Guide for First Time Home Buyers

Guide for First Time Home Buyers

Guide for First Time Home Buyers

Home is said to be the basic need of man. Nowadays, buying a home is known to bring along a sense of pride and achievement. Deciding on a place to buy will be one of the most important decisions that you will take in life. The following guide will aid first time home buyers to take this decision in a better way.

1. Choose Type of Residence – depending on the type of facility

  • Apartment
  • Flat, Duplex
  • Pent house
  • Row House
  • Bungalow

2. Shortlist the Location – Choose a destination based on

  • proximity to workspace
  • public transport facilities, schools, hospitals,
  • ease of access to key civic amenities
  • social and political stability
  • home safety and security from anti-social elements

3. Know the Possession Date – Check whether the property is under construction, ready-to-move in, already constructed, or possession available within 6 months or 1 year.
4. Select the area – depending on your budget, family size, and preferences, you can choose area.

  • 1 RK – family of 2
  • 1 BHK – family of 3
  • 2 BHK – family of 4 or more
  • 3 BHK and above – joint family

5. Arranging the Money

  • Build Credit Report
  • Apply for Home Loans at different financers
  • Zero down on the option that is affordable and does not disturb your monthly budget.
  • Avail home loan insurance

6. Furniture and Electrical Fitting

  • Is the builder going to provide fully furnished apartment?
  • Are you going to purchase new furniture or move the old one?
  • Will you buy furniture or build new?
  • Which electronic appliances will you buy or move?
  • Arrangement of Electrical fitting

7. Paperwork

  • Payment of Stamp Duty, Registration fees, and Property taxes
  • Installation of Electricity meter, gas line, water supply line, cable TV, telephone
  • Clearing all possession papers, agreement between builder and home financer, and other key paperwork

To safeguard your home from the impact of natural as well as man-made threats, avail home insurance today.