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Buying your first home

Home, in today’s world, is most often a flat which is generally a part of a small or large society of number of other co-existing flats. And if you are buying your first home or flat, then you surely will have many questions which exist in the mind like numerous confusions.

In order to shortlist the perfect flat, you need to answer a few questions first.

 

What is my budget?

While buying a property, you may opt to pay the entire cost from your savings. Then, that particular part of your savings become your budget.

You may also decide to pay proportionately a part from your savings and the rest through home loan. This way, your budget is the total of = a part of your savings + maximum home loan eligibility as per your income criteria. Generally, any financial institution funds up to 80% of the property value.

 

How many BHKs do I require?

BHK stands for Bedroom – Hall – Kitchen. You need to actually decide how many bedrooms do you need today. Also, it is ideal to foresee, how many bedrooms does your family need in next 5 to 7 years as it does not become easy to buy a home twice in a decade. Thus, you know your basic need and also your need in future. Most ideal would be to have one extra room if you can afford today.

 

Where should my home be located?

Location of your home is a matter of concern to everyone in the family. From a child to the eldest family member, all need to be thought of while deciding on location. Nearness of school, local market, healthcare, public conveyance, your work-place  etc. play the most vital role in deciding where to buy your home. Your budget might not permit all these requirements to get met together at a single location. Then you have to decide who all in the family can afford to travel a longer distance on a regular basis and who cannot. Accordingly, you may decide on any particular location or multiple locations as per your permissible budget.

 

Which amenities and facilities are needed by my family?

In amenities and facilities, there are some which are most basic needs for any family. And there are also some which are actually luxury. The basic need might be a community hall for hosting small get-togethers for your family. And luxury might be a swimming pool which you might seldom use once in a year or might use only when you are at a resort on a vacation. You have to understand what is your most minimum requirement here as, otherwise, this search might land you either outside your budgetary zone or distant from your preferred location.

 

How will I search my dream home?

Once you know what to search for, you need to clarify yourself on how will you search your dream home.  Earlier, to buy a home, people used to seek advice from people who know about property or who have bought a property in recent past in their known circle. Today, you have many options.

In the age of online shopping, you have the option of numerous property portals where you can search as per basic needs, location, budget etc. This way you may sort properties as per your requirement and then you may get in touch with their contact persons for further details or to visit the properties physically.

Another option could be to get in touch with any established property consultant who will cater to your needs as per your budget to offer you the best of the options in your preferred locations. The personal guidance of the trained and experienced staff of an organized real estate agent could be very helpful while buying your first property.

Many people say they prefer buying real estate offline over online. However, in today’s age, even most property consultants have their own websites. So, their online consultation is also quite easily accessible now.

 

Thus, now you know what to buy and where to buy. So, happy buying your dream home!