Checklist for First-Time Home Buyers

Checklist for First-Time Home BuyersBuying a home is the most important investment a person makes in his life. Besides being a major financial transaction, a property also has sentiments and pride associated with it. If you are a first-time homebuyer, a number of questions must have crossed your mind related to the price, location and type of property. But where to find the right answers?

To help you in your first property purchase, here is a checklist for you:

Know Your Needs- This is the first step in planning a property purchase. You need to be sure about what you want and need. For example, what type of house do you want- a villa or a flat. You should also have a rough idea about the size of the house you need based on your family size and lifestyle. Other factors such as a preferred location (city or suburb), configurations, possession timeline, etc. should also be given a thought.

Plan Your Budget- It is most important to make sure how you are going to spend your hard earned money. Fix your maximum budget and stick to it. This way when you browse property alternatives you will have a clearer standpoint as to what you want. If you are going for a home loan, make sure that the EMI does not exceed 30 percent of your monthly income.

Market Research- To have a fair idea about which localities are better for having a residential accommodation, you need to analyze the market. Know about the condition of physical and social infrastructure in the area, connectivity facilities, water and sewage condition, etc. In case you are buying the property for investment purpose, you may want to know about the rental returns and value appreciation scenario in the locality as well.

Though agents and consultants are there to help you find your dream home, having thorough knowledge will always be a plus point for you and will help you pick the best from myriad options.