Your first home holds a special place in your heart, thus you must invest your energy in finding the real estate for yourself.
Thus New Way Real Estate, have brought to you 8 advice for first-time homebuyers, which will certainly help you out. So without wasting any time let’s start.
Budget
This is the initial step before you decide anything for your home because if you are not sure about your budget then you might have to compromise either with the location or with the flats. For example, you were looking for flats in Rajarhat but your budget supports flats in Howrah, which will be a disappointing factor for you at a later phase because the standard of living differs in these areas to a large extent.
Question yourself are you financially ready for a home loan
If you have taken care of your budget then you need to analyze that you are financially ready for this real estate investment because your mortgage is a minimum of next 30-year commitment. If your answer is positive then you can move on.
Start Saving Early
Now, when you have decided to move further with these two tips, you must start saving early because minimum down payment for home loans is 20% of the price in India and thus, when you start saving early it gives you an edge to move further On how you want to move your finances so that you can be clear whether you want a 3BHK flats in Kolkata or something less in carpet area, and it even gives you an edge whether on what you want to keep as a mortgage for your home What you want to give as a down payment, what will be your closing cost, you can decide what will be your moving costs and other expenses
Work on your credit score
You must work on your credit score because it gives you an edge on the interest that you’re going to get. Great credit scores define the lower interest and it will help you to qualify for a mortgage. A great time to look for a credit score is three to six months before you reach a lender for a home loan. This is another import advice for first-time homebuyers.
Don’t look to buy something new in parallel with your home
When you have finally decided that it is time to settle for a new home don’t finance something big before getting approved, for instance, a new car because it reduces the new loanable amount that will put a negative impact on your credit score, as you are already utilizing your credit score for this acquirement
Get your paperwork together
If you want a hassle-free home acquisition, then don’t forget to get your financial paperwork together, including all your bank statements, tax returns, the lease, and a document of any balance dues amount. Don’t stress yourself if you are asked about any of these papers more than once, and remember that the procedure can be hectic.
Find a good real estate consultant
Always look for someone trustworthy who is knowledgeable in this field because they know the neighborhood, housing inventory, and how to cater homes according to your needs and budget, they also help you to make the right decisions. A very important advice for first-time homebuyers
Don’t forget to inspect the home and neighborhood
Once everything is done and you have got your best real estate agency in Kolkata then have settled for the best options according to your needs. Don’t forget to do the home inspection that you have shortlisted. Always look for the schools, walkability, parking, hospitals, property taxes, maintenance charges, community halls, etc. because these are the bare minimum basic requirements for a living, and also visit the neighborhood several times before finalizing the deal to get a clear picture of what you are signing up for
Conclusion
As we have come to the end of the blog, we would like to say, after this, you are ready with your groundwork above you are now in a prime position with confidence for your home, not only your finances are in check but you have a solid understanding you of your local market and you can look for a competitive offer in the real estate market.
Frequently Asked Questions
What is the minimum salary for a home loan?
When you talk about the minimum salary that you need for a home loan, is anywhere between a monthly income of Rs. 25,000 to Rs. 40,000, And this amount varies for different lenders.
What is the best age to buy a house?
According to the expert, the best age to buy a house is between 25 to 35 years of age. As it ensures enough time for you to repay your home loan,