wrong builder can lead you to disastrous consequences such as, not delivering the project on time, amenities not as per the agreement or rejection of loan by the bank due to the bad goodwill of the builder.

Budgeting

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A budget needs to be set while buying an apartment. One has to be practical and analyze the finances as to how much finance you already have and how much external finance will be required for buying that dream house. A proper financial planning needs to done, to meet your short-term as well as long-term objectives. You should be left with at least some amount, to cater various other needs or emergency. Taking a home loan can be a good option, but make sure you choose wisely.

Make sure that you use these tips before purchasing a property. They will surely help you gain high returns on investments and make you feel financially secure.

Do’s and Don’ts while buying your dream home!

Do’s and Don’ts while buying your dream home!

 

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Firstly, Congratulations! you are finally on your way to buy that dream abode. As any new homeowner will tell you, the experience of buying a home is an overwhelming one. Making an investment in buying a property is considered as a major financial move, so before you invest a huge chunk of your hard earned money make sure you are aware of the benefits it will bring to you in the future. We at Realty Redefined, help you out with the Do’s and Don’ts while buying a property.

Do’s and Don’ts while buying a property:

Do hire a real estate agent

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Well, hiring a real estate agent is not always necessary while buying a property but, it is highly recommended if you are first-timers. Having someone who has a fair knowledge of the real estate market leading you throughout the process could take a huge weight off your shoulders.

Do check the Location

Do check the Location

Location plays a crucial role when it comes to buying a property. The farther you are from your workplace, the more you will end up spending on your commute. Buying a property which is just a walk away from your workplace will make your daily commute short, less expensive and will also save a lot of time.

Do consider your potential tenants

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If you are someone who is making an investment to lease it out then you should consider locations that most people find appealing. The point to be kept in mind is that it’s not your home, but potential tenants. Find a home in an area which is close to public transport, corporate offices, schools and colleges, as it is preferred by a lot of people.

Don’t get overwhelmed

It’s totally normal to feel excited especially when you are a first time home buyer. However, it is best to stay calm and measured during the process of negotiation to avoid paying too much of amount or missing out on an opportunity to negotiate more favorable purchase conditions. Be it your first time or second property investment, the most important thing to be kept in mind is whether or not it will offer you a good ROI, if not, just leave.

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