Are you planning to buy your first home?

If yes, this blog will be the perfect guide to buying your first home in today’s world. 

In today’s world, purchasing a house is not difficult, but buying a home is a long-term commitment. Buying a home is itself hitting a benchmark in your own life, as it involves a lot of excitement, anxiety, anticipation, and lots of monetary transactions. 

With frequently changing dynamics, buying your first home could be both challenging and thrilling at the same point in time. This guide is planned in a way that will help you in buying your first home in today’s market. 

In today’s market, everyone desires luxury homes with all possible comforts and modernism that is best suited to urbanization. Prior, a home was a place that offered extreme comfort but nowadays people have made their homes a symbol of distinction, prosperity, and high status. 

For example, Mumbai is the most influenced by living in this modern life of urbanization and is also the center of the nation’s financial center. 

Let’s dive straight in and read out the guide to buying your first home in today’s market:

• Budgeting

The moment you are planning to buy a home or buy a piece of land, you need to set a budget. To buy a house, it is recommended to not spend more than 30% of your salary. This means all the loans, EMIs, and the overall value of the house should not be more than 20x one’s annual income. 

One should consider their finances as a crucial part of buying a home, as it involves other things that also cost and will affect your finances. Other costs involve registration charges, brokerage, monthly charges, and parking charges, and if you do not analyze these costs, you might suffer in savings and will consider your dream home purchase as the right choice. 

In India, you can take advantage of Pradhan Mantri Awas Yojna (PMAY), which can support you financially if you are buying a home for the very first time.

• Property Review and Research

Choosing the right place to live is very crucial, and you should consider factors like how close it is to your workplace, schools, hospitals, and public transport. Cities like Pune, Hyderabad, and Bangalore are becoming popular places to live and work. They offer a variety of housing options, good infrastructure, and plenty of amenities.

Now, people not only look for a comfortable home but also look for amenities they can get nearby. 

• Finding a good real estate agent

Finding a good real estate agent is very important. They can help you find a good house within your budget and negotiate with the seller.

Ask your friends and colleagues if they know a good agent. You can also visit a few real estate offices. When you find an agent you like, you might need to sign a contract. This means you’ll only work with that agent for a certain period.

The agent usually gets paid a commission from the seller, so you won’t have to pay anything upfront. Your agent will help you communicate with the seller and make sure you get a good deal. It’s important to choose an agent you trust and who can help you find your dream home.

• Legal Verification of Property

This is important for you to check the proper documents and legal verification before buying your first home in today’s market. Legal verification is much needed before finalizing a property and in this RERA will help you out. 

RERA ensures there are no disputes or legal dispute cases going on and also verifies the credibility of the builder. This initiative brings more transparency to the property and the builder that will help to securely execute your final decision.

• Finalizing the Property Deal 

After considering all the factors mentioned you need to close the deal. Before you sign any papers, make sure you understand everything in the documents, especially the final cost breakdown. Do a final check of the property to ensure it’s in the condition you agreed upon.

Pay the required amount, including the initial payment and other fees. Once everything is finalized, you’ll get the keys to your new home.

Summing Up: 

Buying your first home can be exciting, but it’s important to plan carefully. You should check your finances, get a loan pre-approval, and decide what kind of home you want.

At Destino Landbase we ensure that our clients find out their desired property at the right prices with proper documentation. 

If you’re looking for a 2 or 3-bedroom apartment or any other property type please contact us or visit our website.