Home-ownership is the ultimate dream shared by many across the globe. It can prove to be one of the most rewarding experiences in your life. But getting ready to buy your first home can be stressful and overwhelming – especially if you’re caught off guard. Hence, this first time home buying guide will surely help you prepare as you go on to make one of the biggest decisions in your life.
Here are some questions you need to ask yourself along the way.
6 Vital Questions for First-Time Home Buyers in Kolkata
Are you financially ready?
First and foremost, evaluate your own finances. Fix your budget and see if you have a sizeable down payment (about 10-15% of property value) ready. Luckily, developers have introduced several payment plans for a new complex in Kolkata. This is set to make the home buying process even easier. The next step would be to check out your eligibility for a home loan which is impacted by current earnings, credit score, CIBIL score as well as other variables. Banks finance 80-85% of the home value and besides that, there are a series of charges that will come your way:
- PLC charges
- Stamp duty
- Parking
- Maintenance
- Club membership
- Registration costs
Once all these considerations are taken care of, proceed to the next step.
What are your requirements?
Any home is not the ideal home for you. Before actually stepping out and exploring options, prioritize what you actually need. This will be based on factors such as the number of bedrooms, amenities offered, amount of open space, location benefits, etc. For instance, if you have children, living beside educational intuitions become a must. This first time home buying guide suggests that your home-ownership goals must be reflected in your choice – ask yourself what type of home you require and what residence will best suit your needs.
What is your choice of neighborhood?
No real estate decision is smart without choosing the right location. Daily commute and availability of essentials become an integral part of your decision. Hence, shortlisting the right area and subsequent projects within a new complex in Kolkata is perhaps the most tedious part of your search. However, this decision can be made easier through the following:
- Suggestions from friends/ family
- Future developmental plans within the area
- Popular online listing sites
- Searching based on builders
- Hiring a real estate agent
Why should I hire a real estate agent?
The next question – do I really need one? Not only will a real estate agent help you find homes as per your demands and price range but will also help in negotiations and completing paperwork. They are an essential part of the first time home buying guide and will ensure that you avoid unforeseen problems along the way. You can interview a few and ask about the important aspects like how they helped first-time buyers. Other buyers may also give you references so make a selection based on their experiences.
Financing options:
To kickstart the process, you will need to apply for a home loan. This means that before checking out a new complex in Kolkata, you must ensure that you have good credit along with a verified history of paying bills on time. You can increase loan eligibility by jointly applying for the loan with another earning member of the family and/or increasing your loan tenure. The latter is not recommended though since you will end up paying higher interest in the long run. Also, remember that your home loan application and approval process rests on a few factors:
- Age
- Type of property
- Location of property
- Income bracket
- Market value of property
Home loans can expand for as long as 30 years. But it all depends on your own individual situation: negotiate with banks at your own convenience and go through all the terms and conditions linked to the home loan.
Home inspection:
Having a trained professional inspect every nook and cranny of your home will prove to a wise move. However, oversee the inspection and see what’s included in it and what’s not (like mold or pests). This is a crucial part of the first time home buying guide since once this is finalised, the move becomes permanent. Hence, you will need to guarantee the quality and overall condition of the spaces you wish to take ownership of. If defects are revealed, there are two things that can be done:
- Negotiate with the seller for the repairs
- Ask for a discount on the selling price
If there are serious problems that the seller did not disclose, you can take back your offer for the new complex in Kolkata and also get your deposit back. Understand exactly what’s involved in a home inspection and address all pressing concerns – make an informed decision so there’s no regret for years to come.
After this, you seal the deal and buy the property!
Once you and the seller have come to terms, close the deal and sign the required paperwork.
This first time home buying guide will definitely put you on the right track.
And if it’s about flats in Kolkata, there’s no better choice than Orchard Avaasa!