Tuesday 20 October 2015

What should First Time Home Buyers Consider before Purchase?

Planning to buy a house for the first time? Do you have the basic knowledge needed? Do you know what all you need to check on before taking a final decision? We have the answers to these questions. Learn about what considerations are required by a first-time property buyer.



What kind of home do you need?

You have a number of options to choose from - apartments, villas, townships, condos, etc. Every kind of house has its own advantages and disadvantages. Analyze which type of property is the best suitable for you. Are you single or a couple? Are you young or are you a senior citizen? Is there a possibility for family growth? Do you have any pets? Answer all these questions and you will be able to find the correct answer.

What features are you looking for?

This is your first dream project and you might be wanting a lot out of it. Make a list of what all you wish to have in your home. Check out what all is available and what you will need to install. Is there a possibility of installing further features into your home? It is always better to be flexible and make adjustments and compromises but, there are certain things you will really want to have in your house. These include a good location, a helpful neighborhood, size of your house, kitchen facilities, bathroom facilities, etc.

How affordable is the house?

Always analyze your financial condition before buying a house. Don't blindly believe that you have the amount for down payment and the rest will be  taken as a loan from the bank, which you would pay back through EMI every month. You don't want to put in all the savings you have in the house at one go. You need to analyze how much down payment you can afford and how much installment you can pay per month, by having sufficient money left for your monthly expenses and even more left for extra repairs to be made to the house or required in case of emergency. Only after preparing an analysis on this aspect, you can decide if the house you have chosen is affordable or not. Also consider your current job, current salary, any future increments and the permanency of your job. Apart form this, make sure you have all your other debts clear before taking a home loan so that you don't have to face problems once you have taken it up.

Do you need an expert's help?

It is always better to take some professional help if you are a first-timer. You must hire a real estate agent to help you with the purchase. He will help you find the best house in the best locality for you that will best suit your needs. He knows the market in and out, and thus will be able to help you strike the best deal for a property by negotiating well with the sellers. He will also help in the necessary paperwork and home loan formalities, and let you know if he finds a suspicious deal - something which you may not realize on your own.


Buying your first house can be a difficult process but, if you have proper planning and follow the above set of rules, it can be less troublesome for the future. If you are looking to buy a property in and around Bangalore, you can get in touch with MJR Builders a reputed name in the market, providing amazing varieties in studio suites, 2 BHK and 3 BHK apartments in Hosur, Whitefield and Electronics City Phase-1 areas of Bangalore.

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