Almost every person dreams of having a home of their own, where they can live comfortably with their family. And most people buy a house once in their lifetime. Because of that, they do not want to buy a home that they are not fully content with. Therefore, they have to make the right choice in the first attempt. And as a first-time home buyer, the chances of making a mistake are high since you know very less about the real estate sector. So, to help you out, here are 3 things every first-time home buyer must know:
1. Fixed Budget
This is one of the first things a home buyer should consider if they want to buy a home: finalise a budget. Deciding a budget narrows down the search because that is the limit of how much you are willing to pay for a house and you try find amenities, facilities, and features within the budget. This will help you get the best home for your family within the budget. For instance, you might get more facilities and amenities in a 2 bhk flat in Ghaziabad than a 2 bhk flat in Noida, and at a lower price.
2. Do a background check on the real estate developer
It is always important to do a background check on the real estate developer before buying the home. This shows the track record of the developer about how many projects does the developer have under his/her name, how many of them are completed, how many of them are still under construction, how many of them are sold, etc.
3. Do not go for Personal Loan
It is always suggested to buy a home within your home loan budget and not additionally take a personal loan for it. This is because the rate of interest of a personal loan is higher than that of a home loan. By additionally taking a personal loan, you will unnecessarily be increasing the cost of your home.
Buying a home for the first time can indeed seem like a daunting and overwhelming task. However, if you keep the aforementioned points in mind, you will buy the best home for your family and not regret the decision at all.
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