Buying your first home is an exciting experience since it marks a significant milestone in your life. However, being a first-time homebuyer, you will have some apprehensions regarding the nuances of the process. So, making an informed decision is essential.
Investing in a home requires substantial capital, but you must keep a few aspects in mind before going into a home-buying frenzy. Firstly, the market plays a huge role in determining the ideal market value for real estate property. For instance, if you choose an ongoing project, you must do all the due diligence required, such as checking the site plan, registration of the project with the proper authority, and other compliances and amenities around the project. In addition, you must have an idea of the connectivity, accessibility, and current market rates in different locations. Such information will empower you to make an informed decision to seek the most lucrative property.
Before purchasing a home let’s talk about some of the advantages of owning a house. Many factors work in your favor once you buy a house. Some of these include
- Tax benefits for first time home buyers under Section 80EE of the Income Tax Act
- Wealth management
- Financial security and stability
- Variable property
A comprehensive guidebook for first time home buyers:
- Research the real estate market. As a new home buyer, it would be best to have a comprehensive overview of the market trends, reputed builders, their respective projects, comparative analysis of loan and interest rates.
- Review your spendings and make a financial record. Track all your monthly savings to devise a plan for your mortgage payment.
- Your credit score plays a huge role in the evaluation of loan rates. The better your credit score, the more favorable loan rates you will get.
- Doing everything on your own gives you an edge in determining your home loan possibilities. However, a real estate professional will provide you with professional advice to ease the process.
- Refer websites for a broader view of the properties and shortlist them for physical home hunting.
- These are the fundamental steps of buying a house. Once you have everything in place, you have to compare the best real estate projects that are within your budget. You can get many other offers and discounts on premium projects that can be fruitful for your mortgage.
Last few steps before buying your new home:
Reputed real estate agents get the job done seamlessly
Appointing a reputed real estate agent eases the home-buying process. They help with proper due diligence, registration, and negotiations to get you the final possession of the property.
Legal property documentation
The builder-buyer agreements and other paperwork must be signed by both the parties with registered and stamped with the RERA authorities. Check whether all the legal papers are authentic and contain all the clauses. Consult a lawyer to understand all the compliances and nuances involved.
The takeaway
Before making your financial plan, you must consider all associated costs such as real estate commission, registration, stamp duty fee, early maintenance charges, GST charges, etc.
When buying a new home, a first-time home buyer needs to have foolproof research to help navigate the real estate market. And further, help you in making an informed decision. For first-time homebuyers looking for premium luxury apartments in Bangalore, the upcoming real estate project, Bollineni Astra, with its wide range of 2 and 3 BHK apartments in Bangalore, is the best option for property investment. Bollineni Astra has been designed meticulously to cater to all your needs and allows you to live a luxurious life with all the exotic amenities you can find. Contact us now!
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