First time home owners? Here’s what you should know

Buying a home is an extremely important decision and does not happen in a day. Before buying or even shortlisting a place, a lot of things need to be taken into consideration. After all, for most of us buying our dream house happens only once and that decision or the entire home buying process shouldn’t go wrong. Here’s a list of tips for all the first time home buyers.

1.Start saving for your dream home:

Needless to say, whatever you are buying- whether they are apartments in Whitefield or flats in Horamavu, you will need money. Right from the time you are booking the property to moving and settling in, money is the primary requirement. So, when you know your plans for the future, you should start saving up early.

Before you even start saving for your future home, make an estimation of the expenditure in the entire process. Include all major costs- Real Estate Agent Fees, Real Estate prices in your favourite area or city, and Interior designing charges. You should also save proportionately for each segment such as amount for deposits, down payments, etc.

2.Make a list of all that you desire:

Once all your savings are in place it is time to choose the dream home. Of course you do not want anything to go wrong or make the wrong decision. Hence, it’s important to take several factors and every family member’s wants, likes and dislikes into consideration. Let’s say you have a baby in the family who will eventually grow up and have to go to school. You wouldn’t want your kid to travel long distances to reach school. Or if you are a fitness freak then there is no point of buying an apartment with no outdoor amenities. To avoid any problems in future it is advised to make a list of all you desire and then look for homes accordingly.

3.Compare all options:

There is no need to rush through it. There will be multiple instances or scenarios where you will instantly fall in love with a property. But don’t ever make your final decision without checking all available options from the apartment builders in Bangalore or comparing prices and amenities. After all, you do not want to regret later.

4.Keep finances and paperwork ready:

Once your savings are in place you should start working on your other documents. Buying a home means a lot of registration, several documents and a lot of processes. You might want to be prepared for all of it. So before planning to buy a home, do go through loan terms and ensure everything is in place.

5.Get a Home Insurance:

Finally when you have decided which place you want to buy and have started the buying process, it is time to get everything insured. Do consider insuring your home and home loan for a secure future. One might think of it as an extra unnecessary expenditure. But it is not. It’s always a good thing to play safe when you do bigger investments.