By Runwal Group Posted Jun 18, 2018 In Property investment
Buying a new home is an exciting prospect, but it is also a major financial undertaking and lengthy process. If you are a first-time homebuyer, these handy tips and insights can help make the process of buying a new home smooth, easy and efficient.
1. Cheap is not always the best option: As a first-time homebuyer, you may be on the lookout for the most affordable housing options you can find. However, it’s important to remember that a low price often comes at the cost of a good location. Location and connectivity are all-important when looking for a home. Access to civic amenities like schools, hospitals, retail outlets, shopping malls, etc., and a safe and well-maintained neighbourhood are the most important features to ensure an enriched lifestyle and steady value appreciation on the property.
2. The documents are all-important: You can never entirely own the home that you have purchased unless you have all the legal documents with you. The title deed is an important document that confirms that the builder has legally sought permission to construct on this land, and that the piece of land is not a disputed one. The sale deed, encumbrance certificate, property tax receipts, layout approvals, etc. are some of the other important documents that you must keep with you.
3. Factor in the hidden costs: A home purchase entails much more than just the cost of the house and it is important to be aware of what these additional costs are. The registration cost, stamp duty, property tax, home insurance, expenses on furnishings, parking facility fee etc. are some costs to factor in and make financial provisions for.
4. A good credit score is key: Selecting the best home loan option can be tricky. Don’t always opt for the lowest rate of interest, as there could be some hidden charges there. A floating rate of interest can sometimes work out to be better than a fixed rate. If you want to expedite your home loan approval, then it’s important to first build up your credit score. A good credit score is the key to securing the desired home loan.
5. Home insurance is a must: As a first-time homebuyer, you may be tempted to skip signing up for home insurance because of the many other expenses you’re making. But keep in mind that home insurance should never be an option—it is a necessary part of the home buying process and it can play an important role in safeguarding your rights as a homeowner.
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