If you are buying a house for the first time, then keep these 5 things in mind

Orhan Wadia
Orhan Wadia  - Editor
4 Min Read
Credits: wallpaperflare.com
Buying your home is one of the most important decisions in life. People make plans to buy a house, especially in cities, because it is not easy to build a house there due to non-availability of land. In such a situation, people prefer to buy flats/apartments in a ready-made society or building. At the same time, many people do not like flats or apartments, so they look at the option of buying an independent house.

emotional as well as financial

First of all, know that buying a house is an emotional decision for everyone. It gives people a sense of emotional security. Apart from this, it should also be kept in mind that buying a house is a big decision financially. It is not possible for everyone to buy or build more than one house. In such a situation, when buying a house for the first time, it becomes necessary to take care of many things.

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The most important is the right location

Location is the most important factor in buying a house. Not buying a house in the right location can prove to be a big mistake. Where you are buying a house, if there is less habitation, there is no adequate system of public transport, there are no facilities like school-hospital, then do not buy a house in such a place because it is cheap, because it will increase your transport cost and time too. will be ruined. Also, the cost of the property will also not increase. Take home such a place, where there are more chances of development. Before buying a house, check the location thoroughly.

Do these preparations about the loan

Usually, a down payment of 10 to 20 per cent of the cost of the house is required. Bank finance the rest of the money. You can also take a home loan for the construction of a house. It is better to take pre-approval from the bank for home loan. Banks assess your loan repayment capacity and tell you how much loan you can get. With this you can find a house in your budget. Also, the down payment is also known. If you talk to four-six banks or NBFCs, then you can get a better deal for the loan.

Manage these expenses first

There are many other expenses involved in buying a house. Such as registry, maintenance or other charges. Know about all these in advance. Make arrangements for the expenses that have to be incurred in addition to the loan. Many people take personal loans for downpayment and other expenses, which pushes them into the debt trap. Avoid this. Avoid hurrying in buying a house. First arrange the rest of the money, then prepare to buy the house.

Don’t blindly trust the builder/dealer

Don’t blindly trust the builder or property dealer. There are lakhs of people who had booked a house or flat several years ago. Even today, he has not got the possession of his house. In such a situation, on one hand they are paying the loan installments and on the other hand they are also paying the rent. In such a situation, the financial condition of the people becomes unstable. For this reason, it is better to do your own research than relying on the word of the builder or property dealer.

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