The first time doing anything can be a challenge, more so when you are dealing with the real estate market. But if you are aware of valuable information about what you are dealing with, chances are you will find an amazing house. As a buyer, you need to be constantly on your toes and stay updated about the latest happenings, especially with the kind of volatility in today’s markets.

Your first home purchase warrants a comprehensive first time home buyers guide to help you through the purchasing process. Let’s take a look at this checklist for buying a new home-

Checklist for First Time Home Buyers

Realise Your Requirements

As a first-time home buyer, the first thing you need to do is figure out your requirements. What kind of property are you looking to buy? Will your current family fit into the new space? What sort of financing would you prefer? These are just some of questions you should ask yourself before you start looking for a property.

Identify the Locality

Once you know the exact property type you are looking for, you can zero-in on the locality next. Since buying a house is a long-term affair, you would want the locality to be somewhere your family can thrive while experiencing comfortable living. You can look for properties that cater to your family’s specific needs, which include the presence of schools, hospitals and shopping avenues in the neighbourhood. Also consider your potential home’s proximity to your workplace.

Lookout for Reputed Buyers

Buying a new home from a builder directly, without involving a realtor is a smart way of saving money on commission. But remember that, unless you have concrete knowledge of the real estate market, it’s not advisable to venture out on your own, especially when you are a newbie buyer.

Define Your Budget

Another thing to keep in mind while property hunting, is to limit your search to properties that fit your budget. Setting a budget prior to the purchasing process, enables you to save unnecessary expenses, since you might be tempted to buy a property that is beyond your financial capabilities.

Smartly Finance Your Purchase

This is one of the most essential factors when considering what to look out for when buying a new house? The way you finance your house will have a major bearing on your financing spending for at least the next decade. The intelligent thing to do is to analyse the options and choose the perfect financial service provider. Bajaj Finserv, for instance, offers Home Loan at lowest rate of interest in India and makes for a lower interest accumulation.

Consult an Expert

For inexperienced home buyers, getting help from real estate experts shouldn’t be a tough choice. Buying a new home without a realtor is not recommended to first-time buyers since they can miss out on a great property or price because of their ignorance. Also a realtor can provide you with the house of your specifications without you having to move a muscle.

Inspect the Property

If you like a particular house, don’t directly buy it. Building a new home inspection checklist is an essential step in the home purchase process. Take a careful look at every nook and corner of the house to identify any damage that might cause you trouble in the future. Also keep an eye out for pipe fittings and fixtures to ensure that everything is in proper shape.

Negotiate Extensively

Another important tip to remember while buying your first home is to negotiate with the seller. While being too forceful is not advisable since that can drive the seller away, you should stand up for your right to fair prices. State clear points as to why you think the property should be priced at a particular level and ensure that you bring the rates down to a desirable level. Unless it’s a house you really want, there is no point in paying excessive money.

Keep Your Documents Ready

Keep all the necessary documents ready, both for purchasing the house and acquiring the loan. This ensures that you don’t waste time on procuring the documents when you need them the most. Also make sure that all the legal formalities involved with the purchase are taken care of and that you have a valid contractual agreement with you.

Once you have selected the property, you can look for sources to finance your purchase. One of them is Bajaj Finserv, which provides Home Loans with part prepayment facility and nil foreclosure charges. What’s more? You only incur a processing fee of 0.8% when you apply online.

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