For many people, buying a house is one of the most critical and decisive moments in their lifetime. It is one of the first financial milestones for some young buyers who aspire to get their ‘Dream House’. It means parking a huge amount of their hard-earned money and a lifetime’s savings, in some cases, into a piece of property. Therefore, choosing the best house that suits your needs, your preferences, and most importantly, your estimated budget is an important step in your search for the perfect house.
The real estate market has exciting prospects for first-time buyers who are looking for the perfect match for their desired amenities and facilities. Realtors are also offering great features in their projects along with in-house financial assistance to make the process smooth and easy for all. There are a number of projects cropping up in the Pune real estate market which offer industry-beating experiences. In search of a house, buyers often get spoilt for choice between multiple projects. To save you the trouble and to help you reach the destination of grabbing your house hassle-free, here are some home buying tips for first-time buyers.
Before diving deep into the house-hunting process, let’s prepare a checklist for buying your first house the right way and make sure you tick the maximum boxes.
- Financial Readiness
Buying your own house comes with the responsibility of financing it adequately without putting a strain on your pocket. For this, budgeting is a very important aspect. It is important to know your financial readiness, which decides your ability to purchase a home. Choosing the right house size that suits your needs and then fitting it into a slab that suits your budget is essential to home buying. Homes can range greatly in price based on location and the property type, so it’s critical to have a very clear concept of your budget before proceeding to the next step.
Calculating the loan eligibility is the next step, which lets you pay the amount in parts that ease off the heftiness. You can use a calculator to determine your maximum allowable home loan amount, monthly repayments for a specific loan amount, and decide the tenure for the loan while taking into account a suitable interest rate. It’s crucial to consider the other financial obligations like other pending loans or due payments because it is advised that the total amount of EMIs (Equivalent Monthly Instalments) shouldn’t exceed 40% of your gross income. Once this is done, you are left with a clear picture of what you want and how you can utilize it with your money.
- Sizing the House
When you buy a house, it becomes your permanent place to live or a fixed place to live for years to come depending upon your requirement. You must determine the style of the home because you are going to stay there for years, if not a lifetime. Think about things like the number of rooms in relation to the needs of the parents, kids, and other family members. Home buyers must find the solution that best fits their needs and budget.
Once you decide the property type and size depending on your requirements, consider the purpose of buying the house. Whether you are buying a property to live in it right away, renting it to tenants to clear off the EMIs or just buying it as an instrument of investment. This helps you to plan the utility of the property you are going to buy according to the time you are planning to leverage it. Many home buyers also purchase to lease it for a sizable amount of time. Some buyers consider it as a one-time investment to fulfil their needs. It all depends on the preferences and future that you are planning. The size of your house changes according to your listed requirements, and if you do it right, your house can be your asset.
- Selecting the Right Location
Most home buyers don’t get this step right. The location does matter when you spend most of your time at a single place. The modern house-hunter must choose the right location when buying a house, especially in an already big and expanding city like Pune, where commute time can be long. Other things to be checked are the proximity to hospitals, malls, train stations, bus stands, schools, gyms, markets, playgrounds for children, and connectivity. It is very important because it saves both time and money.
Another important thing is checking whether the neighbourhood comes within the municipal limits to avail all the facilities of the corporation. Also, check whether the area is a good locality in terms of crime rates, electricity cuts, adequate water supply, and pollution-free environments. Also, if you want to live your life in peace, check up on your neighbours before finalising the house location. The choice is yours; you have been warned!
- Know your Amenities
Some people like to run a lot; some people like to exercise; some like being by the pool, while some like fresh air every time they step out of the house. It would help if you decided on the amenities you want according to your priorities. Every society nowadays is equipped with swimming pools, gyms, spas, and clubs. Do scout for the project that best compliments your needs and provides all the basic amenities along with the ones you can’t part with.
Societies are making an effort to include solar-powered homes and acres of green spaces that offer a ‘close to environment’ vibe to its members. You must land at a place you think is right because having a favourable living space is as important as the budget. So, when you reach a point where an amenity becomes a deal-breaker, do not think twice before spending that extra buck.
Summary
Given the variety of options and the range of the real estate market in Pune, finding the right home can be a tiresome task at times. But if you follow the step-by-step process mentioned above, house-hunting won’t be a problem for you. Use this space to make your ‘Dream Home’ a reality soon.
Happy house-hunting!
