20 Must Follow Tips For A First Time Home Buyer
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20 Must Follow Tips For A First Time Home Buyer

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Acquiring a home – sweet home or rather building one has always been on top of the list of ambitions for every Indian. The beginning of the 21st century has witnessed significant growth in this ...

Acquiring a home – sweet home or rather building one has always been on top of the list of ambitions for every Indian. The beginning of the 21st century has witnessed significant growth in this trend with an increased supply of disposable income in the hands of young Indians.Buying a house is almost like marriage. It costs money and time, is forever and you have to live with the choice you made whether you like it or not. For someone who is taking the plunge, there are a whole lot of ‘things-to-do’ before you sign the final agreement.

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    20 Must Follow Tips For A First Time Home Buyer 20 Must Follow Tips For A First Time Home Buyer Presentation Transcript

    • Buying a house is almost like marriage. It costs money and time, is forever and you have to live with the choice you made whether you like it or not
    • For someone who is taking the plunge, there are a whole lot of ‘things-to-do’ before you sign the final agreement
    • Plan ahead Start building up a good savings balance once you plan on buying a house . Ensure you keep your credit record clean to avail hassle loans from a bank. #1
    • Research the market for the best deals that you can afford. Ensure you check on how much loan you can avail from the bank . Calculate how many monthly instalments you will be paying and include the moving costs in the expenses. #2 Budget your wants
    • Choose your location carefully. If you plan to start a family, choose a house near a school or playground. #3 Choose your location carefully
    • Before you confirm your decision, survey the neighbourhood about the prices of property, discuss with real estate agents and go through local newspapers about property rates. #4 Survey the Neighbourhood
    • Even though you are planning to stay in the house forever, survey the resale value of the property. If you change your mind later, you can always sell off the house if the resale value if high. #5 Check the resale value
    • It is essential that you choose the right loan for your house. Discuss the possibility with various banks. Make sure you get the best interest rates. #6 Choose the right Home loan
    • Once you have all the papers in order, offer your price to the real estate agent. If he doesn’t agree, increase the money but it should fit in your budget. #7 Negotiate for the best price
    • Decide if you want to go for basic or special coverage. Home Insurance is an important aspect of home-buying, so don’t ignore it. #8 Get a home insurance
    • Get the contract checked by an expert. Include contingency clauses in it so in case there are structural damages, faulty systems or if the property doesn’t live up to its price, you can renegotiate the price. #9 Get the home contract checked
    • Look for faults in the stairs, exterior walls, roof, doors, windows, cabinets. Inspect electrical components, flooring and countertops. #10 Do a final inspection
    • Insure your property and ensure you get best from insuring your property against fire, theft, and damage made by tenant or from other natural calamities. Have you insured your property? #9 We bring a new Feature for you to choose from a wide range of Semi Furnished, Fully Furnished and Unfurnished houses
    • Moving into your house will cost you money. Negotiate with various parties involved for the best deals. #11 Calculate the moving costs
    • Ensure you budget home setup costs as buying utilities and other odds and ends will eat into your budget. #12 Calculate the costs to set up
    • The home will need repairs on the outside. Decide on the most essential ones and deal with the rest later. #13 Check for repairs outside
    • Invest in a good set of tools to save on fix-ups, repairs and emergencies. #14 Buy a good tool kit
    • Change the old locks that come with the house. You may never know how many people may have keys to your house, if you continue with the old locks. #15 Change the old locks
    • Have you insured your property? #9
    • Invest in a good fire and burglar alarm. This will bring down the cost of home insurance as well. #16 Make your home fire & burglar-proof
    • You don’t have to buy everything new since you are moving to a new house. Buy only what is needed. #17 Don’t buy everything new
    • Ensure you avoid renovating the house right after moving, which increases your expenses. #18 Don’t renovate as soon as you move
    • You will need to invest in good furniture whether outdoors or indoors for your home. Account for this expense as well. #19 Invest in good furniture
    • Don’t claim needlessly on your home insurance. This will increase your premiums when you renew. One can save almost 20% on premiums by not making claims in the past. #20 Unnecessarily don’t claim home Insurance
    • CommonFloor.com is India's leading property search portal. On a mission to make property search hassle-free, transparent and fruitful; CF has best of breed property search on maps, property search mobile apps and an extensive section for knowledge resources and advice in real estate.