One of the biggest financial decision you will ever make is buying your first home. Hence, it is vital that you take this decision seriously and prepare yourself about every aspect to make sure that your first house can be cherished for years to come. Here are some basic steps that you need to follow when you are planning to buy a home:
- Find out if you are ready to buy a home?
It is important to first ensure that you are ready to purchase a home since owning a home is much more expensive than renting one. There are huge amount of EMIs to be paid, all the repairs are to be done out of your own pocket and you are responsible for additional expenses that may occur like an insurance or taxes related to your new home. If you are not financially prepared to bear these costs, you may end up in an undesirable position. So, before you go for buying a house, make sure you are free from any other ongoing loans and have cleared your credit card debts.
- Find the best type of loan and payment options
Research well and take some time to shop for a loan. Take the time to shop for a loan. Most residential projects in Delhi-NCR need you to have a pre-approved loan before applying for a house. This is also a good idea in order to make sure you stay within your limits. Consider the types of loan and rate of interests along with payment plans of your preferred home.
- Be Honest About What You Can Afford
It is also important that you determine how much money can you really afford. If you spend a lot of amount on mortgage, you may find it difficult to meet your daily expenses. A smaller house may get you the peace of mind that you might lose on a huge house.
- Find a Good Realtor
Once you have decided on the amount you can afford and got your loan pre-approved, it is now time to find a good realtor. The right realtor is the one that understands your needs well and does not waste your time in showing you properties that are out of your budget or do not suit your requirements.
- Close the deal and Move In
Once you have closed the deal on your home, it is now time to move in and make it yours. You can however choose to modify the interiors by paint jobs or bringing in some new pieces of furniture. Make sure that once you move, you also change your address with banks and other accounts.