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First-time Home Owners? This is what you need to know

By Harika on June 09, 2017 in

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After much deliberation and lots of discussions, you have finally decided on buying your first home. You have saved for years and skimmed through every place and location that is best for you and your family to finally call as “our home.”

Like every first time buyer, you are also anxious to quickly grab that dream home before the prices soar up. The Venkatesh Oxy Group is one real estate organization known for its reliability and affordable housing projects catering to its customers’ needs.

This could turn out to be one of the biggest financial decisions you would make. You wouldn’t want all the wait and preparation go to waste because you made few wrong decisions.

It is always very difficult for even the veterans in the industry to predict the pitfalls in this industry, let alone any first-time home buyers.

Here are few points you should consider before you dive in to buy your dream home and ensure you get the best deal.

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Know which home you can afford

If you are taking up a loan from the bank, you should understand that what the bank says you can pay and what you know you can afford are not necessarily the same. You need to make a detailed budget on how far you can spend on buying your dream home. Making a list of your monthly expenses including education loan, car loan, groceries and health insurances will give your detailed monthly expenditure. Also, don't forget to include once in year expenses like insurance premiums and annual vacations. Now subtract this amount from your take-home pay and you will have a monthly budget that you can spend on your new home. While calculating remember to consider the current interest rates, as it will give you an estimate as what would your total monthly payments would look like?

Make sure you look for your home only in the budget that you can afford to buy. If you end up looking for homes outside of what you can spend, you will end up longing for something you can't afford, compelling you to stretch you budget more. It can also make you feel dissatisfied over the home that you can actually afford to buy.

First get an approval on your loan

Sometimes it may happen that what you believe you can pay and what the bank thinks you can pay may hamper your application for a loan against buying your dream home. This can happen due to various reasons like impending loans or unstable income. Therefore, it is always advisable to get a pre-approved loan before you make an offer on a home. This way you can save a lot of time, your agent's as well as the seller's, before signing a contract and finding out that your bank is not lending you the amount you need or is not lending you enough to complete your purchase.

Also, at the same time keep in mind that your loan may fall through at the last minute due to any reasons.

Don't be too choosy

No matter if you are accustomed to certain luxuries, but as a first-time home buyer, you almost certainly have to compromise on certain aspects of your new home wish list. You need to be a bit flexible on what you want in your new home, especially if you are constrained due to a tight budget or else you would end up renting out for longer than you had anticipated. You may have to live in a bit louder neighborhood, let go of that extra bedroom or make some minor repairs to the home. Even though you can keep renting out till you find everything you want in your dream home, ultimately you need to decide whether you want to become a homeowner now or few years down the line.

Adjustment and compromising on certain aspects

Even if you can't afford to replace a part of the flooring, it might be worthwhile to live with it for now in exchange for getting a house that you can afford. If the new home caters to your bigger needs such as location and size, don't let small defects turn you away from a great opportunity to become a first-time homeowner.

Don't believe all that glitters

Most sellers use minor upgrades and cosmetic fixes to play with their customer's emotions in order to extract a much higher price for the home. Sellers sometimes spend few thousands on minimal upgrades to lure the customers to believe their price tag for the house is justified while profiting a huge margin. Being on a budget, always look for homes whose full potential has yet to be realized.

Also, first-time home buyers should always consider the re-sale value of the house, as this ensures a bump in equity to help you up the property ladder.

Do a thorough inspection

It feels great once you have purchased your new dream home. But don't go celebrating before you close on the deal. You need to know what kind of shape the house is in. You wouldn't want to get stuck with a house needing lots of unexpected repairs. Keeping your heart in check before you have a full picture of the house's physical condition and the value of your potential investment will save you from making a serious financial mistake.

Think about the future

It is impossible to know what the future hold for your chosen neighborhood, but considering the information available will help you avoid surprises later.

You need to check for any future development plans for your neighborhood. Check if there is any undeveloped land nearby and what is to be built on it? Or are the home values in the neighborhood declining? Once you are satisfied with these answers, you can take the next step.

Even though buying a first home can be a bit scary and unpredictable to you, it is always advisable to do your best researching on every aspect of the purchase.

Also, it is more advisable to directly approach the developers for any information regarding the house.

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