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Buying that First House – What to Look for

Each one of us has our own concept of a dream home. Some can dream of having a lavish apartment bundle, for others it might be a countryside cottage or a bungalow and a chosen few would want to get a beach-side villa. Regardless of its type, buying property is almost always a monumental task which demands a whole lot of homework to be done by the purchaser.

Guidelines to get you started

Identify the sort of house that you would like: First and foremost, identify and decide the type of house that you are looking for. It might be a condo or villa, whatever your preference is. Speak with your family, seek their comments and come to a consensus on the house type.
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Decide upon the area: Involve your relatives in a discussion concerning the desirable area like centrally situated or suburban. Thus, shortlist a few areas. Consider factors such as home safety, space from your office or children’s schools, proximity to hospitals, train stations and other amenities while making this decision.
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Clearly define your budget: It frequently happens that in the process of buying something which we desperately want, we tend to overspend and regret the decision afterwards. To avoid this, it’s crucial that you examine your finances and define your highest spending limit so. Maintain the maximum limitation in your mind and let yourself a additional 10 percent margin for versatility. If you’re choosing a house loan, ensure the rate of interest and the related terms and conditions are something which you can manage.

Know the legalities involved: Regardless of whether you are purchasing a resale house or a new house, there are lots of legal factors involved that you will need to totally understand. Make sure you complete all the necessary formalities for property registration, stamp duty, property tax, and other details. If you have doubts about any legal obligations, it is sensible to see a realtor and get them clarified.

Consult with a realtor: In case, you’re confused about the whole home buying process, you can always take the help of a realtor. An experienced real estate agent will know the existing market conditions, available properties and prices, and will recommend options accordingly.

Study the construction quality carefully: This is something you ought to do, irrespective of whether you are purchasing an present house or a new home. Make sure the structure is strong, sturdy, and durable. Inspect the pipes, toilet fittings, ceilings, and electrical layouts. Do a background check on the structural integrity of the property contractor or builder if needed.

Know the complete area of the house: Many times, people are confounded about theories such as floor space, carpet area, built-up region, etc. Consequently, they end up making wrong decisions while buying possessions. Thus, it is essential that you understand these theories ahead, fit them with your property requirements and make an educated decision.

Make use of the Internet: These days, a vast majority of buyers use the web to browse properties according to their selection of area, budget, and conveniences. It is very convenient since you can see a number of properties in the comfort of your residence.

For first time home buyers, shopping around and buying could be a very tiring and cumbersome activity. Make certain you do a comprehensive research, inspect the house keenly, and negotiate nicely before investing in it.