Things to look out for when buying your first home

A home is just not a brick and mortar structure. It is a sanctuary of hopes and aspirations. You have to invest you hard earned money on it. You will also have to pay the home loan EMIs for a greater period to come. In such a scenario, you would never want to make a bad choice that may make you lose on your investment.

Some Important things to look out for when buying your first home

Examine your needs of required space:

This is one of the most important things to remember. You cannot change your home very often. This is time and money consuming task. If you have not judged the need of space as per your near future needs, you may have to reconsider your decision again. This will cost money again in the form of fees, commission and property registration taxes along with various repair and fixing costs. If the markets are not good at that time, that also can make your decision to change house costly. In case you are planning to have more kids in future or may need larger space for other reasons, you must plan according to it.

Do not judge the book by its cover

A property may look very appealing, fresh and well-maintained from the outside but, it can be an eye-wash. Never judge a property only on its looks. The structural issues, technical imperfections, hidden repair needs are difficult to find. You must take the help of property evaluators to get the expert opinion. Check out to see an amazing condo that you could get that actually matches the outlook.

Seek professional help before making the final decision

Buying a new home involves many technicalities like lots of paperwork, contracts, and clauses. It is very important to take the help of professionals like property counselor and solicitors for this. They will be able to guide you so that you do not get caught in technical traps.

Prepare for loan and other financial arrangements in advance

This is a very important thing to remember. When you start property hunting, you will see many lucrative options. You will get many options of finance as well. It is important to understand the kind of finance you are going to take. Never bite more than you can chew. If you go for a loan amount higher than the banks are willing to give. You may have to pay higher interest rates and EMIs. These are toxic loans. They will make things very difficult for you in future. You may feel overburdened under the monthly repayment schedule. This will take away all the joy of buying a new home. Always remain in budget.

Fight tooth and nail for the best price

Bargaining for the best price is your right. You cannot give the asked price on the face value of the property or the builder. Always verify the current market price for the property from various sources. Examine your budget and then tell your final price. There are very high chances that you will get a better deal on that property. You can always take this chance. The sellers are ready to bargain.

Of course, there are many other things to watch out like the amenities, locality, etc. and you must verify them. This is a big decision and hence taking all the precautions will ensure that you do not have to regret a bad deal of such a big proportion.