Planning to buy your first home? Here’s what you need to know before spending your money

Buying a home is like a dream come true, especially when it’s your first home. It is one of the most significant once-in-a-lifetime financial decision which can be both exciting and stressful. But with these mixed feelings, you might end up taking the wrong decision that may land you in big trouble. 

To make the right property decision here’s what you must keep in mind for a hassle-free experience:

Review your financial situation: Before you begin with the house hunting process it is imperative to understand your financial situation, whether you will be able to handle the monthly mortgage payment. Since buying a home is the biggest financial decision you will ever make. Take a close look at your budget and seek help from loan consultants especially if you are a first-time home buyer and then apply for a home loan depending on your financial budget.

Check your credit score: Once you have determined and made the final decision of buying the property you must be aware of your credit score. A credit score evaluates your credit worthiness which is based on your credit history. If you are applying for a home loan the lenders will rely on your credit score. Scores above 750 are considered to be excellent while the scores ranging between 700-750 are regarded as fairly good. In case you have a poor credit score (500-600), you can improve it by paying off your debts. This will further ease out the process of applying for a home loan.

Selecting the right location: Once you have determined your budget, the next step is selecting the right location. The major factors you must consider while considering a location is the accessibility to basic civic utilities such as schools, hospitals, grocery stores, connectivity and social infrastructure of the locality. The other factors that you can consider while selecting the locality include:

  •    How safe is the locality for a living?
  •   Are the internal and external roads well structured?
  •   How is the transportation facility? 

Find a good agent: When it comes to buying the first property, buyers usually prefer consulting an agent to make the right property decision before investing their hard-earned money.  While hunting for a property it is important to find a reliable real estate agent who can help you find a suitable property that fits your budget and matches your requirements. You must always consider a licensed realtor who is well versed with the locality. Wealth Clinic is one such real estate firm which is regarded as the most reliable and trusted realtor in NCR. We at Wealth Clinic believe in building long term relationship by offering unmatched advisory services to cater to the home buying needs of the property buyers.

Developers credibility: Before you finalize your dream home you must be familiar with the builder’s past experience. To ascertain the developers market reputation and track record there are several ways in which you can check its credibility. With the implementation of RERA Act, real estate has become more transparent. As per the act, it is mandatory for the builder to update all the relevant information about its projects online along with its RERA registration number. You can visit the RERA website and check whether the project is registered under the act. Furthermore, there are several other sources for instance: real estate portals, social media platforms, google reviews from where you can read about builder’s reviews by the customers. This will give you a holistic idea about the developer’s credibility.

Buying a first home is a daunting task but before you get into the process of property buying it is essential to examine what all you will need to consider before making the purchase.

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