TomorrowMakers

So, you've decided to finally buy a house? Your first house? Here are things to consider as a first-time homebuyer to get your hands on the best deal possible.

Tips For First Time Home Buyers' That Nobody Told You.

Buying your first dwelling is exciting and a memory to cherish. Is it totally normal to be completely lost and confused over where to start? Or have you made mistakes when you bought a house the last time? To prevent repeating the same mistakes and to snatch the best deal, here is a list of things to keep in mind.

Also Read: 9 Important Documents You Will Need While Buying A House

Must-Follow these Rules While Making An Investment In A House

● Budget Is Your Friend: It's well known that buying a house is costly. It's a huge investment that requires a lot of money. Price range is an important factor. So, sit down and calculate how much you can afford to spend on your ideal property. 

● House Types: After setting a budget, it's time to decide what kind of dream house you want. Is it an apartment? A mansion? A house with a rooftop and a garden?

● Get A Trustworthy Real Estate Agent: Finding a good real estate agent guarantees that you'll get better deals. Your agent will be responsible for finding out the best buying options that satisfy your needs and meet your budget.

● Ask Questions: During house hunting, don't feel embarrassed about asking questions. Ask whatever questions you have. Ask about special deals, negotiations, and quick move-in options.

● Neighbourhood And Location: Make sure you check out the locations before making the purchase. Talk to the residents to find out about safety, the crime rate in the area, and the availability of electricity and water, among other things.

● Save Some Money In Your Account: After purchasing a house, many things will require money, such as fixing things, financial security, appliances shopping, so on. Be ready for unexpected costs that you might have to cover later.

● Home Inspection Is A Must: A pro advice is to get a certified home inspector on your side. They will check out the property and help you find flaws and extra repairs that are needed. That way, you can avoid purchasing a property that will require extensive repairs in the future. Finally, nothing is as it appears on the surface.

● Insurance: For every property, you must buy insurance that covers the expense of disasters. That way, you can ensure that the insurance will cover the cost of damage.

● Celebrating: Now that you've purchased a home, it's time to have a party. 

Also Read: 5 Important Questions To Ask Yourself Before Purchasing a Home

About Property Tax, Mortgage Payment, And More

  1. Percentage of tax, mortgage, and loans in India:
  2. The general property tax range is between 5 and 20% — which can vary from state to state.
  3. In public sector banks, the interest rates are as low as 6.50% which can reach up to 8.30%
  4. In private sector banks, the interest starts at 6.50% — reaching as high as 13.50%
  5. The secured loan interest rate is between 8.15 and 11.80%

Conclusion:

Keeping a few things in mind while purchasing your first house can make a big difference in the type of property that you get. Maintaining a stable credit score in the range of 690 and above will help you get housing loans. Don't forget to compare prices, and negotiations help to get a better deal.