A Guide to Buying Your First Home in Today’s Market

The very term ‘First Home’ strikes a special chord with most people. This is very true in India, where homes, especially the first ones, come with a huge emotional connection. We live in a world where there is heavy competition in the residential real estate market. You can choose from brands, amenity offerings, locations, and even financing options. 

What do you need to do?

Budget: Set a budget for buying the home. This includes the registration fee, stamp duty, taxes and even broker fees if the process involves one. Buying the house through a home loan? Make sure you get a clear picture of the EMIs you’ll be paying and the period of time.

Location: It reflects your requirements and personality. You might be someone who loves a peaceful environment with green spaces. Else, you may love a place that’s very much happening. Your house location determines your family needs such as the distance to your kid’s school and workplace, etc. 

Direct or broker: You could choose to make your home purchase via a real estate agent. Otherwise, you could contact an appropriate real estate company directly. If you choose the services of a real estate agent, make sure they have good options to match your requirements. 

Also, make sure they follow a transparent process throughout the purchase journey.

Timing of purchase: Certain times of the year can give you numerous offers on housing units. This could be during festivals, new year or the close of the financial year. If there’s no hurry, you stand a good chance of getting your dream home at a better price. 

Other important things to be done

Payment: Do you intend to finish the payment in one go? It would be an excellent option. Else, if you intend on taking a home loan, check for pre-approved loans. You can also research the latest and most attractive offers. Following this, you can approach the bank for more details and initiate loan processing. 

House size and floor rise charges: It’s important that you have a clear picture of your house size. Without clarity on this point, you won’t be able to make up your mind no matter how many good offers you may have in hand. Also, housing unit prices increase with each upper floor level. 

Hence, you must think deeply as to whether your home should be on the lower, middle or higher floors.

Finalising the sale: Before you finalise the sale, do a thorough inspection of the house. Also, ascertain its resale value. This gives you an upper hand while negotiating its final price or getting repairs done. 

If you’re sure that everything is fine and set to go, pull out your pen and sign the dotted line.

Therefore, buying your first home in today’s market requires a clear understanding of your requirements and close scrutiny of the various offerings. 

The Sukhii Group is the leading real estate company in Hyderabad. If you’re still searching for your first home, we would recommend Ubuntu. Contact us for more details.