Many people dream of having their own house, but turning the dream into reality takes a lot of hard work, proper financial commitment and diligence. If you are planning on purchasing a home for the very first time, you need to understand the process in depth. You need to compare various options in order to find the solution that best suits your needs. You must first set a budget and narrow down on the location in which you wish to purchase a home, enquire about the costs of acquiring a property in said location, and ascertain the costs involved with the construction/purchase of the property.
The Size and Kind of House
The size of your new house will be one of the biggest factors when setting a budget. You must also consider the number of people in your family as well as potential guest visits. You will also have to decide whether you will be using the house for yourself or as an investment. Considering these factors will help you determine the size of the house.
When it comes to housing, there are plenty of options such as studio apartments, independent houses, mansions, etc. You must choose the kind of house you wish to purchase based on your requirements. You also need to decide whether you want to construct your house from scratch, or if you want to buy a pre-constructed property. Another thing to consider when deciding on the kind of property you wish to purchase is the amenities. Housing complexes today have a variety of amenities such as gyms, club houses, spas, swimming pools, etc. These amenities come at a cost, though, so weigh your requirements and finances accordingly. For instance, if you have kids, it would be smart to invest in a complex that has a game room so that they have the amenities to keep them active and entertained. Parking areas must also be considered in case you own vehicles.
It’s all about Location, Location, Location!
In order to pick the right location for your new house, you need to consider your work location, educational institutions for your kids, if any, your daily routine, etc. It is also important to choose a location that has easy access to hospitals for medical emergencies. The ease of access to public transport is another crucial point to consider when choosing a location. You also need to take a good look at the neighbourhood before settling on a location. If it is a society or an apartment complex, pay attention to their rules and regulations when choosing a location.
It is crucial to check the builder’s track record and reputation before purchasing a house. It often happens that people purchase apartments by small-time builders and face issues later on. Make sure you pick a reputed builder so that you can live comfortably in your new house.
Financing your Home Purchase
Purchasing a home in today’s world has become very expensive. Most people avail home loans to fulfil their dreams of owning their first home. If you wish to do the same, you can approach a reputed bank or financial institution as they provide quick sanctions and disbursals, thereby helping you get the best deal. The tenure of home loans usually extends up to 30 years, so you can choose your EMIs depending on how many years of employment you have left to make sure that you are able to repay the amount borrowed. Besides providing you with the funds required to purchase your dream home, home loans also provide tax benefits on the principal repayments and interest payments.
Keeping these simple points in mind can go a long way towards ensuring that your first home is a great investment for the years to come.
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