Owning a dream house is an aspiration of every individual, but working towards it can become quite overwhelming. It requires a lot of financial commitments and consistent sources of income to make this dream come true. Especially as first-time homebuyers, individuals must be extra careful and have an in-depth understanding of the associated processes while making substantial financial investments. You can also go through the first-time home buyers guide to figure out the time, efforts, and commitment required to invest in your dream house. Considering the complexity of home buying processes, here are a few valuable tips that can make a process a little easier:
Tip 1: How Much Area?
Several aspects are dependent on the area of the property, like its price. Therefore, your budget or the loan amount you are willing to take speaks a lot about the area you can afford. Consider the number of daily members who are going to reside in the house and the possibility of having guests while chalking out the number of bedrooms. Furthermore, if you are buying the house from an investment point of view or for self-use also makes a huge difference while deciding the property’s spaciousness.
Tip 2: Which Floor?
If you consider buying an apartment in a building, you must know that the price of an apartment on each floor will differ. The rate per square foot of an apartment increases as the number of floors increase. Therefore, if you go for a first-floor flat rather than a higher one, you will end up paying lower prices than other apartments. Similarly, the apartments with a terrace on top of the ones at the corner are sold at higher prices. The home buyers may also use the mortgage loan calculator available with Preferred Rate to calculate the monthly EMIs associated with the shortlisted apartment and make the best move accordingly. Keep this in mind while choosing an apartment in a multistory building.
Tip 3: What Amenities Are Offered?
The launch of modernized equipment to be installed in the housing complexes has revolutionized the modern housing black prints. The amenities like gyms, spas, swimming pools, clubhouses, etc., have become the basic requirements for home buyers. However, as the cost of these amenities is borne by the homeowners, it certainly increases the overall cost of the property. Thus it is essential to weigh the amenities carefully and do not spend undue amounts on unnecessary amenities. For example, if you live in a city whose weather remains cooler most of the year, having a swimming pool as an amenity will be an unnecessary financial burden. In addition, you must be aware of the basic amenities that shall be essentially included, like parking areas or garages, etc., while looking for a perfect residential property.
Tip 4: What Is Your Location Preference?
Considering the size of your family and the age group of family members, you shall come to a conclusion regarding the locality of the property. If you have kids with you, look for the location having schools, hospitals, city parks, and decent neighbors around. Furthermore, there must be good access to public transportation like metro stations or bus stops nearby for easy mobility.
Bring the above-mentioned tips into practical implementation while choosing your dream house as a first-time home buyer!