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10 Best Tips For First Time Home Buyers In India

Home Buyers In India
Having a space that one can call home has always been a dream for everyone. Owning a home in any part of the world is a big thing, but for Indians, it is a bigger deal to acquire space and call it their own as India is a big and expensive country to live in.

Buying a property in India is a big deal. Today, staying in India has become expensive, whether you stay in an apartment or a boys hostel in Mumbai, everything is expensive. In the midst of this, finding the right and reasonable deal for yourself can be tough. But once you find it, going about the process without ruining anything is much important.

India is huge and has space for everyone but it is important to always keep a few things in mind before going about buying a house for the very first time. Before buying a home, there are certain things a person must think about.


The 10 most useful tips for a person purchasing a home for the first time are:

purchasing a home


1. Affordability

A lot of times, people get carried away and spend more than they can afford to. It is important to always keep in mind one’s affording capacity. Spend only if you can afford to spend. When you buy a house, you need to maintain it as well.

The upkeep of the house is an important factor which needs to be taken into consideration. Hence, look for a place that you can truly afford so that you can live there without having to shell out more than what your income is. 


2. Understand Your Needs

Buying a house and understanding your needs pertaining to that house can be extremely complex. Some people prefer houses on higher floors while some like to be on the lower floors. There are a range of options that we must consider. Everyone has different needs and different preferences. One needs to be extremely clear about these things before buying a house.


3. Agreement With The Builder

Every first-time buyer needs help when it comes to the selection of space and ways to go about buying a particular space. The role of the builder is therefore extremely important. A formal agreement needs to be made with the builder which should most importantly include the contract which is signed by the party. Nothing should be done verbally. Everything must be done in accordance with the given contract.


4. Location

It is extremely necessary to buy a property which is located in just the right vicinity. The basic needs must be taken care of. It is always important to have at least a hospital and a shopping center around. A home where everything is conveniently around is useful. Some places have a movie theatre, a park, a mall around too which serves as good entertainment once in a while.


5. Do Small Things Yourself

Before buying a house, one must take care of the smallest things and it is better if a person does those small things himself. It may be a job as small as painting or making sure that leakage has been fixed.

Decking and flooring are important jobs too that are small in nature and can be handled by a person easily. One must try to save as much money as one can. Unnecessarily spending money on things just adds to the expenses.


6. Budgeting

Buying a home is no small feat. It is a major milestone as you can call a space your own space. This gives people a sense of responsibility and attachment. Along with the responsibility, comes a sense of independence too.

People are free and independent and can do as they please. It is important to not get carried away and make sure that you budget your expenses and needs properly. You do not want to spend more than necessary.

Hence, budget properly and allot funds according to the necessity of the item. 


7. Financing

Financing plays a major role when one buys a property. When you go to the bank to ask for a loan, you must be extremely careful of their terms and conditions and what is written in their fine print. Instead of dealing with confusion, later on, one must be prepared and well informed in advance. 


8. Documents

Documents are proof that a particular space is yours and hence it is important to have them made and to have possession of them. Usually, documentation involves a legal entity to be involved for the purpose of precaution and credibility. Having documents made is a must. It must be kept safely for future use as well.


9. Never Rush Things

It is important to note that owning a home is not an easy process. A lot of money, time and energy is devoted and thus it is necessary to get things done correctly and without any rush. This is a big milestone and rushing things will only ruin things. It must be done slowly, making sure that everything is being done correctly, without any mistakes at all. This is one of the biggest things in your life and getting this right is a priority.


10. Understanding The Market Pricing

A lot of builders fool their customers. Hence, it is important to study the market well and in detail. When you are going to buy a home, you should be aware of how much an average carpet area costs or an average per square footing is priced.

An approximate figure must be known. You should not go home hunting with absolutely zero knowledge. What amenities are provided, what are the basic facilities that have to be there, all these are things that you must know before you even have a conversation with the builder.

Hence, find the right space for yourself and make sure you go through all these checklists before you purchase your first home in this vast country. It is a big step, but if done right, it can be the best decision of your life.

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