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First Time Property Buyer? Here’s What to Look At Every one of us has a specific dream home in mind. Some can dream of owning a plush apartment suite, for others it might be a countryside cottage or a bungalow, and others would want to get a beach-side villa. Regardless of what we want for a house, purchasing property is always a monumental undertaking which requires a lot of homework to be done by the buyer. Guidelines to get you started Identify the sort of house that you would like: First and foremost, identify and decide the type of house that you are looking for. Find out if you are interested in a flat, a condo, a villa or a townhouse. Speak with your family, seek their comments and come to a frequent consensus.
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Decide upon the area: Involve your family members in a discussion concerning the desired locality with things like centrally situated locations or suburban home in mind. Thus, shortlist a few areas. Ensure that you shortlist a few areas as you consider factors like home safety, space from your office or children’s schools, proximity to hospitals, train stations and so forth while making this decision.
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Clearly define your financial plan: It frequently happens that in the process of purchasing something that we desperately want, we tend to overspend and regret the decision afterwards. To prevent this, it’s important that you examine your finances and specify your maximum spending limit accordingly. Maintain the highest limit in your mind and allow yourself a additional 10% margin for flexibility. If you’re choosing a house loan, ensure the rate of interest and the related terms and requirements are something which you may manage. Understand the legalities involved: Regardless of whether you are buying a resale house or a new house, there are many legal considerations involved which you will need to totally understand. Make sure you complete all the necessary formalities for land registration, stamp duty, property tax, and other specifics. If you have doubts about any legal formalities, it is sensible to consult a real estate agent and get them clarified. Consult with a realtor: In case, you’re confused about the whole home buying process, you may always spend the support of a realtor. An experienced real estate agent will know the existing market conditions, available properties and prices, and will recommend options accordingly. Study the construction quality carefully: This is something you ought to do, irrespective of whether you are purchasing an present house or a new home. Make certain the structure is strong, sturdy, and durable. Inspect the pipes, toilet fixtures, countertops, and electrical designs. Do a background check on the structural integrity of the property contractor or builder if needed. Understand the total area of the property: Many times, people are confounded about concepts such as floor area, carpeting area, built-up region, etc. Consequently, they wind up making erroneous decisions while purchasing possessions. Thus, it is essential that you understand these theories ahead, fit them with your property requirements and make an educated decision. Use the Web: Nowadays, the vast majority of buyers use the web to browse properties according to their selection of area, budget, and conveniences. It is very convenient since you can see a number of properties in the comfort of your residence. For first time home buyers, land purchasing could be a very tiring and cumbersome activity. Make certain you do a comprehensive research, inspect the house, and negotiate nicely before investing in it.